Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 2) is an auto financing scheme provided by Bank Rakyat that offers a high financing margin for vehicle purchase. Based on the Shariah concept of Murabahah (Tawarruq), the financing scheme provides individuals with funds at competitive profit rates.
|New Vehicle for Personal Use||Profit Rate|
|Proton & Perodua||3.30% to 3.50% p.a.|
|Bukan Nasional||3.10% to 3.25% p.a.|
|Late payment charges (before the maturity of the term period)||1% p.a. on the overdue instalment amount.|
|Late payment charges (after the maturity of the term period)||The late payment charges after the term’s maturity depend upon the IIMM (Islamic Interbank Money Market) rate.|
|Stamp Duty||0.5% of the total approved financing amount as per Stamp Duty Act 1949.|
|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)
Q. Can I make an overpayment on my designated monthly instalment? Will I be charged any fee in such cases?
A. Yes. You can make an overpayment and/or early payment on the monthly instalment. No fee will be imposed in such cases.
Q. Is it required to take the takaful coverage with the Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 2)?
A. It’s highly advised to take the motor takaful coverage for the entire period of Bank Rakyat Auto Hire Purchase Financing-i (An Naqlu 2).
Q. Do I need to bring a guarantor with me for the application process?
A. The requirement of a guarantor varies from case to case. The applicants who do not meet the required terms and conditions may need to bring a guarantor with them to the application process.
Q. Can I make an early payment and settle the whole financing amount? Is there a benefit associated with doing the same?
A. Yes. You can choose to settle the financing amount any time during the term period. You are entitled to a rebate in such cases.
Q. Is there a lock-in period associated with the early settlement of the loan?
A. You are required to inform the bank about the early settlement in the form of a written notice one month before opting for the same.