RHB, Malaysia offers customers an affordable car loan. RHB group is present in nine countries of South-East Asia and is the fourth largest bank in Malaysia. The RHB group, as it currently stands, is a merger between four banks, namely, the Kwong Yik Bank, Sime Bank, DCB Bank and the Uttama Banking Group. The RHB Group is committed to a high level of innovation and forward thinking which makes it a local favorite among the people of Malaysia and a preferred financial service provider in Asia.
You’re probably eligible for an RHB Bank Car Loan if you are
At least 18 years old
Less than 55 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your RHB Bank Car Loan amount eligibility is based on these factors
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Increase your eligible RHB Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 9 years
Documentation needed to apply for RHB Car Loan
- 1. Photocopy of Valid Driving License
- 2. Photocopy of identity card (both sides) of applicant and guarantor(s) (if any).
- 3. Passport and employment / Contract Letter for foreigner
- 4. Documentation for Salaried Employee:
- Latest ONE(1) month salary slip
- Latest ONE(1) month credit bank statement.
- Latest interim EPF statement.
- Tax Returns / Tax Receipts (latest).
- Employment Letter/Employer Confirmation.
- 3 months Current Account / Savings Account Passbook or Statement.
- 2 years contractual bonus payment slips (if applicable).
- 3 years contractual bonus payment slips (if applicable).
- 5. Documentation for Self Employed:
- Business Registration Form A/B (for Sole Proprietor/Partnership) or Trading License (for East Malaysia) or Borang 24 and Borang 49 (for Sdn Bhd)
- Latest six (6) months Personal or Company’s bank statement; OR Latest Borang B/BE (validated payment receipt of payment to LHDN)
- 6. Documentation for Partnership and Proprietorships:
- Photocopies of the Certificate of Business Registration and Borang D
- Partnership Agreement (if any)
- Latest copies of the Financial Accounts OR
- Bankers’ references (latest six months’ bank statements)
- Brief comments on sole proprietor or partners’ experience, exposure and financial standing
- Photocopies of sole proprietor or partners’ identity cards (both sides).
RHB Bank Car Loan Interest RatesUpdated on 09 Dec 2016
|Margin of Finance||Up to 90%|
RHB Hire Purchase
This car loan by RHB is a convenient source of funds to finance a four-wheeler. It offers a low rate of interest and a high loan amount. The loan comes at a flat interest rate anywhere between 2.8% - 3.18% and has a maximum tenure of 9 years. It is a fixed rate loan with a high margin of finance; about 90% of the car value can be borrowed from the bank. The terms of the loan also depend on the origin of the vehicle which can be foreign as well as local.
You will be required to spend an approximate amount of RM220 for charges such as stamp duty, JPJ fee, consent letter etc. There is no penalty fee for pre-payment of this RHB car loan and late payments are charged at 8% on the outstanding loan balance. The minimum age of the applicant is 18 years and the maximum is 55 years. Additionally, the applicant should earn at least RM24,000 annually.
This car loan has the additional benefit of car insurance. You can choose from a number of attractive plans according to your needs. These motor insurance schemes cover unforeseen damages to you or your car due to road accidents.
Basic documents such as identity proof, salary proof and address proof are required to process your loan.
RHB Vehicle Financing-i
This RHB car loan is in accordance with the Al Ijarah Thumma Ai-Bai concept of Islamic banking. This car loan is technically a lease-to-buy type of loan wherein ownership of the vehicle is transferred to the applicant once the last installment of the loan is paid off.
RHB car loans come with a maximum tenure of 9 years, at interest rates which vary between 2.8% - 3.18%. About RM220 is required to pay off formal charges pertaining to stamp duty, processing fees etc. Insurance, from leading insurance providers, is also offered.
The applicant needs to be between 18 to 55 years of age and should draw an annual salary of RM24,000 to qualify for this loan. Basic documents such as identity proof, salary proof and address proof are required to process the loan.
How to calculate RHB Car Loan installment 2016?
RHB offers funds to finance new, used or reconditioned cars. The Car Loan Calculator available at bbazaar.my is a very helpful tool that lets customers instantly calculate the installments payable on a chosen loan. Calculations will be based on the loan amount, interest rate, loan period and processing fee, if any. This can be done before purchasing a car to ascertain which loan scheme or car will be the most affordable. The Car Loan Calculator at bbazaar.my will also provide additional vital information, including a break-up of the total amount payable on a yearly/monthly basis.
Other Products offered by RHB:
Apart from offering Car Loan, RHB offers other products and services which include:
- RHB Personal Loan
- RHB Home Loan
- RHB Renovation Loan
- RHB ASB Loan
- RHB Credit Card
- RHB Fixed Deposit
- RHB Car Insurance
- RHB Insurance
RHB Car Loan FAQ's
What are the car loan schemes offered by RHB?
RHB offers the following car loan scheme namely RHB Vehicle Financing-i.
What is RHB Vehicle Financing-i all about?
It is an Islamic car loan scheme that comes with attractive rates of interest and lot of flexibilities. By using this scheme, you can receive car finance up to 90% of your car value for 9 years.
Does RHB provide finance for purchasing foreign cars?
Yes, you can get finance for purchasing foreign cars from RHB.
How much margin of finance can I receive form RHB?
You can receive finance unto 90% to purchase a vehicle.
What is the maximum car loan repayment tenure that I can opt for with RHB?
The bank offers up to 9 years within which you need to repay the loan.
What is the minimum interest rate charged on RHB Car Loans?
The minimum interest of the bank starts form 2.8%.
How much interest does RHB charge on car loan taken for purchasing new cars?
The bank charges 3.18% p.a on new car loans.
Does RHB Car loan charge stamp duty fees?
Yes, it charges an amount of RM10 as stamp duty charge.
Is there any early settlement fees involved in RHB Car Loan?
No, the bank does not charges any early settlement fees.
Do I need to penalty fees if I miss my car loan repayment?
Yes, you need to pay 1% p.a. on your outstanding balance as late payment fees.
As a car loan applicant, what should be my minimum age to be eligible for a RHB Car loan?
Your minimum age needs to be 18 years.
Who are eligible for applying for RHB Car Loans?The following categories of individuals can apply for RHB Car Loans:
- Salaried individuals
- Self-employed individuals
- Government employees
- Commission earners.
What are the key documents required to apply for a RHB Car Loan?
The key documents required to apply for a RHB Car Loan include:
- Driving license
- Latest salary slips
- Latest Borang/BE
- Bank statements.
News About RHB Car Loan
DATUK Adissadikin Ali- New MD and Head of RHB Banking Group.
RHB Islamic Bank appoints DATUK Adissadikin Ali as the managing director and head of RHB Banking Group. The appointment will be effective from 1st August, 2016. In his new role as the managing director and head of RHB Islamic Bank and group syariah business, DATUK Adissadikin Ali will be liable for managing and leading the group's existing businesses, and exploring further business opportunities for the group. The bank aims to establish itself as one of the top three Islamic banks in Malaysia.
Before joining RHB Banking Group, Adissadikin serves as the Chief Executive Officer (CEO) of Alkhair International Islamic Bank Bhd. He had also served as the CEO of Export-Import Bank of Malaysia Bhd.
2nd August 2016