Bank Islam GradHitz Vehicle Financing-i

One thing when you want to find a car loan, you have to go through one by one in order to find the right one.

Vehicle Financing-i GradHitz is based on Murabahah (Murabahah to the Purchase Orderer “MPO”), Customer can enjoy 100% financing at a really affordable rate as well as our flexible repayment period.

This scheme by Bank Islam features a margin of financing of up to 100% OTR for national, non-national, and unregistered reconditioned models with a financing tenure of up to 9 years.

Rate of financing:

Vehicles Rates
National Vehicles From 3.00% to 3.60% per annum
Non National Vehicles From 2.90% to 3.35% per annum

The profit is calculated on a monthly basis based on Sum of Digit method.

Who is eligible for this?

Application is between 20-30 years old

Is a graduate with a minimum qualification of Diploma from accredited universities or higher learning institutions

Has permanent or contract employment for any of the following:-

  • Government and Semi Government sector
  • Selected Public Listed Companies
  • Government Link Companies (GLC)
  • Other prominent Private Limited Companies as categorized under package companies listed by Bank Islam
  • As well as fixed income earner

What are the documents you need to bring to the bank to apply for this car loan?

  • Photocopy of Identity Card (front and back)
  • Photocopy of Valid Driving License
  • Photocopy of Scroll or Transcript
  • Photocopy of Latest 3 months Salary Slip; and
  • Copies of latest 3 months Bank Statement (Salary Crediting Account); or
  • Latest EPF Statements/EA Forms
  • As well as other Supporting Documents as may deemed necessary and acceptable by the Bank for additional income

What are the benefits of applying for this loan?

  • It has high margin of financing sometimes up to 100% of the OTR price
  • Competitive Rates (or else what for you apply right?
  • Selling Price is fixed and known
  • There’s no hidden or extra charges imposed
  • Ibra’ (Rebate) on full settlement of the financing if you settle before its maturity
  • Fast Approval (which you’ll love)

So what are the things that you need to consider if you want to get this loan? You have to consider Ta’widh (Compensation).

You have to pay the Bank late payment charges by way of Ta’widh (Compensation) as follows:

    1. Before maturity of the Facility:
      A sum equivalent to one per centum (1%) per annum on overdue instalment(s) until date of full payment;
    2. After maturity of the Facility:
      A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market Rate on outstanding balance i.e. outstanding Selling Price less ibra’ (if any);
    3. Post Judgment Debt:
      A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market Rate on basic judgment date until date of full payment.

As always, the above is based on the rate approved by BNM from time to time.

So what else do you need to know?

It is based on your personal and legal capacity, credit character, how well you pay in the past, and Bank Islam’s requirements.

Application will be processed within the acceptable turn-around time if all documents required are submitted fully and according to the terms and conditions.

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