UMW Toyota Motor Ties Up With Bank Islam To Offer Shariah Compliant Financing
UMW Toyota Motor Sdn Bhd is collaborating with Bank Islam to offer shariah compliant financing schemes. This tie up with Bank Islam offers more financing choices to car buyers. UMWT currently offers Toyota EZ Beli Plan, Jom Drive, AITAB, Toyota Drive, Toyota Flexi Plan Cars as well as conventional Hire Purchase and Vehicle Lease schemes. The two new shariah compliant schemes from Bank Islam are Vehicle Financing-i and Vehicle Financing-i GradHitz.
All these financing schemes are available at all authorised Toyota dealerships and UMWT branches nationwide.
Vehicle Financing-i is available for all customers aged up to 60 years old with a minimum income of RM2,800. While Vehicle Financing-i GradHitz is a special package tailored for newly employed young graduates, aged below 30 years old. The graduates must have a minimum qualification of a diploma from an institution recognised by the 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 can be 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.
Further, 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 to all new Toyota models sold by authorised Toyota dealerships throughout Malaysia (including Labuan and Langkawi duty-free zones).
You can contact Toyota sales advisors at any authorised dealership for further information on financing packages, or scan the QR code below for further information on Bank Islam Vehicle Financing products.
