Am I eligible for this superbike financing?
Let's go through the checklist to see whether you are qualified to apply for Al Rajhi Superbike Financing-i:
- Must be a Malaysian with a valid NRIC, Military ID or Police ID;
- Must be minimum 21 years old; and
- Must earn a minimum salary of RM3,500 per month.
What can I get from this Islamic vehicle loan?
You will get access to a Shariah compliant loan to part or fully financing your dream superbike. As usual, the product offers a margin of financing of up 80% of the vehicle's market value, regardless of its origin, whether locally or foreign manufactured.
Once you have agreed on the financing margin, you can choose to repay your financing over a flexible tenure, with maximum of 7 years. The profit rate will be determined based on several factors, including but not limited to, vehicle's conditions, origins, tenure of financing and your credit profile.
What is my monthly commitment?
Your mission, should you choose to accept the financing agreement, is to repay your instalment on time and in full every month.
The instalment amount is fixed over the course of your repayment - meaning that you have a peace of mind knowing that your repayments will not vary according to changes in market rates.
Don't worry of forgetting your commitment as Al Rajhi Bank will send an SMS alert to remind you of your due. If you somehow refuse to check you mobile, or just simply forgot about your commitments, you will then assume a late penalty fee of 1% p.a., which is calculated daily!
Anyway, you can also opt to make an early settlement of your superbike financing at any time at zero cost and will be given a profit rebate.
What documents do I need to apply for this superbike financing?
Before making your way to the nearest Al Rajhi Bank branch, below are the required documents you need to bring along:
Salaried employee:
- NRIC or Military ID or Police ID
- Latest 3 months pay slip
- Latest 3 months Bank statement
- Driver’s license
- Dealer/Seller quotation or invoice
Self employed:
- NRIC
- Latest 6 months bank statement
- Form 9, 24 & 49
- Business Registration Form
- Income Tax Returns, duly endorsed by IRB
- Latest 2 years Form B or EA Form
- Driver’s license
- Dealer/Seller quotation or invoice