New Car Financing
What is New Car Financing?
New Car Financing is for you to purchase a brand new car directly through any of our authorised new car dealers with an affordable monthly rental installment. This product is based on the Shariah-compliant concept of Al-Ijarah Thumma Al-Bai or Islamic Hire and Purchase concept.
How long is my maximum financing tenor and how much is the minimum deposit?
In line with the requirement of the Ministry of Finance, your maximum financing tenor entitlement is up to 7 years with a minimum deposit of 12.5% of the approved EPU price.
What is the profit rate for New Car Financing?
BIBD At-Tamwil Berhad offers competitive profit rates for this product. Our financing rates are updated from time to time inline with the market. You are welcome to visit any of our Sales Counters for more accurate information at any time of your convenience.
What are the terms and conditions for New Car Financing?
The normal terms and condition are as follows: (i) open to Government employees, including daily-paid; (ii) salary preferably assigned to Bank Islam Brunei Darussalam Berhad; (iii) minimum salary balance after all deductions, and guaranteeing obligations must not be less than our minimum threshold; and (iv) private sector employees may be subject to additional terms and conditions such as guarantor or by joint hiring.
Other mandatory conditions include; (v) prospective hier must be a person of good character; (vi) must be honest and trustworthy with good past payment track record; (vii) must be a Brunei Darussalam citizen or permanent resident; and (viii) must not be a bankrupt or blacklisted person by any organization. For your convenience, payments can be made through free standing instruction/direct deduction.
How long is the approved period?
Provided you meet the above terms and conditions and all the required supporting documents are present, you can have our pro forma approval on-the-spot® when you visit our Sales Counter. Using our pro forma approval, motor dealers may proceed to register at the Land Transport Department as well as the necessary Takaful/insurance policy.
What documentations are required?
BIBD At-Tamwil Berhad requires the minimum set of documents as follows: (i) original sighted copy of identify card; (ii) original sighted copy of valid driving license; and (iii) original sighted copy of latest salary sip.
Can I open a My Real Savings Account together with this product?
Prospective hiers are indeed encouraged to open a My Real Savings Account® where you can instruct a direct deduction of minimum $15 every month towards your savings. Account holders of My Real Savings Account® are given preferential dividend rates for their savings, but are further subject to terms and conditions.
Can I purchase a financing protection Takaful?
Yes, you can purchase a financing protection takaful plan (CFP) at any of our Sales Counters. The financing protection takaful plan will protect your financing in the event of death by setting your financing obligations with BIBD At-Tamwil Berhad. The CFP premium is only payable once and it will cover the entire financing period. The Takeful is provided by our authorised Takaful Company