Bank Rakyat offers various loans and financing programs to help individuals realize their dreams of owning a home, car, pursuing higher education, having lavish weddings, vacationing abroad and much more. The car loans offered by Bank Rakyat are the most sought after car financing products in the country owing to its high margin of finance. Also, it has the distinction of processing and approving loans faster than any other auto financier in the market. For anyone who has been dreaming of driving their own car someday, Bank Rakyat is an ideal place to go to.
You’re probably eligible for an Bank Rakyat Car Loan if you are
At least 18 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Bank Rakyat Car Loan amount eligibility is based on these factors
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Increase your eligible Bank Rakyat Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 9 years
Documentation needed to apply for Bank Rakyat Car Loan
- 1. Photocopy of Valid ID
- 2. Photocopy of Driving license
- 3. Copy of Latest 3 month salary slip
- 4. Statement of Account Transactions
Bank Rakyat Car Loan Interest RatesUpdated on 28 Oct 2016
|Interest Rate||2.85% - 3.00%|
|Margin of Finance||Up to 90%|
Bank Rakyat Financing-i
Flexible and affordable instalment scheme is offered by Bank Rakyat Auto Financing-i at the time of purchasing a national or imported car that is available in the market. The Shariah concept used is Murabahah or Tawarruq.
Eligibility criteria for Bank Rakyat Financing-i
Following is the eligibility criteria to avail Bank Rakyat Financing-i:
- The applicant must not be less than 18 years old.
- The retirement age of the applicant at the end of the tenure must not be more than 55 years, 56 years or 60 years based on the applicable terms and conditions.
- The financing is open to private sector employees and public sector employees who have a fixed income and who have been employed for at least 6 months.
- The minimum monthly income requirement is RM1, 500.
Features of Bank Rakyat Financing-i
Following are the features of Bank Rakyat Financing-i:
- The maximum margin is 100% from on the road sales price or the invoice.
- Financing tenure offered is up to 9 years.
- The maximum finance is subject to customer’s monthly instalment limit.
- The financing is available for purchase of new car or for purchase of used passenger car.
Profit rate for new vehicles registered for private use for Proton and Perodua is 3% – 3.20%. Profit rate for non-National models ranges from 2.80% to 2.95%.
Following are the documents that are to be submitted along with the application form:
- MyKad copy
- Driving License copy
- Latest 3 months’ salary slip copy
- Account transactions statement
- Employer Confirmation Letter
Fees and Charges
Following are the applicable fees and charges for Bank Rakyat Financing-i:
- Auto Financing-i is Ad Volorem.
- The lawyer fees for agreement ranges from RM212 to RM265.
The Bank Rakyat Financing-I can be paid in the following ways:
- Post Dated Cheques
- Current Date Cheque
- Standing Instructions
- Savings Account Deduction
- Salary Deduction By Employer
- Biro Perkhidmatan Angkasa
Why choose the Bank Rakyat Car Loan?
The Bank Rakyat car loan is based on the Shariah concepts of Pembiayaan kenderaan-I Annaqlu and offers two different margins of finance to customers depending on their choice of vehicle and their financial viability. There is no requirement for a guarantor, except in special situations. The margin of finance offered by Bank Rakyat goes up to 100% of the cost of the vehicle being funded which means the customer would not need to make any payments from his/her personal funds.
What is so special about the Bank Rakyat Car Loan?
Any Malaysian individual who has his eyes set on any national, non-national or exported vehicle can apply for the Bank Rakyat Car Financing-i. The bank’s competitive rates of profit lets customers pay easy fixed installments, monthly, as per the pre-decided amount in the agreement. The bank is known for its low interest rates as compared to the other car financiers in the market. Bank Rakyat car loan holders can repay the loan over a period of 9 years.
What are the profit rates available on the Bank Rakyat Car Loans?
The bank offers profit rates ranging from 2.4% to 2.90% depending on the choice of car. Any national as well as non-national model is available for financing by Bank Rakyat.
Who is eligible to apply for the Bank Rakyat Car Financing-I Annaqlu?
Any individual of age 18 years and above can apply for Bank Rakyat’s car loans given he/she is a Malaysian citizen. There is also a minimum income criterion, according to which, the applicant must have a monthly income of RM1,500. It must be noted that this loan is available only for the purchase of vehicles intended for private use by individuals.
What are the documents required to apply for the Bank Rakyat Car Loan?
Customers have to submit a duly filled in application form along with a driving license, copy of identification proof, salary slips of the last 3 months, bank statements of the last 3 months, etc. This may vary slightly as per the customer’s job profile.
Can the Car Financing-I Annaqlu Loan be repaid before the agreed due date?
The Bank Rakyat car loan holders can repay the loan amount before the due date, if they can afford to do so. The bank does not levy any early settlement charges. Moreover, the bank gives a rebate on the outstanding amount of interest to the customers.
How can the monthly car loan installments be repaid?
The fixed loan installments can be paid via online banking, through standing instructions or through any of the bank’s ATMs which are located all over the nation. Likewise, customers can also opt for the salary-deduction repayment option.
Are there any consequences regarding non-payment of installments?
Late payment charges are levied if customers delay payment of monthly installments. In case, he or she fails to pay the installment altogether for 2 consecutive months, the bank has the right to repossess the vehicle. Thus, it is advisable to keep an eye on due dates every month so as to make payments on time.
How to calculate Bank Rakyat Car Loan installment in 2016?
Bank Rakyat car loan is a convenient way to finance the car of your choice by taking a car loan. Loan applicants in Malaysia can get a better idea of the rate of interest and the installment they need to pay be looking at the online car loan calculator on Bbazaar.my website. This is a handy tool that yields the monthly installment if you provide details like rate of interest for the car loan, amount to be borrowed and the tenure. The calculator will immediately find your car loan installment. You will also get to know the full repayment schedule for the car loan of Bank Rakyat that can help you adjust your expenses accordingly.
Other Products offered by Bank Rakyat:
Apart from offering Car Loan, Bank Rakyat offers other products and services which include:
FAQs of Bank Rakyat Auto Financing
What is the minimum age required to avail Bank Rakyat Financing-i?
The minimum age required to avail Bank Rakyat Financing-i is 18 years.
What is the maximum age required to avail Bank Rakyat Financing-i?
The maximum age required to avail Bank Rakyat Financing-i is 55 years, 56 years or 60 years based on the terms and conditions.
What is the profit rate offered for Proton and Perodua?
Profit rate for new vehicles registered for private use for Proton and Perodua is 3% – 3.20%.
What is the profit rate offered for non-National models?
Profit rate for non-National models ranges from 2.80% to 2.95%.
What is the minimum monthly salary required?
The minimum monthly salary required is RM1, 500.