If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    Bank Islam Vehicle Financing-i

    Bank Islam Vehicle Financing-i is a vehicle financing package based on the Shariah contract of Murabahah. The customers can obtain a high margin of financing with the facility at an array of competitive profit rates.

    Features & Benefits

    • The facility provides funds for the purchase of national or non-national vehicles. The scheme also allows for the purchase of unregistered, or reconditioned vehicles.
    • The financing facility provides a high range of financing that has a maximum limit of 90% of the OTR (on-the-road) price of the vehicle.
    • The financing scheme covers all kinds of national, non-national, and reconditioned or unregistered vehicles.
    • The financing facility offers a range of tenures with a maximum available tenure of 9 years.
    • The customers can obtain funds through this facility at competitive and affordable profit rates.
    • The financing facility comes with quick approval and disbursal times.
    • The customers don’t have to bear any kind of hidden or extra charges.

    Interest/Profit Rates

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

    Eligibility Criteria

    • The individual applicants should be at least 18 years or older when applying for the loan. Also, the applicants should not exceed the age of 60 years when the tenure attains maturity.
    • The applicant must be a citizen of Malaysia.
    • The applicant should be earning a fixed salary.

    Documents Required

    The applicants need to present the following documents at the time of Bank Islam Vehicle Financing-i application:

    • A copy of the NRIC (both front and back page).
    • A copy of the driving license of the applicant.
    • Copies of salary slips for the last 3 months’.
    • Bank statement copy for the last 3 months, or
    • The latest EPF statement or the latest EA form.
    • Other documents serving as the additional income proof (wherever applicable).

    How To Apply

    • Offline Application: The Bank Islam Vehicle Financing-i applications can be made at the nearest Bank Islam. One can also put in his/her request for the same telephonically by reaching out to the bank through the bank’s hotline or customer service numbers.
    • Online Application: Another way to approach the Bank Islam Vehicle Financing-i is by visiting the Bank Islam’s official website and applying for the same online.

    Fees & Charges

    The following table contains the fees and charges associated with Bank Islam Vehicle Financing-i:

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

    FAQ's

    Q. How much financing amount I can apply for through this facility? What factors affect the financing amount calculation?

    A. The maximum limit of the financing amount one can obtain through Bank Islam Vehicle Financing-i is the 90% of the OTR price. The financing amount calculation depends upon the credit evaluation of the customer.

    Q. Will I have to bring a guarantor for the process of the facility?

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

    Q. Do I necessarily have to take the motor takaful coverage with the Bank Islam Vehicle Financing-i?

    A. Yes. You are required to acquire a motor takaful coverage with the Bank Islam Vehicle Financing-i for the entire duration of the financing.

    Q. Does the bank allow an early settlement with this financing facility?

    A. Yes. You are allowed to make an early settlement on the financing amount before the maturity of the term.

    Q. What is the benefit of opting for an early settlement on the financing amount?

    A. If you choose to make an early settlement on the financing amount, you will be granted rebate (Ibra’) on the unutilised period of tenure. The rebate can be calculated using the following formula:

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

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

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.