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    Bank Islam Superbike Financing-i

    Bank Islam Superbike Financing-i is a bike financing scheme by Bank Islam that is based on the Shariah contract of Murabahah. The package is tailor made to suit your lifestyle needs by providing you with a high margin of financing for the bike purchase. You can receive funds at a range of competitive profit rates with Bank Islam Superbike Financing-i.

    Bank Islam Superbike Financing-i Features & Benefits

    • You can get a financing amount of up to 70% of the bike OTR (on-the-road) price with Bank Islam Superbike Financing-i.
    • You can get the Bank Islam Superbike Financing-i for new fully imported or locally assembled bikes, unregistered and reconditioned bikes (not older than 3 years).
    • The facility provides financing at competitive profit rate.
    • There are no hidden fees.
    • You can choose from a flexible range of tenures available with this facility. The maximum tenure available is 7 years.
    • The Bank Islam Superbike Financing-i process has a fast approval.

    Bank Islam Superbike Financing-i Profit Rates

    The profit rate is as follows:

    Type of Bike Fixed Profit Rate
    National bike 3.00% to 3.60% p.a.
    Non-national bike 2.90% to 3.35% p.a.

    Bank Islam Superbike Financing-i Eligibility Criteria

    • The applicants must be Malaysian citizens and should not exceed the age of 60 years by the maturity of the term.
    • The applicants must be fixed salaried employees of either of the following:
      • Government and semi-government sector
      • GLCs (Government Linked Companies)
      • Selected PLCs (Public Listed Companies)
      • Other prominent Private Limited Companies that are categorised under package companies listed by Bank Islam

    Documents Required for Bank Islam Superbike Financing-i

    • A photocopy of the NRIC (front and back page).
    • A photocopy of the driving license.
    • Bank statement for the last 3 months (salary crediting account).
    • Salary slips for the 3 latest months.
    • One of either the latest EPF statement or the latest EA form.
    • Any other income supporting documents in cases of an income additional to the basic income.

    Bank Islam Superbike Financing-i Fees and Charges

    Let’s take a look at the following table that contains the fees and charges associated with Bank Islam Superbike Financing-i:

    Monthly repayment instalment The monthly instalments are calculated using the following formula: M = {P + (P x R x T)} / t Where M = Monthly instalment amount; P = The total financing amount approved by the bank; R = Profit rate (per annum); T = The total financing period (in years); t = Financing term in months.
    Late payment charges (before the maturity of the term period) 1% p.a. of the amount of the overdue instalment.
    Late payment charges (after the maturity of the term period) The late payment charges after the maturity of the term period are calculated using the IIMM (Islamic Interbank Money Market) rate.
    Stamp Duty Without guarantor: RM20.
    With guarantor: RM30.
    Road tax renewal RM10.60.

    How to Apply for Bank Islam Superbike Financing-i

    • Offline Application: You can choose to apply for the Bank Islam Superbike Financing-i at the nearest Bank Islam branch. You can also put in your request for the same through the Bank Islam’s customer service numbers.
    • Online Application: You can also apply for the Bank Islam Superbike Financing-i on the official website of Bank Islam in order to save the time.

    FAQs

    Q. Am I required to be accompanied with a guarantor for Bank Islam Superbike Financing-i application process?

    A. A guarantor may be required based on the nature of the application.

    Q. How is the approved financing amount calculated?

    A. The approval as well as the approved financing amount for the Bank Islam Superbike Financing-i depends upon the applicant’s legal as well as personal capacity, his/her payment behaviours in the past and his/her credit character. Taking these factors into accounts, the maximum approved financing amount offered is 70% of the price of the superbike.

    Q. Should I opt for the motor takaful coverage with the Bank Islam Superbike Financing-i?

    A. Yes. It is absolutely required for you to take the motor takaful coverage for the entire financing period of the Bank Islam Superbike Financing-i.

    Q. Can I fully settle the whole outstanding payment anytime before the term attains maturity?

    A. Yes. You can make an early settlement on the total outstanding amount before the term period matures.

    Q. What is the benefit of the early settlement on my Bank Islam Superbike Financing-i, if any?

    A. If you choose to settle the outstanding payment earlier than the term’s maturity, you are entitled to a rebate. The rebate can be calculated using the following formula:

    Ibra’ (Rebate or deferred profit) = Total contracted profit – Accrued profit

    Total contracted profit = Bank’s selling price – Bank’s purchase price (the financing amount).

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