|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||90%||3% p.a.|
|New||9 years||90%||3.6% p.a.|
How much the bank charges you based on your loan amount & loan period
If you are a Malaysian individual aged between 18 and 60 years old, and earns a fixed income, Bank Islam will certainly consider your application. The credit approval rule of thumb around these part is that your monthly loan repayments should not exceed 1/3 of your monthly salary.
The Bank Islam Vehicle Financing-i is based on Islamic concept of Murabahah, i.e. method of sale with deferred payment. Bank Islam can finance up to 90% of the car's price and is willing to give you a maximum period of nine years to pay off the loan amount.
The profit rate and selling price will be fixed and known to you upfront at no hidden or extra charges. All you need to do is service your monthly instalments religiously to avoid incurring unnecessary and burdensome penalty fees.
The bank will revise its indicative profit rates from time to time, so be sure you keep yourself updated.
|Type of vehicles||Profit rates|
|National||From 3.00% p.a. to 3.60% p.a.|
|Non-national||From 2.90% p.a. to 3.35% p.a.|
Note: Indicative profit rates with effect from May 2017
You will be charged 1% per year on overdue installments, also called Ta'widh (compensation). If you think you're going to be late with a payment call the bank and let them know.
It is a legal obligation for you to undertake a comprehensive Motor Takaful coverage on the vehicle financed for the entire financing tenor. There is also an optional personal accident Takaful coverage known as Auto Financing Takaful Plan you can sign up.
Yes you can pay off your car loan in full whenever you like. As a gift for your tenacity in paying off your debts you'll get a rebate on the remaining financing period.
Here are the things you need:
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