Backed with extensive experience and a deep understanding of the vehicle market, Affin Bank Car Loans serve a large customer base with a wide range of customized services. The bank operates with the motto: ‘Banking without Barriers’, which signifies their wide reach and transparent dealings. Affin Bank Malaysia also promotes other financial products like Home Loan, Personal Loan, Credit Cards and Attractive Fixed Deposit Schemes.
You’re probably eligible for an Affin Bank Car Loan if you are
At least 18 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Affin Bank Car Loan amount eligibility is based on these factors
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Increase your eligible Affin Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 9 years
Documentation needed to apply for an Affin Bank Car Loan
- 1. Photocopy of NRIC
- 2. Passport and valid driving license
- 3. Latest 6 months savings/current account statements
- 4. Documentation for Individual Employed/ Salaried:
- Latest 3 months pay slips/ salary vouchers
- Latest EPF Statement
- Latest 3 months payslips/salary vouchers (without overtime) or Latest 6 months payslips/salary vouchers (with overtime)
- Latest 6 months commission statements(for commission earners)
- Latest EA Form or Borang B supported by tax payment receipt or e-Filing supported by acknowledgement
- 5. Documentation for Sole Proprietor/ Partnership:
- Certificate of Business Registration or partnership agreement or Certificate of Practice for professional or business permits/trading license
- Latest 6 months business account statements (Sole Proprietorship/ Partnership)
- Contracts in hand or sales vouchers or unencumbered deposit certificates/investment certificates/ unit trust
- Latest Profit & Loss account or Management account.
- 6. Documentation for Private/ Public Limited Company:
- Certified true copies of Certificate of Incorporation,Memorandum and Articles of Association
- Latest Forms 24 & 49 and brief business profile/write-up or latest annual returns
- Latest audited accounts or management accounts or Contracts in hand
Affin Bank Car Loan Interest RatesUpdated on 25 Oct 2016
|Margin of Finance||Up to 90%|
Why choose AFFIN BANK Car Loan?
AFFIN BANK is a preferred destination for car loans among many. Apart from its attractive packages to own a vehicle, the bank also provides several other advantages to its customers.
- Quick loan approval: The bank offers platform for fastest approval of loan at a much faster rate.
- Attractive interest rates: AFFIN BANK offers unique and competitive rates.
- Long loan tenure: Repayment tenure offered up to 9 years
- Very low down payment: Up to 90% funding
- Convenient Repayment Options: Repayment accepted through multiple channels.
- Motor insurance and road tax package: Bank offers a convenient model for renewal of vehicle insurance and road tax.
What are the multiple payment channels for making my car loan repayments?
You can make the payments directly at all the bank branches through Automated Teller Machines or by using Cash Deposit Machines and Cheque Deposit Machines. You can also make payments through Interbank GIRO (MEPS IBG), internet banking at affinOnline.com and by making use of Standing Instructions
What are the loan tenure options?
The tenure of the loan could range from one to nine years for new car passenger vehicles and one year up to six years for new commercial vehicles.
For passenger vehicles:
- For new vehicles, the bank offers up to 90% funding for a maximum tenure of 9 years
- If the age of the vehicle is 1 - 5 years, the funding is up to 85% and the maximum tenure is 9 years
- If the age of the vehicle is 6 - 8 years, the funding is up to 75% and the maximum tenure is 7 years
For Commercial Vehicles (with gross laden weight not exceeding 2540 kg):
- For new commercial vehicles, Affin Bank offers loan up to 85% of the vehicle value and the maximum tenure is 6 years
- If the age of the vehicle is 1 - 5 years, the funding is up to 80% and the maximum tenure is 5 years.
- Loans for commercial vehicles over 5 years age is not offered by the bank.
What is the margin of the financing?
A customer can avail a finance margin of upto 90 per cent depending upon the category of the vehicle (passenger or commercial) and the tenure selected.
Am I eligible for the loan?
Any individual aged 18 years and above is eligible for taking the vehicle loan. Along with both Private/Public Limited companies are also eligible to avail the vehicle finance.
What documents are required to apply for Car Loan?
Although basic documents are same, there will be slight variations for documents for salaried as well as self employed individuals. Identity proof and address proof are common documents required for all loan applicants. Photocopy of National Registration Identity Card (NRIC)/ Passport/ Valid driving license, can be used for the same.
Salaried individuals have to submit Payslips, Form or Borang B along with tax payment receipt or e-Filing with acknowledgement and updated EPF statements or bank statements.
The documents required for Sole Proprietor/ Partnership include Certificate of Business Registration or partnership agreement or Certificate of Practice for professionals, business permits/trading license (if any), updated bank statements; and all related tax documents
For Private/ Public enterprises, certified true copies of Certificate of Incorporation, Memorandum and Articles of Association, latest Forms 24 & 49 and brief business profile/write-up are required along with annual returns and bank statements.
Where to submit the documents?
The required documents along with dully-filled application form can be submitted at any of the Affin Bank branches.
What other things to keep in mind?
All applicants are required to declare any non-bank financial obligations and the repayments. If required, the Bank holds all rights to request for additional documents or information.
How to calculate Affin Bank Car Loan installment 2016?
Affin Bank provides financing for the purchase of new or used cars. Affin Bank car loan installments can be calculated using the Car Loan Installment Calculator at Bbazaar.my. The installments payable can be calculated by filling in a few parameters viz. the loan amount, interest rate, tenure and processing fee, if any. With the help of this car loan calculator, one can find out everything they need to know about repaying installments on their loan, instantly and from the comfort of their homes.
Other Products offered by Affin Bank:
Apart from offering Car Loan,Affin Bank offers other products and services which include:
Affin Bank Car Loan FAQ's
What is the minimum interest rate charged by Affin Bank on car loans?
The bank's minimum car loan interest rate starts from 2.6%.
What is Affin Bank Hire Purchase?
It is a kind of car loan scheme offered by Affin Bank that comes with fast approval and attractive rates of interest. You can get finance up to 90% of your car value which you need to repay within a period of 9 years.
How much car finance do the bank offer?
Affin Bank offers car finance up to 90% of your car value.
What is the minimum entry age required for applying for an Affin Bank Car loan?
The minimum entry age of a car loan applicant should be 18 years.
How to apply for an Affin Bank Car Loan?
You can apply for an Affin Bank Car Loan by contacting its customer car department or visiting your nearest branch.
Who can apply for Affin Bank Car Loans?
Both salaried and non-salaried individuals can apply for Affin Bank Car Loans.
What are the eligibility conditions for Affin Bank Car Loan?
Individuals completing the age of 18, Sole proprietor and Partnership firms, and Private/ Public Limited Companies are eligible for Affin Bank Car Loan.
What are the key documents do I need to submit?
You need to submit the following key documents - copy of Passport or valid Driving Licence, bank statements of the last 3 months and latest EPF statements.
Can a public limited company apply for this car loan?
Yes, a public limited company also apply for this car loan.
How many years do I get to pay off my Affin Bank car Loan?
You can pay off your Affin Bank Car Loan within a tenure of 9 years.
What types of cars can I purchase by opting for an Affin Bank Car Loan?
You can purchase both used and new cars with the help of an Affin Bank Car Loan. Besides, the bank also provides car loans for purchasing foreign cars.