Al Rajhi Bank is a full-fledged Islamic bank based in Riyadh, Saudi Arabia, that provides financial services such as wholesale, retail, commercial banking, and investment. As a result, Al Rajhi Bank currently has 16 branches in Malaysia. This aligns with their values of integrity and transparency, passion for serving the customers, solution-oriented, modesty, innovativeness, meritocracy, and social concern.
Car loan is a popular choice for many people in Malaysia, and it is also known as hire purchase. With this type of financing, you can apply from selected banks to finance your vehicle- whether new or used (or even reconditioned). You will have up to 9 years with an option margin of 90%-100%, depending on which bank offers them!
Al Rajhi Bank offers 2 types of car loans, which are:
Annual financing statement fee
RM5 per request
Charge for posting copy of AF agreement
Power of Attorney
Late penalty fee
1% of the outstanding amount
Document retrieval and copying
Please click here for more information.
Al Rajhi Bank did not specify a payment method; however, for more information, call Al Rajhi Customer Care Hotline at +60323326000.
You must obtain insurance coverage whereby you must ensure that the vehicle is adequately insured under a comprehensive motor Takaful policy. You may, however, use the services of other Takaful operators.
This form of loan, also known as a title loan, uses the equity you have in your vehicle in return for your title. You get a cash loan, and the lender returns your car title once you’ve paid it back.
A balloon payment reduces monthly payments on a vehicle loan, but it necessitates a hefty amount after the term.
When buying a new or used automobile, the buyer may be given the option of lowering their car loan’s interest rate.
A form of refinance loan that allows you to utilise the equity in your automobile to get cash while refinancing it.
A term that refers to your credit history and can help determine whether you will be able to repay a car loan.
The interest rate is the percentage that the bank will charge on top of the principal amount or the amount that must be repaid.
The upfront payment for a car covering a portion of the cost. It is typically 10% of the total cost of a new car and 20% of the total cost of a used car.
The loan amount granted by the financial institution is expressed as a percentage of the property’s value pledged to secure the loan.
The total number of months or years required to pay off your loan.
Someone who is legally obligated to repay your loan if you cannot do so.
The monthly payment you must pay to the bank to pay off your loan.
The borrower violates the loan agreement, most commonly by failing to make the agreed-upon monthly payments.