|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||9 years||90%||3.18% p.a.|
How much the bank charges you based on your loan amount & loan period
Anyone can apply for this car loan, you just need to be 18 years of age or older. If you're under 21 years of age and do not have a credit history you may be asked to provide a guarantor.
The RHB Vehicle Financing-i is a product that adopts the Al Ijarah Thumma Ai-Bai concept. This allows customers to hire cars from the bank and subsequently, upon settlement of the last instalment, to purchase and take ownership of the car. It's essentially a lease-to-buy arrangement.
If you are looking to finance a used car, you may be out of luck, as RHB does not allow for used cars for this loan at the moment.
Yes, most banks will penalise you for paying late.
In this case, you will pay 1% interest per annum on the outstanding instalment, which is the maximum allowed amount for an Islamic car loan.
Repossession is very likely if you default on your car loan for more than two consecutive months.
Commission earner applicant:
We’ll guide you through your application for this financial product