Published on October 6th, 2020 | by Joshua Chin0
Bank Islam Offering Attractive Financing Plans For Toyotas
Two new Shariah compliant financing schemes are available for any Toyota model nationwide.
Bank Islam, in collaboration with UMW Toyota Motor, has recently introduced two new financing schemes to make it easier to own a Toyota now. These two new Shariah compliant schemes are known as Vehicle Financing-i and Vehicle Financing-i GradHitz.
Available for a financing term of up to 9 years, these financing plans are based under the ‘ the principle of Murabahah to the Purchase Orderer (MPO) a cost plus profit financing contract’ with rates from 2.35% to 2.55% per annum. An Ibra’ (rebate) will be eligible to customers who settle their financing in full before the financing term reaches maturity. In addition to that, customers who finance their Toyotas through this scheme will be offered the opportunity to opt in to the Auto Financing Takaful Plan insurance package.
The eligibility requirements for the Vehicle Financing-i plan is to be below 60 years of age with an income of more than RM 2,800. The Vehicle Financing-i GradHitz meanwhile is specifically tailored to the newly employed fresh graduates. Anyone under 30 years old with a minimum qualification of a diploma degree will be able to enjoy up to 100% financing on their next Toyota through this scheme.
In addition a suite of other financing options already offered by Toyota, such as the Toyota EZ Beli Plan, Jom Drive, AITAB, Toyota Drive and of course the conventional Hire Purchase and Vehicle Lease schemes, these two new financing plans offered by Bank Islam aims to make owning a Toyota a much more financially accessible option to all Malaysians.
All Toyota models are available to be financed through these two newly launched financing schemes. What more is that it is available for consideration at all authorised Toyota dealerships nationwide, including the Labuan and Langkawi duty-free zones.
PRESS RELEASE: Cars are considered a necessity for many people who need to use it as personal transportation tools for their daily commute to work. At UMW Toyota Motor Sdn Bhd (“UMWT”), we strive to provide the most affordable financing schemes for a broad spectrum of customers to own their desired cars.
Toyota EZ Beli Plan, Jom Drive, AITAB, Toyota Drive, Toyota Flexi Plan as well as conventional Hire Purchase and Vehicle Lease financing schemes are available from all authorized Toyota dealerships and UMWT branches to suit the needs of different customers.
UMWT, in collaboration with Bank Islam Malaysia Berhad, now offers two more Shariah Compliant Term Financing schemes to Toyota customers, which are Vehicle Financing-i and Vehicle Financing-i GradHitz.”
Vehicle Financing-i is available for all customers aged up to 60 years old with a minimum income of RM2,800 or more. Vehicle Financing-i GradHitz, a special package tailored for newly employed young graduates, aged below 30 years old, with minimum qualification of diploma degree from recognized institution under Malaysian Qualifications Agency (MQA) to enjoy up to 100% margin of financing.
Both schemes are based on term financing under the principle of Murabahah to the Purchase Orderer (MPO) a cost plus profit financing contract. The financing tenure is up to 9 years, with fixed profit rates from 2.35% to 2.55% per annum. Customers will be eligible for Ibra’ (rebate) if full settlement is made before the maturity period of the financing.
Auto Financing Takaful Plan (AFTP), a takaful coverage is also offered to customers. The plan covers the outstanding financing amount in the event of death or permanent disability within the financing period. The AFTP contribution is calculated based on financing amount and age of applicant.
The two Bank Islam financing schemes are applicable for all new Toyota models sold by authorized Toyota dealerships throughout Malaysia (including Labuan and Langkawi duty-free zones).