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    Bank Rakyat Auto Financing-i Motorcycle (Low-Powered)

    Bank Rakyat Auto Financing-i Motorcycle is an auto financing package by Bank Rakyat that offers individuals with a high margin of financing for low-powered motorcycle purchase. The financing package works under Shariah concept of Murabahah (Tawarruq) that provides financing to the customers on a range of competitive profit rates.

    Features & Benefits

    The features and benefits associated with Bank Rakyat Auto Financing-i Motorcycle are listed below:

    • The customers can get up to 100% of the financing margin with Bank Rakyat Auto Financing-i Motorcycle.
    • The facility covers all the motorcycles that have an engine capacity of 100cc to 250cc.
    • The maximum amount of financing one can obtain from this financing scheme is RM25,000.
    • The financing period of this facility is extendable to 6 years.
    • The facility has a fast approval and low processing time.
    • The repayment for Bank Rakyat Auto Financing-i Motorcycle can be made through convenient methods of payment like PGM (Salary deduction by the employer), BPA (Biro Perkhidmatan Angkasa), and by cash payment at any Bank Rakyat branch.

    Profit Rates

    The profit rates associated with Bank Rakyat Auto Financing-i Motorcycle are mentioned in the table below:

    Tenure Available Repayment Mode Profit Rate
    Up to 6 years Biro Perkhidmatan Angkasa 10.00% p.a.
    Potongan Gaji Majikan (PGM) 12.00% p.a.
    Cash 15.00% p.a.

    Eligibility Criteria

    The eligibility criteria of Bank Rakyat Auto Financing-i Motorcycle are listed below:

    • Nationality Criterion: The applicant must be a Malaysian citizen.
    • Age Criterion: The applicant must be 18 years old or older at the time of application.
    • Income Criterion: The applicant must have a fixed income of RM18,000 p.a. or above.
    • Employment Criterion: The applicant must be in service for at least 6 months.

    Documents Required

    The following is the list of documents one must present at the time of Bank Rakyat Auto Financing-i Motorcycle:

    • 1 photocopy of MyKad.
    • The income statement.
    • The copies of the last 3 months salary slips.

    How to Apply

    • Offline Application: The customers can apply for the Bank Rakyat Auto Financing-i Motorcycle at the nearest Bank Rakyat branch. They can also put in their request for the same via the customer service numbers of the bank.
    • Online Application: Another way to approach the Bank Rakyat Auto Financing-i Motorcycle application is by visiting the official website of Bank Rakyat. The customers need to submit the necessary documents along with the filled up application form available online in order to start the application process.

    Fees and Charges

    The fees and charges associated with Bank Rakyat Auto Financing-i Motorcycle are mentioned in the following table:

    Service Fee RM200.
    Agreement legal fee RM200 to RM250 will be charged by the bank as agreement legal fee.
    Late payment charges (before the maturity of the term period) 1% p.a. on the monthly instalment that is overdue.
    Late payment charges (after the maturity of the term period) The late payment charges after the expiration of the term are calculated using the IIMM (Islamic Interbank Money Market) rate.
    Stamp Duty 0.5% of the total approved financing amount as per the Stamp Duty Act 1949.
    Wakalah Fee RM30.
    Issuance of letter to JPJ for change of vehicle engine number RM15.90 per document.
    Issuance of letter to JPJ for change of vehicle registration number RM15.90 per document.
    Issuance of letter to authority for transfer of vehicle to East Malaysia or vice versa RM15.90 per document.

    Note: JPJ = Jabatan Pengangkutan Jalan (Road Transport Department Malaysia)

    FAQs

    1. Q. Should I bring a guarantor with me to the Bank Rakyat Auto Financing-i Motorcycle application process?

      A. No. Only the customers who do not meet with the required terms and conditions are required to be accompanied with a guarantor for the Bank Rakyat Auto Financing-i Motorcycle application process.

    2. Q. What is the minimum and maximum tenure available with Bank Rakyat Auto Financing-i Motorcycle?

      A. The minimum tenure available with Bank Rakyat Auto Financing-i Motorcycle is 3 years, whereas the maximum limit of the tenure is 6 years.

    3. Q. Is it necessary to opt for the motor takaful coverage with my Bank Rakyat Auto Financing-i Motorcycle?

      A. It is highly recommended to take the motor takaful coverage for the entire duration of the Bank Rakyat Auto Financing-i Motorcycle.

    4. Q. Is it allowed to make an early settlement on the outstanding amount of Bank Rakyat Auto Financing-i Motorcycle? If yes, is there a lock-in period associated with the same?

      A. Yes. You are allowed to make an early settlement on the outstanding amount of the facility any time during the financing period. You need to provide the bank with a written notice one month before opting for the same.

    5. Q. What benefits one can get with the early settlement of the outstanding amount of the facility, if any?

      A. You are eligible to earn a rebate on the unutilised tenure if you opt for an early settlement on Bank Rakyat Auto Financing-i Motorcycle.

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