• Best Graduate Car Loans In Malaysia

    Graduate car loans are specifically designed for students and young graduates with a degree or a diploma. Graduate car loans provide these individuals with a high margin of financing for vehicle purchase at a range of competitive profit rates. Let’s look at the graduate loan packages available in Malaysia:

    1. Bank Muamalat Vehicle Financing-i GradPack
    2. Bank Islam Vehicle Financing-i GradHitz

    1. Bank Muamalat Vehicle Financing-i GradPack

    Bank Muamalat Vehicle Financing-i GradPack is a graduate car loan package offered by Bank Muamalat. The loan package serves as a helping hand to graduates as well as students who require a loan to buy a car.

    Features & Benefits of Bank Muamalat Vehicle Financing-i GradPack

    • The loan package is based on the Shariah principles of BBA (Bai’ Bithaman Ajil).
    • The facility comes with a high margin of financing, i.e. up to 90% of the vehicle’s price.
    • You can apply for a minimum loan amount of RM20,000 with this financing package.
    • The funds can be obtained at a competitive range of profit rates with Bank Muamalat Vehicle Financing-i GradPack.
    • The funds obtainable with this financing facility come with low processing and approval time.
    • You can choose from a wide range of flexible financing tenures available with this package that can be extended to 9 years.
    • You can make the repayment for Bank Muamalat Vehicle Financing-i GradPack package at the nearest Bank Muamalat’s branch and via the official web portal of the bank.
    • You can apply for this vehicle financing package in order to purchase all national cars.
    • The facility is also available for non-national cars listed below:
      • Honda City
      • Suzuki Swift
      • Toyota Vios
      • Nissan Grand Livina
      • Nissan Latio

    Interest/Profit Rates of Bank Muamalat Vehicle Financing-i GradPack

    The profit rate associated with Bank Muamalat Vehicle Financing-i GradPack depends upon the bank’s current prevailing rates.

    Eligibility Criteria for Bank Muamalat Vehicle Financing-i GradPack

    • You need to be at least 20 years old, but not older than 30 years of age.
    • You need to apply for the financing package within 3 years from the date of your graduation.
    • You must have an annual income of RM18,000 or more.
    • You can apply for the financing package only if you’re a confirmed employee (not compulsory for management trainees of government staff and private sector).
    • You must have a minimum qualification of diploma level from an institute that is recognised by one of the following:
      • Ministry of Higher Education Malaysia
      • MQA (Malaysia Qualification Agency)
      • Department of Higher Education

    Documents Required for Bank Muamalat Vehicle Financing-i GradPack Process

    • One copy of your NRIC (both sides).
    • One copy of your driving license.
    • One copy of your diploma/degree/transcript.
    • Duly filled and signed application form.
    • VSO (Vehicle Sales Order).
    • Copies of your salary slips for the last 3 months, or
    • Employment confirmation letter from your employer (in case you are newly employed as a management trainee for a government institution or private sector).

    Fees & Charges of Bank Muamalat Vehicle Financing-i GradPack

    Stamp Duty Will be charged as per the Stamp Duty Act 1949.
    Road tax renewal RM10.60.
    Late payment charges (Before the facility’s maturity) 1% p.a. on the overdue instalment amount.
    Late payment charges (After the maturity of the facility) To be determined using IIMM (Islamic Interbank Money Market) rate.
    Advance payment You will need to pay an advance payment of the equivalent to 1-2 months’ instalment amount.
    Muamalat Floor Stocking-i RM212.00.
    Interbank settlement on Hire Purchase (HP) other banks RM53.00.

    2. Bank Islam Vehicle Financing-i GradHitz

    The Bank Islam Vehicle Financing-i GradHitz is a car financing package offered by Bank Islam that provides financing to graduates. You can get a high margin of financing for vehicle purchase with this financing facility.

    Features & Benefits of Bank Islam Vehicle Financing-i GradHitz

    • The vehicle financing packages is based on the Shariah principle of Murabahah.
    • You can get financing up to 100% of the vehicle’s OTR (on-the-road) price.
    • The selling price under this financing package is fixed and known.
    • You can apply for Bank Islam Vehicle Financing-i GradHitz to purchase any national, non-national, unregistered and reconditioned cars.
    • With this financing package, you get to choose from a wide range of repayment tenures that is extendable to 9 years.
    • The facility provides you financing with a low approval time and doesn’t charge you any extra charges.
    • The facility comes with a competitive range of profit rates.

    Interest/Profit Rates of Bank Islam Vehicle Financing-i GradHitz

    Vehicle Type Profit Rate (Fixed)
    National car 3.00% p.a. – 3.60% p.a.
    Non-national car 2.90% p.a. – 3.35% p.a.

    Eligibility Criteria for Bank Islam Vehicle Financing-i GradHitz

    • You are allowed to apply only if you have a minimum qualification of Diploma from accredited universities or any other higher learning institution.
    • You must be at least 20 years old at the time of application, but younger than 30 years of age.
    • You can apply for Bank Islam Vehicle Financing-i GradHitz only if you are a fixed salary earning employee of any of the following:
      • Government or semi-government sector
      • Government Linked Companies (GLCs)
      • Selected Public Listed Companies (PLCs)
      • Any Private Limited Company that is categorised under package companies as listed by Bank Islam.

    Documents Required for Bank Islam Vehicle Financing-i GradHitz Process

    • Copies of both front and back page of your NRIC.
    • Copies of the last 3 months’ salary slips.
    • One copy of your driving license.
    • One copy of your transcript or scroll.
    • Latest EA form or latest EPF statement.
    • Last 3 months’ bank statements from the salary crediting account.
    • Any document serving as a proof of additional income ( if applicable).

    Fees & Charges of Bank Islam Vehicle Financing-i GradHitz

    Monthly repayment instalment The monthly repayment instalment repayment can be calculated using the formula below: M = {A + (A x R x T)} / t Where M = Monthly instalment amount; A = The approved financing amount; R = Profit rate (per annum); T = Total financing tenure in years; t = The financing tenure in months.
    Stamp Duty (With guarantor) RM30.
    Stamp Duty (Without guarantor) RM20.
    Road tax renewal RM10.60.
    Late payment charges (during the financing facility period) 1% p.a. on the amount of monthly instalment overdue.
    Late payment charges (after the maturity of the financing facility) Calculated using the IIMM (Islamic Interbank Money Market) rate.
    Compare Best Car Loans in Malaysia
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