Bank Rakyat Hire Purchase Vehicle Financing-i (An Naqlu 1)

A flexible Islamic instalment scheme for the purchase of local and foreign cars, with a low-income requirement, longer repayment tenure and low-profit rates.

Bank Rakyat Hire Purchase Vehicle Financing-i (An Naqlu 1)An Naqlu 1
up to 5 years
Loan Type
Islamic loan
Profit Type
Margin of finance
Up to 90%
Excess Repayment
Not applicable
Early Settlement Rebate

Profit rates

How much the bank charges you based on your loan amount & loan period

ConditionMaximum YearsMargin of FinanceInterest rate
New5 years90%3.05% p.a.
New7 years90%3.15% p.a.
New9 years90%3.2% p.a.
Used5 years90%3.05% p.a.
Used7 years90%3.15% p.a.
Used9 years90%3.2% p.a.

Fees & Charges

Profit Rate for New Cars
from 2.8% p.a. to 3.2% p.a., depending on car brand, borrowing amount, and period
Profit Rate for Used Cars
from 2.8% p.a. to 3.2% p.a., depending on car brand, borrowing amount, and period
Stamp Duty
Consent Letter
JPJ Fees
Early Settlement Fee
 subject to terms of agreement with bank
Late Penalty Fee
1%  p.a. on the overdue instalment


Minimum Annual Income
Minimum Age
  • 18 to 60 years old
Who can apply
  • Malaysians
  • Salaried employee

More Information

What is Bank Rakyat Hire Purchase Vehicle Financing-i (An Naqlu 1)?

This is an Islamic Hire Purchase based on the Shariah concept of Al-Ijarah Thumma Al-Bai' (AITAB), i.e. a leasing agreement that will be followed by a sale contract upon facility full settlement. Hire purchase is basically an instalment plan for the acquisition of an asset.

What can I get from this Bank Rakyat Car Financing-i?

With Bank Rakyat Hire Purchase Vehicle Financing-i (also known as An Naqlu 1), you can buy the car of your dream for personal use at competitive profit rates.

This profit rate is fixed throughout your period of borrowing, which in this case can be extended for up to 9 years. Bank Rakyat may part-finance the purchase of your car to a maximum of 90% of the On The Road (OTR) sales price.

This Auto Hire Purchase Financing-i is also available for the acquisition of used and reconditioned vehicles, however, the rate is dependent on the vehicle's market value, which can be slightly higher.

How much will Bank Rakyat An Naqlu 1 cost me?

Not much, really. You will be charged with a Stamp Duty of RM10 for the Ijarah Agreement, with another RM10 for Guarantor Agreement, if any. Then, there is a small fee of RM15, payable to JPJ, for the issuance of a Consent Letter.

How to pay for my monthly instalment?

First off, your monthly instalment payment will consist of a principal amount and profit charge, which will be reduced every month until the hire purchase is fully settled. You are advised to make prompt and full payment to avoid a late payment charge of 1% p.a. on the overdue instalment amount.

There are many ways you can perform your instalment payment to Bank Rakyat:

  • Salary deduction via Biro Perkhidmatan Angkasa or by Employer (private sector)
  • Cash via over-the-counter, CDM or cheque deposit
  • Standing Instruction from an online banking account
  • Savings Account deduction
  • Post Dated Cheque

Do I need Takaful coverage?

It is compulsory to have motor Takaful insurance coverage before you can operate your vehicle on the road. Otherwise, you will be in deep trouble with the authorities. You can always avail of Bank Rakyat's panel Takaful companies to get one.

However, all costs related to signing up for a car insurance / Takaful plan will be assumed solely by you, not the financier.

Who can apply and what documents are needed to apply?

All Malaysian citizens aged between 18 years to 60 years can apply for Bank Rakyat Hire Purchase Vehicle Financing-i (An Naqlu 1), as long as you have a minimum income of RM1,500 every month and have served for at least 6 months in a company.

Before making your way to the Bank Rakyat branch, please prepare these documents:

  • 1 Copy of MyKad
  • 1 Copy of Driving License
  • 1 Copy of the latest 3-months Salary Slip
  • Statement of Account Transactions
  • Confirmation Letter from Employer
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