Local
Condition | Maximum Years | Margin of Finance | Interest rate |
New | 5 years | 100% | 3.3% p.a. |
New | 7 years | 100% | 3.4% p.a. |
New | 9 years | 100% | 3.5% p.a. |
Used | 5 years | 100% | 3.3% p.a. |
Used | 7 years | 100% | 3.4% p.a. |
Used | 9 years | 100% | 3.5% p.a. |
How much the bank charges you based on your loan amount & loan period
Condition | Maximum Years | Margin of Finance | Interest rate |
New | 5 years | 100% | 3.3% p.a. |
New | 7 years | 100% | 3.4% p.a. |
New | 9 years | 100% | 3.5% p.a. |
Used | 5 years | 100% | 3.3% p.a. |
Used | 7 years | 100% | 3.4% p.a. |
Used | 9 years | 100% | 3.5% p.a. |
Condition | Maximum Years | Margin of Finance | Interest rate |
New | 5 years | 100% | 3.1% p.a. |
New | 7 years | 100% | 3.2% p.a. |
New | 9 years | 100% | 3.25% p.a. |
Used | 5 years | 100% | 3.1% p.a. |
Used | 7 years | 100% | 3.2% p.a. |
Used | 9 years | 100% | 3.25% p.a. |
Bank Rakyat Vehicle Financing-i (An Naqlu 2) is a straightforward Islamic car loan follows the Shariah concept of Murabahah (Tawarruq), i.e. sale on a deferred payment basis. Put simply, the financier will provide you the financing means to purchase your dream car.
This Islamic car loan offers a high margin of financing, with flexible repayment terms and competitive, flat profit rates as follows:
Car Origins | Rates |
Proton & Perodua | 3.30% - 3.50% |
Non-National | 3.10% - 3.25% |
This profit rate is fixed throughout your period of borrowing, which is in this case can be extended for up to 9 years. Bank Rakyat may provide up to 100% financing of your brand new car, subject you have met the requirements.
You can purchase new, used and reconditioned car with Bank Rakyat Vehicle Financing-i, but only for personal use. If you want to buy a vehicle for industrial or company purposes, you can check out Bank Rakyat's business banking segment.
Not much, really. You will be charged with a statutory Stamp Duty of 0.5% of the total financing and also a Wakalah Fee of RM30 upon approval of this Islamic car loan facility. Then, there is a small fee of RM15, payable to JPJ, for the issuance of Consent Letter.
First off, you monthly instalment payment will consist of a principal amount and profit charge, which will be reduced every month until it is fully settled. You are advised to make a 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 you instalment payment to Bank Rakyat:
It is compulsory to have a 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 to Bank Rakyat's panel Takaful companies to get one.
However, all costs related to signing up a car insurance / Takaful plan will be assumed solely by you, not the financier.
All Malaysian citizens aged between 18 years to 60 years can apply for Bank Rakyat Vehicle Financing-i (An Naqlu 2) financing-i facility, 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 Bank Rakyat branch, please prepare these documents:
We’ll guide you through your application for this financial product