• Car Loan BYTES FROM OUR KITCHEN

    Affin Bank Car Loan

    Affin Bank Car Loan or AFFINBANK Hire Purchase is a vehicle financing facility by Affin Bank that offers funds for vehicle purchase on a competitive range of interest rates. The loan scheme provides individuals with an ease of mind through flexible repayment tenures and high margins of financing.


    Affin Bank Car Loan Interest RatesUpdated on 19 Nov 2018

    The following table contains the interest rate associated with Affin Bank Car Loan:

    Interest rate 3.85% p.a. flat
    Margin of Finance Up to 90%
    Tenure Up to 9 years

    Types of Car Loans

    Let’s look at the types of loans available with Affin Bank Car Loan:

    • Passenger Vehicle Loan
    Age of the Vehicle Loan Tenure Available Maximum Margin of Financing
    New vehicle Maximum of 9 years Up to 90% of the vehicle’s price
    1 to 5 years Maximum of 9 years Up to 85% of the vehicle’s price
    6 to 8 years Maximum of 7 years Up to 75% of the vehicle’s price

    • Commercial Vehicle Loan (with gross laden weight under 2,540 kg)
    Age of the Vehicle Loan Tenure Available Maximum Margin of Financing
    New vehicle Maximum of 6 years Up to 85% of the vehicle’s price
    1 to 5 years Maximum of 5 years Up to 80% of the vehicle’s price


    Eligibility Criteria

    The following can apply for the Affin Bank Car Loan:

    • Individuals aged 18 years or above.
    • Sole Proprietor/Partnerships.
    • Private Limited Companies.
    • Public Listed Companies.
    Affin Bank Car Loan

    Documents Required

    • For employed/salaried individuals: The salaried employees need to present the following documents at the time of Affin Bank Car Loan application:
      • A photocopy of the NRIC or the passport.
      • A photocopy of the driving license.
      • One of the following income confirming documents: latest EPF statement, employment letter from the employer to confirm the applicant’s income, or savings/current account statement for the last 6 months.
      • One of the following documents: payslips/vouchers for the last 3 months (without overtime), salary slips/vouchers for the last 6 months (with overtime), latest EA form, commission statements for the last 6 months (for commission earners), Borang B with supporting tax payment receipt, or e-Filing supported by acknowledgement.
    • For sole proprietor/partnerships: The following documents need to be presented by sole proprietors and partners in partnerships in order to get the Affin Bank Car Loan:
      • A copy of the NRIC or the passport.
      • One copy of the driving license.
      • One of the following: Certificate of Business Registration, partnership agreement (if applicable), trading license/business permits, or Certificate of Practice (for professionals from professional bodies).
      • Bank statements for the last 6 months.
      • Latest Borang B supported by the receipt of tax payment or e-Filing supported by acknowledgement or the latest financial statement, or management accounts.
      • One of the following documents: sales vouchers (for agro based sector), contracts in hand, investment certificates, unit trust, or unencumbered deposit certificates.
    • For Private Limited Companies & Public Listed Companies:
      • Certified true copy of Memorandum and Articles of Association.
      • Certified true copy of Certificate of Incorporation.
      • Latest forms 24 and 49.
      • Brief business profile or recent annual returns.
      • Contracts in hand.
      • Bank statements for the last 6 months.
      • Latest management accounts or audited accounts.

    Features & Benefits

    Let’s take a look at the features and benefits associated with Affin Bank Car Loan:

    • The financing package comes with a high margin of financing i.e. up to 90% of the price of the vehicle.
    • The ownership will be transferred to the individual once the loan amount is settled.
    • The loan scheme comes with a flexible range of tenures with a maximum limit of 9 years.
    • The facility comes with a competitive range of interest rates and fast approval process.
    • The loan scheme also offers a convenient way of renewal of the road tax and motor insurance.
    • Repayments for the loan scheme can be made via easy and convenient payment channels like interbank GIRO, ATMs, CDMs (Cash Deposit Machines), cheque deposit machines, online banking at affinOnline.com, by placing standing instruction on the account, or at any Affin Bank branch.

    How To Apply

    • Offline Application: One way to approach the Affin Bank Car Loan process is by reaching to the bank through bank’s customer service numbers. One can also visit the nearest Affin Bank branch in order to apply for the loan. The applicants need to fill up the application form with the required details and submit it along with the supporting documents.

    • Online Application: The application form for Affin Bank Car Loan is also available online on the official web portal of the bank. One needs to fill up the form with the necessary details in order to apply for the loan.

    Fees & Charges

    The following are the fees and charges associated with the Affin Bank Car Loan:

    Issuance letter of consent for loss of registration card RM53.00
    Issuance letter of consent for change of registration card RM53.00
    Issuance letter of consent for change of engine number RM53.00
    Transfer Service Charge RM21.20
    Redemption of Hire Purchase (HP) accounts RM53.00
    Late payment charges 8% p.a. on the amount of the overdue monthly instalment

    Increase your eligible Affin Bank Car Loan amount by these steps

    01
    02
    Affin Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Affin Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    FAQ's

    Q. Is it compulsory to take the insurance with the Affin Bank Car Loan?

    A. Yes. It’s mandatory to take the insurance coverage for the duration of the loan tenure as per the Hire Purchase Act 1967.

    Q. I need to buy a 4-year old passenger vehicle. What is the maximum loan amount I can obtain and the tenures available for the repayment?

    A. The maximum financing amount you can get is up to 85% of the quoted price of the vehicle. The maximum tenure available with a 4-year old passenger vehicle is 9 years.

    Q. Can the term charges vary during the loan period?

    A. No. The term charges remain constant for the entire loan period.

    Q. Am I allowed to settle the loan amount before the financing tenure ends? Is there a benefit of opting for the same?

    A. Yes. You can decide to fully settle the loan amount before the maturity of the period. You are entitled to a rebate in such cases.

    Q. How is the rebate associated with the early settlement of the loan calculated?

    A. The rebate associated with the early settlement of the loan amount can be calculated using the formula below:

    Statutory rebate = Term charges x [{t x (t+1)} / {T x (T + 1)}]

    Where t = remaining tenure in months; T = original tenure in months.

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