Toyota and Bank Islam Offering Shariah-Compliant Financing, Up to 100% Loan
If we are to look at the financing options offered by Toyota Malaysia at the moment, we have the Toyota EZ Beli Plan, Jom Drive, AITAB, Toyota Drive, Toyota Flexi Plan as well as conventional Hire Purchase and Vehicle Lease financing schemes.
The company, in collaboration with Bank Islam Malaysia Berhad, now offers two more Shariah Compliant Term Financing schemes to customers – “Vehicle Financing-I” and “Vehicle Financing-i GradHitz”.
While Vehicle Financing-i is available for all customers aged up to 60 years old with a minimum income of RM2,800, the Vehicle Financing-i GradHitz scheme is a special package tailored for newly employed graduates aged below 30 years old with a minimum qualification of diploma degree from a 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).