RHB Bank car loan interest rate in Malaysia through its Vehicle Financing-i (Variable Rate) with Flexi Redraw 1 adopts the Al Ijarah Thumma Ai-Bai financing concept. It allows customers to hire cars from the bank and eventually purchase them upon settling the final instalment. The interest rates for new cars range from 2.8% to 3.18% per annum, influenced by factors such as car brand, borrowing amount, and loan period.
RHB Bank Hire Purchase Interest Rate
How Does Principal Reduction Work In RHB Vehicle Financing-i?
Principal reduction in RHB Vehicle Financing-i (Variable Rate) encourages customers to make excess payments, thereby reducing their financing amount. Excess payments are made over-the-counter and directly impact the principal, helping customers save on profit charges. This approach benefits customers by lowering the overall interest paid over the loan tenure, which can extend up to nine years.
What Are The Competitive Features Of RHB Vehicle Financing-i?
RHB Vehicle Financing-i offers several competitive features: lower monthly instalments, flexible tenure, and the option to save on profit charges with additional payments. This financing solution is Shariah-compliant, ensuring peace of mind for customers adhering to Islamic principles. The financing margin can reach up to 90%, with no penalties imposed for early settlement, providing customers with the flexibility to manage their financial commitments effectively.
What Is The Flexi Redraw Feature In RHB Bank’s Car Loan?
The Flexi Redraw feature in RHB Bank’s car loan allows customers to withdraw excess funds paid over their required instalments. This feature provides financial flexibility, enabling customers to access funds in times of need without incurring additional charges. The minimum redraw amount is RM2,000, allowing for liquidity while maintaining the integrity of the loan structure.
How Does RHB Bank’s Green Financing Rate Benefit Customers?
RHB Bank’s Green Financing Rate is tailored for environmentally conscious customers purchasing hybrid plug-in or electric vehicles. The interest rate starts from SBRI + 0.94% per annum, equivalent to as low as 2.10% fixed per annum. Customers can finance up to RM500,000 with this option, aligning their financial decisions with environmental sustainability goals.
What Are The Campaign Periods For RHB Bank’s Car Loan Packages?
RHB Bank offers specific campaign periods for its car loan packages, including the Green Financing Rate and Volvo Car Finance Package. These campaigns run from 1 January 2025 to 30 June 2025, providing customers with a window to benefit from special rates. The Volvo Car Finance Package offers rates from SBRI + 0.76% per annum, equating to a 2.00% fixed per annum rate for up to 90% financing over nine years.
Who Is Eligible For RHB Vehicle Financing-i?
Eligibility for RHB Vehicle Financing-i is open to individuals aged 18 years and above, including sole proprietorships, partnerships, and both private and public limited companies. A guarantor is required for applicants below 21 years or above 60 years and for non-Malaysians. The minimum annual income requirement is RM24,000, ensuring applicants can meet their repayment obligations comfortably.
What Documents Are Required For Applying RHB Bank’s Car Loan?
Applicants for RHB Bank’s car loan must provide various documents based on their employment status. Salaried employees need to submit a copy of their MyKad, driving license, and the latest salary slip or EPF statement. Self-employed individuals must provide their business registration certificate and recent bank statements. Commission earners should present six months of salary slips and crediting bank statements. These documents help RHB Bank assess the applicant’s creditworthiness effectively.
How Does RHB Ensure Competitive Profit Rates?
RHB Bank ensures competitive profit rates by utilizing the Reducing Balance Method for profit calculation. It allows customers to benefit from lower charges as they make repayments. This method aligns with the flexible payment structures offered by RHB, ensuring transparency and cost-effectiveness in its financing solutions.