FINANCE DIVISION

1. Q: Who is eligible to apply for vehicle financing?

A: IUM Staff serving under permanent and contract status only. Staff serving under temporary contract and part-time status are not eligible for consideration.

2. Q: What is the existing package or category under vehicle financing?

A) Financing Facility using University Fund

i. Motorcycle Financing

- apply to all qualified staff.

ii. Car Financing
- only applicable to international/foreigner staff and subject to the contract period.

B) Subsidize Financing Scheme with Financial Institution.

i. Car Financing
- apply to all Malaysian staff.
- the list of bank panels under the scheme: Bank Muamalat Malaysia Berhad, Bank Islam Malaysia Berhad, AmBank Islamic Berhad and Bank Kerjasama Rakyat Malaysia.

3. Q: What are the basic qualifying requirements for an officer to apply for vehicle financing?

i. the monthly instalment deduction amount does not exceed 1/3 of the basic salary.
ii. the total deduction including deductions for vehicle financing does not exceed 60% of the total basic salary and monthly allowance.
iii. The officer must have a basic salary of at least RM1,620 for a car purchase.
iv. Require 2 guarantors among IIUM staff for motorcycle purchase.
v. Possess a valid driving license.

4. Q: What is the maximum limit of eligibility for vehicle financing?

A: The maximum financing amount is as follows:

i. Car Purchase is according to the job position.

ii. Purchase of Motorcycle up to amount RM10,000.00

5. Q: How long is the allowable period for maximum repayment?

A: The of Vehicle as follows:

6. Q: I have obtained financing approval from the panel bank for the Subsidized Financing Scheme with Financial Institution, what should I do?

A: After securing the financing approval from the panel bank, you need to fill up the IIUM Financing form to enjoy the subsidy financing charges for the monthly instalment. You may liaise with our Financing Unit, Finance division or ::: Click Here to Download the form ::::

7. Q: How the subsidy financing charges works under Subsidize Financing Scheme with Financial Institution?

A: Financing Unit, Finance Division will calculate the subsidy portion according to the staff eligibility and University will pay part of financing cost charges for the monthly repayment amount to the bank.

Meaning that the salary deduction for staff will be lower than the amount repayment stated in the bank offer letter. Next, the University will do the payment as per the amount stated in the bank offer letter.

8. Q: Can an officer make a second vehicle financing application?

A: Yes, the officer is allowed to make a new vehicle financing once in every five (5) years. The new application can only be approved after five (5) years calculated from the date of the previous approval and provided the present financing facility has been settled

9. Q: What is the procedure for making early settlements for the vehicle financing balance?

A) Financing Facility using University Fund

- Obtain confirmation of the financing balance through the balance inquiry process for the lump sum settlement with Financing Unit, Finance Division.

- Subsequently, the borrower will need to make full payment based on the verified balance and comply with the specified date period by direct bank-in / bank draft payable to “UIAM Operating Account”.

- Furnish the original copy of bank-in slips or proof of payment for electronic transfer to Financing Unit, Finance Division

B) Subsidize Financing Scheme with Financial Institution

- Staff need to liaise directly with the respective panel bank for the early settlement procedure.

Last updated date: 03rd December 2021