Eco Green EV financing
Vehicle financing for Malaysian individuals buying an eligible electric vehicle, covering up to 100% of its on-road price including a charger box.
Esta oportunidad está disponible actualmente en inglés.
You can finance a new, used or unregistered eligible electric vehicle under the Eco Green scheme. Financing can cover up to 100% of the on-road price, including its charger box, subject to the bank’s assessment. The term can be up to nine years.
The bank buys the vehicle and sells it to you at a disclosed cost plus profit under a Murabahah agreement. You repay that sale price in monthly instalments, and the vehicle is pledged as security. The advertised route uses a flat profit rate; the quoted rate depends on the vehicle’s type, make and model.
Stamp duty is RM10 for the offer/facility agreement, RM10 for the power of attorney and RM10 for a guarantee if required. The bank’s road-tax renewal service costs RM10.80 per renewal. Fees are subject to 8% service tax where applicable. Late payment before maturity attracts a charge of 1% per year on overdue instalments; after maturity, the Islamic Interbank Money Market rate applies to the outstanding principal.
Early settlement includes a rebate on deferred profit, calculated by the bank; any applicable early-settlement costs can reduce that rebate. Qualifying Rule of 78 customers who sign up or settle between 1 January 2026 and 30 June 2027 may also receive a goodwill discount for early settlement. They need a good payment record and must have neither arrears exceeding 90 days, legal proceedings or a repossession order, nor an existing restructuring/rescheduling plan or debt-management enrolment. The bank discloses the discount when early settlement is requested.
If you default, the bank may deduct money from your accounts with it, repossess the vehicle and take legal action. Your credit record may also be affected.
Eligibility
This entry covers Malaysian individual applicants. New and existing customers can apply.
- You must be at least 18 and no older than 70 when applying, and no older than 75 when the financing ends. Your gross monthly income must be at least RM1,500.
- The bank assesses your financing eligibility and may require a guarantor based on your creditworthiness.
- Before money is released, you and any guarantor must declare that you are not bankrupt and have no criminal or civil proceedings against you in court. You must return the signed, stamped offer and agency appointment, satisfy the offer and security conditions, and provide the employer referral or undertaking and its confirmation. A guarantor’s signed guarantee and an accepted takaful proposal are required where applicable. The bank may waive these release prerequisites in whole or in part at its discretion.
- You must pay for comprehensive vehicle takaful or insurance throughout the agreement. It must cover authorised drivers for at least the vehicle’s market value and come from a provider approved by the bank. Takaful is an Islamic form of insurance.
How to apply
- Estado
- Abierto continuamente
- Condiciones de la convocatoria
- Subject to Bank Muamalat’s credit assessment and eligible EV approval.
Use the Eco Green financing application form, select “Electric Vehicle” and choose your preferred Bank Muamalat branch. Provide your MyKad and contact details and the requested supporting uploads.
The vehicle financing requirements include a copy of your MyKad, a valid driving licence, the latest three months’ payslips and bank statements showing salary payments, a vehicle sales order and the completed form. The bank can request additional documents.
Your monthly instalments fall due on the fifth day of the month.