Vehicle Financing-i is based on Murabahah (Murabahah to the Purchase Orderer “MPO”), to ease your burden while owning your dream vehicle.
|Up to 90% of the OTR price for national, non-national, and unregistered reconditioned models|
|Financing Tenure||Up to 9 years|
|Financing Rate |
|Ta’widh (Compensation)||It is hereby agreed that the Customer shall pay the Bank late payment charges by way of Ta’widh (Compensation) as follows:|
- Before maturity of the Facility :
A sum equivalent to one per centum (1%) per annum on overdue instalment(s) until date of full payment;
- 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);
- 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.
PROVIDED ALWAYS that the above said ta’widh (compensation) rates may be varied by Bank Negara Malaysia (BNM) from time to time and shall be applied in such manner as approved by BNM.
- Approval is based on the applicant’s personal and legal capacity, credit character, past payment patterns, and Bank Islam Malaysia Berhad (Bank Islam) requirements.
- Application shall be processed within the acceptable turn-around time if all documents required are submitted in full subject to terms and conditions imposed.
- All terms and conditions are subject to the financing guidelines by Bank Negara Malaysia and Bank Islam Malaysia Berhad.
* Terms and conditions apply