KUALA LUMPUR: The Malaysia Automotive, Robotics and IoT Institute (MARii) and Bank Muamalat Malaysia Bhd are continuing their partnership to offer financial aid to the automotive aftermarket sector, which is expected to benefit 500 aftermarket businesses.
The partnership is a continuation of the partnership that was set up in May 2021 on a special financing programme for automotive vendors in Malaysia, the two organisations said in a joint statement on Monday.
Bank Muamalat has tailor-made financing of up to RM500,000 for the aftermarket vendors at a competitive rate of 3.5 per cent per annum over a seven-year tenure, by leveraging on the Targeted Relief and Recovery Facility offered by Bank Negara Malaysia.
The financing scheme includes a 12-month moratorium on monthly instalments for the first year.
The terms are designed to be SME-friendly, as Bank Muamalat only requires a company to be operational for two years to be eligible.
Aftermarket business owners interested to apply can contact MARii at email@example.com.