With the fluctuating cost of living and changing interest/profit rates, consumers need more flexible options for long-term commitments like car loans/financing. In response to these changing conditions, RHB Banking Group has rolled out its new Vehicle Financing-i (Variable Rate) Flexi Redraw. Touted as one of its kind in Malaysia, this innovative product offers a more flexible alternative to traditional hire purchase loan/financing.
You see, conventional hire purchase loans typically involve fixed monthly payments, giving consumers little flexibility to reduce costs early or gain access to excess funds when needed. RHB’s Vehicle Financing-i (Variable Rate) Flexi Redraw aims to overcome these challenges with the new salient features offered.
One of the key features of this product is that consumers are able to make excess payments on top of their regular instalments and perform withdrawal of their excess payments in times of unexpected need, effectively building a liquidity buffer into the financing plan.
On top of that, the excess payments made will directly lower the profit charges on the remaining principal balance, giving consumers a real chance to reduce their overall financing costs. Also, zero early settlement penalties make it a great option for those who wish to settle their financing earlier.
RHB’s Vehicle Financing-i (Variable Rate) Flexi Redraw is open to individuals aged 18-65 as well as sole proprietorships, partnerships, private limited and public limited companies wanting to buy a new, new unregistered reconditioned, or used vehicle with a minimum RM80,000 financing amount.
It is important to note that the profit charges discount on excess payments is capped at 50% of the total original financing amount, and withdrawals are subject to minimal fee, with a minimum withdrawal of RM2,000 and in multiples of RM1,000.
See how much you can potentially save, and learn more about RHB’s Vehicle Financing-i (Variable Rate) Flexi Redraw here. Terms and conditions apply.
