Bank Islam

Bank Islam GradHitz Vehicle Financing-i

Reward yourself with a brand new motor - this car loan offers 100% financing at a really affordable rate and flexible repayment

    • Up to 9 years tenure
    • Fixed Islamic financing
    • Flat profit rate
    • Up to 100% margin of finance
  • ConditionOriginMaximum YearsMargin of FinanceProfit Rate
    NewLocal9 years100%3% p.a.
    Foreign9 years100%2.9% p.a.

Fees & Charges

There are always fees but how much are they?

Profit Rate for New Cars
from 2.9% p.a. to 3% p.a., depending on car brand, borrowing amount, and period.
Stamp Duty
Early Settlement Fee
depends on agreed terms with the bank
Late Penalty Fee
1% p.a. of the outstanding amount

*inclusive of 6% GST


Do you qualify for this financing?

Minimum annual income
Minimum age
20 years old
Maximum age
30 years old
Who can Apply
  • Malaysians
  • Graduate

Frequently Asked Questions about Bank Islam GradHitz Vehicle Financing-i

Things you might want to know

Who is the Bank Islam GradHitz Vehicle Financing-i made for?

The Bank Islam GradHitz Vehicle Financing-i is made for the younger crowd, catering to those between 20 to 30 years old. You must have at least a diploma and you'll need to be employee at any of the following:

  •    Government and Semi Government sector
  •    Selected Public Listed Companies
  •    Government Link Companies ( GLC)
  •    Other prominent Private Limited Companies as categorized under package companies listed by Bank Islam

You may require a guarantor, seeing how relatively young you are. A guarantor can be a sibling or a parent, who of course will need to have good financial standing.

Is this also an Islamic car loan?

Yes it is. It follows the principle of Murabahah, where you will have to pay the bank predetermined profits each month to have full ownership of the car. Bank Islam will be able to finance for up to 100% of the car's price, whether its a national, non-national or unregistered conditioned model!

It appears that this is a tiered car loan?

Yes, that is absolutely right, and it seems you've been doing your homework! Depending on your credit score you will be assigned to a certain tier that has a certain interest rate.

For example, with a credit score ranging from 1 to 3, the bank can give you an interest rate as low as 3% for a national car, or 2.9% for a foreign car. The highest credit rating of 7 to 8 will have an interest rate of around 3.2%. The higher your credit score the more interest you will pay.

What if I do not keep up with my repayments?

Good question! You will have to pay late payment charges by the way of Ta'widh of 1% per year on the overdue installments.

In the event that you do not pay for more than 2 months the bank has the right to take possession of the car, which we hope is a great deterrent from defaulting on your monthly repayments!

Can I then opt for an early settlement of my car loan?

Yes, and you are entitled to a rebate which is calculated based on the deferred profit at the time of settlement.

What documents do I need to apply?

Basic requirements:

Photocopy of Identity Card (front and back)
Photocopy of valid driving license
Photocopy of latest 3 months’ salary statements; and
Copies of latest 3 months’ bank statements (salary crediting account) ; or
Latest EPF statements/EA Forms
Other supporting documents as may deemed necessary and acceptable by the Bank for additional income support documents

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