Who is Bank Rakyat Car Financing-i Annaqlu made for?
This car loan is for Malaysian residents only. You need to be aged 18 years and above and should have a minimum income of RM1500. You may require a guarantor if the bank decides that you are not financially sound.
How much can I borrow?
Depending on the Annaqlu package that you have chosen, Bank Rakyat will be able to finance up to 90% or 100% of your car's sales price. Good news for those wishing to spend more and buy foreign, as the Bank Rakyat Car Financing-i Annaqlu covers national and non-national cars.
How about my car loan repayments?
You will have to pay a fixed monthly installment. Bank Rakyat has a relatively low interest rate when it comes to interest charges. There are a few easy solutions when it comes to paying your debts, such as using your Biro Perkhidmatan Angkasa if you are a government employee.
If I don't pay in a timely manner?
Then I am afraid you will be paying a late penalty for your wrongdoing! If you are unable to make payment for two consecutive months the bank has the authority to repossess your car - as outlined in the Hire Purchase Act 1967.
How about early settlement of this car loan?
Yes you may settle your debts early by paying a lump sum payment to the bank. You will get a rebate on the remaining interest that was to be charged.
What documents do I need?
Copy of NRIC
Copy of Driving license
Copy of Latest 3 month salary slip
Statement of Account Transactions