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    Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1)

    Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1) is an auto hire purchase financing by Bank Rakyat based upon the Shariah contract of AITAB (Al Ijarah Thumma Al Ba’i).

    Features & Benefits

    • The scheme provides financing for the purchase of new, used as well as reconditioned local and imported cars.
    • The facility comes with up to 90% of the OTR price of the car.
    • The facility comes with a maximum of 9 years of financing tenure.
    • The financing limit for the financing facility is open and subject to the applicant’s ability to make the monthly payment commitment.
    • The repayments for the facility can be made through easy modes of payment like current date cheque, standing instructions, savings account deduction, PDC (Post Dated Cheque), BPA (Biro Perkhidmatan Angkasa), PGM (Salary deduction by the employer) and by making cash payments at the bank counters.

    Interest/Profit Rates

    The following table contains the profit rate associated with Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1):

    New Vehicle for Personal Use Profit Rate
    Proton & Perodua 3.05% to 3.20% p.a.
    Bukan Nasional 2.80% to 2.90% p.a.

    Eligibility Criteria

    The eligibility criteria of Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1) are given below:

    • Age Criterion: The applicant must be at least 18 years old at the time of application and must not exceed retirement age before the man attains maturity.
    • Employment Criterion: The facility is open to all the private and public sector employees who are in service for at least 6 months.
    • Income Criterion: The individuals must have a minimum income of RM18,000 p.a. in order to apply for this financing facility.

    Documents Required

    The following is the list of documents one needs to present at the time of Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1) application:

    • A photocopy of MyKad.
    • Copies of the last 3 months’ salary slips.
    • A copy of the driving license.
    • Employment confirmation letter from the employer.
    • Account transaction statements.

    How To Apply

    • Offline Application: The Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1) application can be made at the nearest Bank Rakyat branch. The applicants can also put in their request for the same through the bank’s hotline numbers and the customer service numbers.
    • Online Application: The Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1) application can also be made online on the official website of Bank Rakyat. The application form available online needs to be filled with required details and need to be submitted along with all the supporting documents.

    Fees & Charges

    Late payment charges (before the maturity of the term period) 1% p.a. on the overdue instalment.
    Late payment charges (after the maturity of the term period) Based on the IIMM (Islamic Interbank Money Market) rate.
    Stamp Duty Ijarah agreement: RM10.
    Guarantor agreement (wherever applicable): RM10.
    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)

    FAQ's

    Q. Will I be charged with any fee if I make a prepayment for an instalment?

    A. No. No charges will be imposed on any prepayment.

    Q. Is a guarantor required for the Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1) application process?

    A. A guarantor is required only in cases when the financing terms such as eligibility criteria of the applicant or income requirements are not met.

    Q. Do I need to take the takaful coverage with Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1)?

    A. It is highly recommended to subscribe for the motor takaful coverage with Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1) for the financing term.

    Q. Will the bank allow me to settle the financing amount fully before the maturity of Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 1)?

    A. Yes. You are allowed to settle the financing amount fully before the maturity of the financing facility.

    Q. Is there a benefit if I settle the remaining financing amount fully before the term’s maturity?

    A. Yes. You will be rewarded with a rebate in such cases that is based upon the unutilised tenure.

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