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RHB Hire Purchase

RHB Hire Purchase is a vehicle financing facility by RHB Bank that offers customers financing for vehicle purchase. Based on the Shariah concept of AITAB (Al Ijarah Thumma Al Bai’), the facility comes with a fixed and competitive profit rate range. Coming with a high margin of financing for vehicle purchase, the scheme lets individuals choose from a flexible financing tenure for the repayment.

Features & Benefits

  • With RHB Hire Purchase, one can get financing of up to 90% of the vehicle’s price.
  • The financing facility comes with a flexible repayment tenure range that comes with a maximum of 108 months.
  • The facility comes with personalised service on the vehicle.
  • The facility has a low processing time and a fast approval.
  • The repayment for the RHB Hire Purchase can be made via the following convenient modes of payment:
    • ATMs and CDMs (Cash Deposit Machines)
    • Internet banking
    • Standing instructions on the account
    • Interbank GIRO
    • Cheque Deposit Terminals
    • At selected branches of Pos Malaysia Berhad
    • At over the counter at more than 200 RHB and RHB Islamic branches within the country.

Interest/Profit Rates

The following table contains the profit rate associated with RHB Hire Purchase:

Financing Tenures Available Base Rate
Up to 9 years 6.60% p.a.

Eligibility Criteria

  • The following individuals can apply for RHB Hire Purchase:
    • Individuals who are 18 years old or above at the time of RHB Hire Purchase application.
    • Partners of a partnership or sole proprietors.
  • The following business/corporations can apply for RHB Hire Purchase:
    • Private Limited Companies
    • Public Listed Companies
    • Sole proprietorships and partnerships
  • The following applicants need to bring a guarantor to RHB Hire Purchase application process:
    • Foreign applicants need to be accompanied with a local guarantor.
    • Individual applicants who are below 21 years of age at the time of application.
    • Individual applicants who are above 60 years of age at the time of application.
    • Cases where the applicant’s affordability in making repayments is in concern.

Document Required

Individual Applicants

  • Individual Applicants Working For MNCs (Multinational Companies) And PLCs (Public Listed Companies) As Fixed Salary-earners:
    • Copies of the both front as well as back side of the identity card of the individual and guarantor (if applicable).
    • Copy of the driving license of the applicant.
    • Any one of the following documents serving as the proof of income:
      • Last month’s salary slip
      • Bank statement of the salary crediting bank account for the latest month.
      • Latest interim EPF statement.
  • Individuals Who Are Salaried Employees Of Non-MNCs, SMEs (Small And Medium Enterprises):
    • Copies of both front and back side of the applicant’s identity card and guarantor’s identity card (if applicable).
    • One copy of the applicant’s driving license.
    • A copy of the latest month’s salary slip, or
    • Bank statement of the salary crediting account for the recent month, or
    • Interim EPF statement.
  • Individuals Applicants That Are Employees Of The Government Or Government Agencies:
    • Copies of both front and back side of the applicant’s identity card and guarantor’s identity card (if applicable).
    • One copy of the applicant’s driving license.
    • Salary slip for the latest month, or
    • The bank statement of the salary crediting account for the last month.
  • Self-employed Individuals (Sole proprietor, Partners, And Company Directors):
    • Personal/company’s bank statement for the 6 recent months, or
    • The latest Borang /BE with validated receipt of payment to LHDN.
    • The following individual applicants need to provide the bank with the following documents:
      • For professional practitioners: The valid current professional practice certificate issued by the relevant competent body.
      • For Sdn Bhd (Sendirian Berhad): Borang 24 and Borang 49.
      • East Malaysian applicants: Trading license.
      • Sole proprietorships or partnerships: Business registration form A or B.
  • Individual Applicants Who Are Commission Earners (Brokers, Remisier, Insurance Agents, General Commission Agents, And Multi-level Marketers):
    • Salary slips’ copies for the last 6 months.
    • Latest Borang BE with a validated payment receipt to LHDN, or
    • Last 6 months’ crediting bank statements.
  • Additional Documents (wherever required): If the individual applicants choose to include their variable income (overtime and commissions etc.) into the total income, they need to present the following documents along with the documents mentioned above:
    • Last 6 months’ pay slips.
    • Bank statement of the crediting account for the last 6 months.

