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    Bank Islam Vehicle Financing-i Gradhitz

    Bank Islam Vehicle Financing-i Gradhitz is a vehicle financing package tailor made for the graduates. The facility provides a high margin of financing for the purchase of a range of vehicles. The customers can obtain funds through this facility at a range of competitive profit rates. The financing scheme is based upon the Shariah contract of Murabahah.

    Features & Benefits

    • Under this financing scheme, cars that are non-national or national or those which are unregistered or reconditioned can be purchased.
    • The package provides the customers with up to 100% of the OTR price of the vehicle.
    • Under this financing facility, the selling price is fixed and known.
    • The customers can choose from a range of tenures with a maximum available tenure of 9 years.
    • The customers can enjoy competitive profit rates.
    • The package has a quick processing time and disbursal time.
    • The facility doesn’t charge the customers with any hidden or extra charges.

    Interest/Profit Rates

    The following are the profit rate associated with Bank Islam Vehicle Financing-i Gradhitz:

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

    Eligibility Criteria

    Let’s take a look at the eligibility criteria of Bank Islam Vehicle Financing-i Gradhitz:

    • The individuals applying for the Bank Islam Vehicle Financing-i Gradhitz must be older than 20 years and younger than 30 years at the time of application.
    • The applicants who have graduated with a minimum qualification of Diploma from accredited universities or other higher learning institutions only are allowed to apply for the Bank Islam Vehicle Financing-i Gradhitz.
    • Only the fixed salary earners can apply for this financing facility.
    • The employees of the following are allowed to apply for Bank Islam Vehicle Financing-i Gradhitz:
      • Government or semi-government sector
      • Selected PLCs (Public Listed Companies)
      • GLCs (Government Linked Companies)
      • Any other Private Limited Companies that are categorised under package companies listed by Bank Islam

    Documents Required

    The list of documents required for Bank Islam Vehicle Financing-i GradHitz are given below:

    • A photocopy of the applicant’s NRIC (front and back side).
    • A photocopy of the driving license of the applicant.
    • A copy of the transcript or scroll.
    • Last 3 months’ salary slips.
    • Salary crediting account bank statement for the last 3 months.
    • Latest EPF statement or the latest EA form.
    • Other supporting income documents (if applicable).

    How To Apply

    • Offline Application: The customers can apply for Bank Islam Vehicle Financing-i Gradhitz at the nearest Bank Islam branch. One can also put in the request for the same through the bank’s hotline or the customer service numbers.
    • Online Application: The customers can also approach the Bank Islam Vehicle Financing-i Gradhitz application through the bank’s official web portal.

    Fees & Charges

    The fees and charges associated with Bank Islam Vehicle Financing-i Gradhitz are mentioned in the table below:

    Monthly repayment instalment The monthly instalment for the repayment can be calculated using the following formula: M = {P + (P x R x T)} / t Where M = Monthly instalment; P = The total approved financing amount; R = Profit rate (per annum); T = Financing term in years; t = Financing term in months.
    Late payment charges (before the term’s maturity) The late payment charges during the facility term are an amount equivalent to 1% p.a. of the overdue instalment amount.
    Late payment charges (after the term’s maturity) The late payment charges after the term’s maturity are calculated using the IIMM (Islamic Interbank Money Market) rate.
    Stamp Duty Without guarantor: RM20.
    With guarantor: RM30.
    Road tax renewal RM10.60.

    FAQ's

    Q. What are the factors on which the approval and the financing amount depend upon?

    A. The approval of the Bank Islam Vehicle Financing-i Gradhitz and the maximum allowed financing amount depends upon a list of factors including credit character of the applicant, legal and personal capacity of the applicant and the pattern of past payments among many other factors.

    Q. Does one need to be accompanied with a guarantor for the Bank Islam Vehicle Financing-i Gradhitz application process?

    A. The application process may require a guarantor in some cases.

    Q. I am a 35 year old graduate. I am a permanent Malaysian citizen. Can I apply for the Bank Islam Vehicle Financing-i GradHitz?

    A. No. The package is only for the graduates who are older than 20 years and younger than 30 years. However, you can opt to choose the Bank Islam Vehicle Financing-i.

    Q. Is it required to take the motor takaful coverage with the Bank Islam Vehicle Financing-i Gradhitz?

    A. Yes. It is required to have motor takaful coverage for the whole term period of the Bank Islam Vehicle Financing-i GradHitz.

    Q. What if I decide to pay the whole outstanding amount before the term’s maturity? Is it allowed to do the same?

    A. Yes. It is allowed to make an early settlement on the financing amount with your Bank Islam Vehicle Financing-i GradHitz. You will be given a rebate in such a case.

    Q. How is the rebate on early settlement of my financing amount calculated?

    A. The following is the formula by which the rebate can be calculated:

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

    Where the total contracted profit = Bank’s selling price – Bank’s purchase price or the financing amount.

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