Bank Muamalat Auto-Grad Scheme

Am I eligible to apply for the Bank Muamalat Auto-Grad Scheme?

If you have a minimum qualification of diploma from a university recognized by the Malaysia Qualification Agency or the Department of Higher Education of the Ministry of Higher Education, you can apply for this Islamic car loan within 5 years from the date of graduation.

But first, let's go through the checklist whether you are qualified or not:

• Aged between 20 to 35 years old;
• Earn a minimum of RM1,500 per month; and
• Confirmed staff (except for government staff and management trainees of the private sector).

What does this car financing have to offer?

Bank Muamalat can provide you with a margin of financing of up to 100% of the vehicle price, starting from a minimum of RM20,000.

Borrow any amount that suits your financial commitment and choose a tenure that is flexible for you to repay. The Auto-Grad Scheme can be used to finance all local and selected foreign cars for up to 9 years.

How do I pay for my monthly instalments?

Just so you know this car financing plan is calculated on a fixed rate basis, whereby you are only required to pay a fixed monthly instalment, which consists of the principal amount and profit charges.

This amount is divided into equal monthly instalments and payable until the end of your chosen tenure. However, you must deposit an advance payment equivalent to 2-months instalments, on your car financing once you have agreed to the contract.

What happens if I'm late on a payment or make an early settlement?

It is not advisable to pick up this habit as it would be detrimental to your pocket and lending profile in the long run. Firstly, you will incur a late payment charge of 1% p.a. on the overdue amount.

And secondly, the bank has the right to repossess your vehicle should you default for 2 consecutive months!

On the contrary, besides keeping a prompt monthly payment habit, making an early settlement of your car financing is welcomed. Bank Muamalat will not charge you anything, and in fact, you will be entitled to a profit rebate based on the remaining financing period.

What documents do I need to apply?

Before making your way to the nearest Bank Muamalat branch, you need to prepare the following documents:

• Photocopy of MyKad (front and back)
• Photocopy of driving license (front and back)
• Latest 1 month's salary slip
• Employment offer/confirmation letter
• Photocopy of Diploma/Degree/Transcript/Final examination result upon application

However, please note that Bank Muamalat may request additional documents for credit assessment.