Corporate Applicants

  • Individual Applicants Who Are Employees Of Limited Companies:
    • A copy of Certificate of Commencement of Business (Form 23).
    • A copy of Certification of Incorporation (Form 9 and 13).
    • Copies of both the sides of guarantor’s identity card (wherever applicable).
    • Certified true copy of the extract of the Director’s Resolution.
    • Certified true copy of form 24 that contains the information of issued shares and authorised share capital.
    • Certified true copy of form 49 that contains names and details of all the directors and the company’s secretary.
    • Brief comments of director’s experience and financial standing.
    • Certified true copies of Articles of Association and Memorandum.
    • Copies of the latest Audited Accounts or Banker’s references (recent 6 months’ bank statements).
  • The Sole Proprietorships And Partnerships Need To Present The Following Set Of Documents:
    • Photocopies of the identity cards of partners or sole proprietors (both sides).
    • A copy of Certificate of Business Registration.
    • Any partnership agreement (if applicable).
    • A copy of Borang D.
    • Copies of financial accounts or Banker’s references (last 6 months’ bank statements).
    • Brief comments on financial standing, experience, and exposure of the sole proprietor or the partner(s).

How To Apply

  • Offline Application: The applicants can walk directly into the nearest RHB branch in order to apply for the RHB Hire Purchase. One can also reach out to the bank via the hotline numbers of the bank and put in the request for RHB Hire Purchase.
  • Online Application: The applicants can also put in their request for the RHB Hire Purchase online on the official website of the bank.

Fees & Charges

Stamp Duty (HP-i agreement) RM10.60 per agreement.
Supplementary HP-i agreement RM21.20 per agreement.
Road tax renewal RM10.60 per transaction.
Redemption statement (as requested by third party) RM31.80.
Discharge and release letter by third party RM31.80.
Late payment charges (during the financing facility’s period) 1% p.a. on the amount of the instalment overdue.
Late payment charges (after the maturity of the financing facility) Calculated using the IIMM (Islamic Interbank Money Market) rate.
Retrieval of letter of takaful claim RM23.30.
Issuance of letter of consent for transferring the vehicle to East Malaysia or vice versa RM23.30.
Audit confirmation per account RM23.30.

Contact Number

The applicants can reach out to RHB for more information about the RHB Hire Purchase via the following customer service numbers of the bank:

  • For overseas and West Malaysia: 03-9206 8118.
  • For East Malaysia: 082-276118.

FAQs

Q. Is it compulsory for all the applicants to take the takaful coverage with RHB Hire Purchase?

A. Yes. It is compulsory for every applicant to take the motor takaful coverage with RHB Hire Purchase facility.

Q. How is the monthly instalment with RHB Hire Purchase calculated?

A. The monthly instalments are calculated depending upon the financing amount, tenure chosen, and profit rate of the term.

Q. Do I require to be accompanied with a guarantor to the RHB Hire Purchase application process?

A. The requirement of guarantor can vary from application to application. For example, non-Malaysian applicants or the applicants that do not meet with the age requirements may be asked to bring a guarantor.

Q. If I choose to settle the whole outstanding amount of the repayment before the term matures, will the bank allow me to do the same?

A. Yes. There is an option of choosing to settle the financing amount earlier than the term’s maturity. The bank will grant you rebate in such cases.

Q. How much rebate can one get with an early settlement of the outstanding financing amount with RHB Hire Purchase?

A. The rebate (Ibra’) can be calculated using the following formula:

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

Where TC = Term charges; r = Number of unutilised or unused months of the financing tenure; T = Original financing tenure in months.

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