Who can apply for the RHB Vehicle Financing-i?
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 rovide a guarantor.
Is this an Islamic car loan, how does it work?
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 installment, 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.
Will I pay a penalty for not being on time for my payments?
Yes, most banks will penalise you for paying late. In this case, you will pay 1% interest on the outstanding installment, 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.
What do I need to apply for this car loan?
Salaried applicants:
Photocopy of identity card
Photocopy of driving license
Latest ONE(1) month salary slip; or
Latest ONE(1) month credit bank statement; or
Latest EPF statement
Government employed applicant:
Photocopy of identity card
Photocopy of driving license
Latest one (1) month salary slip or
Latest one (1) month crediting bank statement
Self-employed applicant:
Business Registration Form A/B (for Sole Proprietor/Partnership); or Current and valid professional practice certificate
Latest six (6) months Personal or Company’s bank statement; or
Latest Borang B/BE
Commission earner applicant:
Latest six (6) months salary slip; and
Latest six (6) months crediting bank statements; or
Latest Borang BE (validated payment receipt of payment to LHDN)