Bank Islam

Bank Islam Vehicle Financing-i

A fixed rate Islamic car loan with a low interest, easy terms and cashback on early payment

    • Up to 9 years tenure
    • Fixed Islamic financing
    • Flat profit rate
    • Up to 90% margin of finance
  • ConditionOriginMaximum YearsMargin of FinanceProfit Rate
    NewLocal9 years90%3.25% p.a.
    Foreign9 years90%2.95% p.a.

Fees & Charges

There are always fees but how much are they?

Profit Rate for New Cars
from 2.95% p.a. to 3.25% 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
18 years old
Maximum age
60 years old
Who can Apply
  • Malaysians

Frequently Asked Questions about Bank Islam Vehicle Financing-i

Things you might want to know

Am I eligible for Bank Islam Vehicle Financing-i?

If you happen to be a Malaysian aged between 18 and 60 years and you earn a fixed, stable, income, Bank Islam will certainly consider your application. The credit approval rule of thumb around these parts is that your monthly loan repayments should not exceed 1/3 of your monthly salary.

Is this an Islamic car loan? How does it work?

The Bank Islam Vehicle Financing-i is based on Bai Baithaman Ajil ( BBA) contract 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. You will be able to finance both local and foreign cars.

What if I fail to service my monthly repayments?

You will be charged 1% per year on overdue installments, also called Ta'widt (compensation). If for some reason you are unable to pay for two consecutive months your vehicle will be repossessed by the bank as stated in the Hire Purchase Act 1967. If you think you're going to be late with a payment call the bank and let them know.

And if I choose to pay off my debts earlier?

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.

What documents do I need when applying for this car loan?

Here are the things you need:

Photocopy of Identity Card (front and back)
Photocopy of valid driving licence
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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