RHB Banking Group has introduced a new product called Vehicle Financing-i (Variable Rate) Flexi Redraw. The financing option is structured to give borrowers greater flexibility in managing their vehicle instalments and cash flow.

How the Flexi Redraw Feature Works

Most vehicle financing in Malaysia is based on fixed instalments, leaving little room to lower costs early or regain access to money once it has been paid. Flexi Redraw introduces more flexibility by allowing borrowers to make additional payments beyond their scheduled instalments. These extra amounts directly reduce the profit charges on the outstanding balance, which can lower the overall financing cost over time.

Unlike conventional plans where extra payments are permanently absorbed, Flexi Redraw allows customers to withdraw only the excess balance they have paid on top of their scheduled instalments. Customers may redraw a minimum of RM2,000, in multiples of RM1,000, with each transaction subject to a fee of RM18.50. Withdrawals are available over the counter, giving borrowers access to funds they have already paid in while continuing with their financing arrangement.

Partnership with Volvo Car Malaysia

The Flexi Redraw feature will also be available through Volvo Car Financial Services. Buyers of new Volvo models can choose this financing option, which combines variable profit rates with the ability to redraw excess payments. According to Volvo Car Malaysia, the collaboration extends existing financing choices available to its customers.

Key Details for Applicants

The financing is open to individuals between 18 and 65 years old, as well as business entities. It applies to new, unregistered, reconditioned, and used vehicles, with a minimum financing amount of RM80,000.

Excess payments that qualify for profit charge discounts are capped at 50% of the original financing amount. Withdrawals require a minimum amount of RM2,000 and must be made in multiples of RM1,000. A small fee applies for each withdrawal

You can also compare this financing with RinggitPlus’s list of car loans in Malaysia to see how it measures up against other banks’ current offerings.

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• TAGS:
• Flexi Redraw
• RHB Bank
• Vehicle Financing-i
• Vehicle Financing-i (Variable Rate) Flexi Redraw
• Volvo Car Malaysia