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    Bank Muamalat Hire Purchase-i

    Bank Muamalat Hire Purchase-i is a vehicle financing package offered by Bank Muamalat. Offering a high range of financing, the facility provides the individuals with funds at a competitive profit rate. The package is based on the Shariah concept of AITAB (Al Ijarah Thumma Al Bai).

    Features & Benefits

    • The package offers a high margin of financing with the maximum financing amount being set at 90% of the vehicle price to the applicants.
    • The Bank Muamalat Hire Purchase-i covers all types of new popular vehicles, unregistered and reconditioned vehicles (not older than 5 years) and used popular vehicles (aging 1 to 8 years).
    • The financing facility comes with a low approval and processing time.
    • The funds available with the facility come at a competitive profit rate.
    • The facility comes with a range of flexible tenures that has a maximum tenure of 9 years.
    • The facility comes with easy repayment modes like paying online or at the nearest Bank Muamalat branch.

    Interest/Profit Rates

    The package offers profit rates based on the loan amount, the tenure, and the current prevailing rates.

    Eligibility Criteria

    The eligibility criteria of Bank Muamalat Hire Purchase-i are as follows:

    • For Individual Applicants:
      • The individual applicants should be 18 years or older. Also, the applicants must be 55 years old or younger by the maturity of the financing period.
      • The individual applicant should be a Malaysian citizen.
      • If the individual applicant is a sole proprietor or a partner in partnerships, the sole proprietorship or the partnership must be registered in Malaysia.
    • For Business/Corporate: For the businesses to apply for this loan, the place of incorporation for their business should be in Malaysia.

    Documents Required

    For Fixed Salary Earners:

    • Identification Documents:
      • Copies of both pages of the applicant’s ID.
      • A photocopy of the applicant’s driving license.
      • A photocopy of the guarantor’s ID (if applicable).
    • Income Documents:
      • Copies of the salary slips for the 3 latest months, and
      • Employment confirmation letter from the applicant’s employer, or
      • Latest EPF statement, or
      • Latest EA Form, or
      • Bank statements for the salary crediting account for the last 3 months, or
      • Latest Income Tax Returns or endorsed copy of e-Filing Borang BE.
    • Transactional Dcuments:
      • Vehicle Sales Order (VSO).
      • A copy of AP (JK69), Custom 1 and 8, and certification of cancellation (from the origin country) for the reconditioned vehicles.
      • A copy of the vehicle’s registration card (for second hand and used cars).
      • A copy of the seller’s IC (for the second hand vehicle).
    • Additional Documents (may be required on case to case basis): The applicants may need to present some additional documents serving as the proof of additional income to the applicant’s basic income. This generally includes documents like ASB (Amanah Saham Bumiputera), Tabung Haji, and GIA/FD.

    For Non-fixed Salary Earners:

    • Identification Documents:
      • For Individuals:
        • Copies of both pages of the ID of the applicant.
        • A photocopy of the driving license of the applicant.
        • A photocopy of the guarantor’s ID.
      • For Proprietorships and Partnerships:
        • A copy of the Certificate of Business Registration.
        • A copy of the Borang D.
        • A copy of the ID of sole proprietor or partner(s) (both front and back side).
      • For Private Limited Companies:
        • Company’s profile.
        • Certified true copy of the extract of the company’s Director’s Resolution.
        • Certified true copies of Memorandum and Articles of Association.
        • Certified true copy of Form 24.
        • Certified true copy of Form 49.
        • Copy of Certificate of Incorporation (Form 9 and 13, wherever applicable).
    • Income Documents:
      • Last 6 months’ bank statements.
      • Latest endorsed copy of e-Filing Borang BE or Income Tax Return.
      • The applicant’s employment confirmation letter from his/her employer.
      • Audited accounts or Certified accounts (Sdn Bhd) for the last 3 years.
      • Latest financial accounts (wherever applicable).
      • For commission based salary earners: commission statements for the 6 recent months or the annual statement for the 2 recent years.
    • Transactional Documents:
      • Vehicle Sales Order (VSO).
      • For second hand and used vehicles: a copy of vehicle registration card and a copy of seller’s IC.
      • For reconditioned vehicles: Custom 1 and 8, a copy of certificate of cancellation from the origin country, AP (JK69).
    • Additional Documents (may be required on a case to case basis): The applicants need to present additional income documents like GIA/FD, ASB (Amanah Saham Bumiputera), and Tabung Haji in case they have an additional income along with the basic income.

    How To Apply

    • Offline Application: One way to apply for the Bank Muamalat Hire Purchase-i is by directly walking into the nearest Bank Muamalat branch. The applicants can also choose to put in their request for the facility through the Bank Muamalat’s customer service numbers.
    • Online Application: Another way to apply for the Bank Muamalat Hire Purchase-i is by visiting the official web portal of the Bank Muamalat. The applicants can directly apply at the official website of the bank and submit the application form along with the supporting documents.

    Fees & Charges

    The following table consists of the fees and charges associated with Bank Muamalat Hire Purchase-i:

    Late payment charges (During the financing term) 1% p.a. of the overdue instalment amount.
    Late payment charges (After the completion of the financing term) IIMM% of the total amount of the outstanding principal.
    Muamalat Floor Stocking-i RM212.00.
    Road tax renewal RM10.60 per renewal.
    Interbank settlement on Hire Purchase (HP) other banks RM53.00.
    Stamp Duty The stamp duty will be charged as per the Stamp Duty Act 1949.

    Note: IIMM = Islamic Interbank Money Market.

    FAQ's

    Q. How long does the approval process take?

    A. Once you submit all the documents along with the duly filled application form, the application will be processed immediately. The process will take a maximum of 5 days for the approval.

    Q. Does the Bank Muamalat Hire Purchase-i application process require a guarantor?

    A. The requirement of a guarantor depends upon multiple aspects. If the applicant is younger than 21 years or older than 55 years at the time of application, he/she needs to bring a guarantor to the Bank Muamalat Hire Purchase-i application process. The requirement of a guarantor also depends upon the applicant’s credit score.

    Q. Why should I take the takaful coverage with this facility?

    A. The takaful coverage is highly recommended with this financing facility as the coverage provides a protection against any unfortunate event during the financing term.

    Q. Does the bank allow one to settle the full financing amount before the maturity of the financing term?

    A. Yes. An early settlement of the financing amount is allowed with Bank Muamalat Hire Purchase-i.

    Q. Is there a benefit I can get if I choose to settle the entire financing amount before the maturity of the term?

    A. Yes. If you decide to settle the entire loan amount earlier than the maturity of the financing term, you can earn a rebate on the unutilised tenure and financing amount. The rebate can be calculated using the formula mentioned below:

    Rebate (Ibra’) = TC x [{t x (t+1)} / {N x (N+1)}]

    Where TC = Term charges (or profit charges) of the total income in the agreement; t = Remaining tenure in months; N = Original agreed upon tenure in months.

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