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Bank Muamalat Vehicle Financing-i GradPack

Bank Muamalat Vehicle Financing-i GradPack is a vehicle financing package by Bank Muamalat that offers high margins of financing. This comprehensive and flexible financing package is based on the Shariah concept of BBA (Bai’ Bithaman Ajil). The facility also comes with a flexible range of repayment tenures. The Bank Muamalat Vehicle Financing-i GradPack is specifically made for the applicants with a degree or diploma.

Features & Benefits

  • The package provides the funds to applicants for all national cars.
  • The package also covers the following non-national cars: Toyota Vios, Honda City, Suzuki Swift, Nissan Latio and Nissan Grand Livina.
  • The applicants can get funds up to 90% of the price of the vehicle.
  • The minimum amount that can be applied through this financing facility is RM20,000.
  • The applicants can choose from a flexible range of repayment tenures available with this financing facility with a maximum limit of 9 years.
  • The Bank Muamalat Vehicle Financing-i GradPack comes with a low processing and approval time.
  • The customers can obtain funds from the facility at competitive profit rates.
  • The customers can make the repayments for the financing facility online as well as at the counter at any of the Bank Muamalat branches.

Interest/Profit Rates

The profit rates associated with Vehicle Financing-i GradPack are based on the current prevailing rates of the bank.

Eligibility Criteria

The following are the eligibility criteria of Bank Muamalat Vehicle Financing-i GradPack:

  • The customers applying for the Bank Muamalat Vehicle Financing-i GradPack must be 20 years old or older and must be younger than 30 years at the time of application.
  • The annual salary of the applicants must be at least RM18,000 p.a.
  • The applicant must be a confirmed employee in order to be eligible for the financing facility (except for management trainees of the private sector and government staff).
  • The applicant should have a minimum educational qualification of diploma level from any institution recognised by Malaysia Qualification Agency (MQA), Ministry of Higher Education Malaysia, or Department of Higher Education.
  • The applicants must make the application for the Bank Muamalat Vehicle Financing-i GradPack within the 3 years of the graduation date.

Documents Required

The list of documents that the applicants need to present at the time of application is given below:

  • Copies of both pages of the NRIC.
  • Vehicle Sales Order (VSO).
  • A copy of the driving license.
  • A copy of any one of the following: diploma, degree, or the transcript.
  • Salary slips for the 3 latest months or the employment confirmation letter from the employer if the applicant is newly employed (this is valid for the management trainees of the private sector and government employees).
  • The application form filled with the required details.

How To Apply

  • Offline Application: The Bank Muamalat Vehicle Financing-i GradPack application can be made at the nearest Bank Muamalat branch. One can also put in the request for the same telephonically through the bank’s hotline numbers.
  • Online Application: The application for Bank Muamalat Vehicle Financing-i GradPack can also be made online at the official website of Bank Muamalat. The applicants need to fill up the Bank Muamalat Vehicle Financing-i GradPack application form available online with required details and submit it along with all the necessary documents.

Fees & Charges

The following table consist of the fees and charges associated with Bank Muamalat Vehicle Financing-i GradPack:

Late payment charges (During the term of the facility) 1% p.a. of the amount of the instalment overdue.
Late payment charges (After the completion of the facility period) IIMM% of the total outstanding principal.
Advance Payment An advance payment of the equivalent to 1-2 months’ instalment amount needs to be paid.
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 As per the Stamp Duty Act 1949.

FAQ's

Q. What is the range of tenures available with Bank Muamalat Vehicle Financing-i GradPack?

A. The available tenures with the Bank Muamalat Vehicle Financing-i GradPack are from 4 to 9 years.

Q. Do I need to bring a guarantor with me in order to get the Bank Muamalat Vehicle Financing-i GradPack approved?

A. The Bank Muamalat Vehicle Financing-i GradPack application process may or may not require a guarantor. The requirement varies from case to case. The factors affecting the requirement can be the age, income or the credit score of the applicant.

Q. Should I take the takaful coverage with Bank Muamalat Vehicle Financing-i GradPack?

A. It is advisable to take the motor takaful coverage with the Bank Muamalat Vehicle Financing-i GradPack.

Q. How much time does it take for the approval process to complete?

A. Once you submit all the documents along with the duly filled application form, it will take a maximum of 5 days for the process to get approved.

Q. What if I decide to fully settle the financing amount prior to the financing term maturity date? Is there a provision for the same?

A. You can decide to fully settle the financing amount any time during the financing period. You are also entitled to a rebate in such cases.

Q. What kind of rebate I can get with the early settlement of the financing amount?

A. The rebate (Ibra’) is calculated on the unutilised tenure and is calculated using the formula below:

Rebate (Ibra’) = TC x [{n x (n+1)} / {T x (T+1)}]

Where TC = Term charges or profit charges of the total income in the agreement; n = Number of unutilised months from the original tenure; T = Original agreed upon tenure in months.

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