|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||100%||2.35% p.a.|
|New||9 years||100%||3.3% p.a.|
How much the bank charges you based on your loan amount & loan period
Now known as GradOne, this Bank Islam auto financing is made for the younger crowd, catering to those between 20 to 30 years old, on one condition: you must have at least a diploma and need to be employed at any of the following organizations:
Looking at your relatively young age and unstable source of income, a guarantor, who can be a sibling or a parent with good financial standing, may be required to back this application up.
Yes, you can. Bank Islam GradHitz Vehicle Financing-i can be used to finance the purchase of national, non-national and unregistered conditioned car models. Doesn't matter what build or brand you so choose, you may get up to 100% financing from Bank Islam.
As this car financing plan follows the principle of Murabahah, your total borrowed amount and profit charges will be known upfront, which then will be divided into equal monthly instalments. Your monthly obligation is to repay your monthly instalment on time and in full.
It is advisable that you don't skip your monthly instalment as this habit can incur late payment charges of 1% p.a. on the overdue amount.
In the event that you do not pay for more than 2 months, the bank has the right to repossess your partially owned vehicle. That's not all, this can also leave a really bad impression on your lending profile in the long run.
You can always subscribe to RinggitPlus or visit Bank Islam's website to find out the latest profit rates. Bear in mind that the indicative profit rates published on the site are subject to revision from time to time, so be sure you keep yourself updated.
|Type of Vehicles||Profit Rates|
|National||From 2.35% p.a. to 3.30% p.a.|
|Non-national and Unregistered Reconditioned||From 2.20% p.a. to 2.40% p.a.|
|Hybrid and Electrical Vehicle (HEV)||From 2.10% p.a. to 2.20% p.a.|
Note: Profit is calculated on a monthly basis based on the "Sum of Digit" method.
It is legal under the law of Malaysia for you to undertake comprehensive Motor Takaful coverage on the vehicle financed for the entire financing tenure. There is also an optional personal accident Takaful coverage known as Auto Financing Takaful Plan you can sign up for.
Yes, and you are entitled to a rebate which is calculated based on the deferred profit at the time of settlement.
You can get your loan approved within the acceptable turnaround time should all documents are submitted, subject fully to terms and conditions.
We’ll guide you through your application for this financial product