• Affin Islamic Car Loan

    Affin Islamic Bank Car Loan

    Affin Islamic Bank offers various products and services to its customers such as funding and loans. It is a great option for the youth as well the working community of Malaysia. Those who have been planning to buy a car for the attached convenience and social standing, should consider the car financing plans of Affin Islamic bank which offer the most profitable rates in the market.


    You’re probably eligible for an Affin Islamic Bank Car Loan if you are

    01
    02
    03
    04
    Affin Islamic Bank Car Loan Minimum Age

    At least 18 years old

    Affin Islamic Bankk Car Loan Maximum Age

    Less than 70 years old

    Affin Islamic Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Affin Islamic Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Affin Islamic Bank Car Loan amount eligibility is based on these factors

    01
    02
    Affin Islamic Bank Car Loan Maximum Loan to Value

    Loan capped @
    Up to 90% of the ex-showroom price

    Affin Islamic Bank Car Loan Installment

    Installments of other loans lower
    your eligibility


    Increase your eligible Affin Islamic Bank Car Loan amount by these steps

    01
    02
    Affin Islamic Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Affin Islamic Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for an Affin Islamic Bank Car Loan

    • 1. Photocopy of Hire Purchase-i Agreement
    • 2. Photocopy of Hire Purchase-i guarantee Agreement
    • 3. Photocopy of Vehicle Registration Card
    • 4. Statement of Account

    Affin Islamic Bank Car Loan Interest RatesUpdated on 09 Dec 2016

    Affin Islamic Bank Car Loan Details
    Margin of Finance Up to 90%
    Tenure 9 years

    Affin Islamic Hire Purchase-i

    Hire purchase loans, also known as rent to own loans are becoming pretty popular in the South east Asian countries because they are a better option than just owning a car and at the same time they are less overwhelming than taking a car loan. The loan approval and processing for these loans is done efficiently as long as the required documents have been correctly submitted for application. The major difference of this loan with the regular hire purchase offered by Affin Bank is that this loan is based on Shariah or Islamic Banking laws.

    How Does Affin Islamic Hire Purchase- i Work?

    1. Hire Purchase-i is a motor financing option from Affin bank based on the Shariah concept of Islamic banking.
    2. Under Al Ijarah Thumma Al Bai (AITAB) from the Shariah laws 2 contracts are involved in this concept.
    3. The first one deals with leasing while the second one is a sales contract. The contracts are signed and acted upon successively.
    4. Under the first contract the customer rents the commodity from the bank by paying a rental for a period of time that is agreed upon. In this time the customer signs the leasing contract for the commodities from the bank at an agreed price.
    5. During this tenure the bank will own the vehicle.
    6. Once the rental amount has been settlement the Sales Contract will be signed which would transfer the ownership of the commodity from the bank to the customer.

    Eligibility Criteria

    Since this is under Shariah laws, some added eligibility criteria may be required to meet, since the laws require the customer and the banker to provide more clarity in this type of banking:

    • The applicant should be at least 18 years old.
    • In the case that the individual is less than 21 years old or over 55 years old, he or she requires an acceptable Guarantor who is a Malaysian citizen.
    • The Proprietorship as well as the partnership should be registered within Malaysia.

    Eligibility Criteria for Corporate

    • Place of establishment of the company should be within Malaysia.
    • Business should be of more than 2 years in operation.
    • In case it is less than 2 years in business, the principal owner should at least have 2 years of experience in the related business or field.
    • The business should be legal business with stability in income especially having to meet the liabilities currently.

    Documents Required

    This is not an exhaustive list, as there may be more documents required for the loan based on the bank’s decision:

    Self Employed Applicant

    • Photocopies of the individual’s driving license
    • Latest bank statements of the applicant for 3 months of their principle account.
    • Latest salary slips of the applicant for 6 months.
    • Latest Borang B document which is supported by the tax payment receipt to LHDN
    • Latest EA Form
    • PhotoCopies of the individual’s driving license
    • Photocopies of the applicant as well as the guarantor(s) ID cards. Note: Both side should be printed.
    • Commission or Incentives record of last 6 months OR Voucher verified against the applicant’s bank statement.

    Salaried Applicant

    • Photocopies of the individual’s driving license
    • Photocopies of the applicant as well as the guarantor(s) ID cards. Note: Both side should be printed.
    • Commission or Incentives record of last 6 months OR Voucher verified against the applicant’s bank statement.
    • Latest bank statements of the applicant for 6 months of their principle account.
    • Latest salary slips of the applicant for 6 months of their principle account.
    • Latest Borang B document which is supported by the tax payment receipt to LHDN
    • Latest EA Form

    Fees and Charges for Affin Islamic Hire Purchase-i

    Charges Amount Payable (Inclusive of GST)
    Letter of consent for Issuance of a registration card in the case of loss of the card or change registration number or engine number. RM53.00
    Transfer Service charge (In the case of Bank’s ownership claim endorsement) RM21.20
    Postage Charges

    For regular mail: RM1.06

    For regular mail: RM5.30

    Photocopy of security documents in the case of reconditioned or a used car. RM10.60

    Why choose Affin Islamic Car Loan?

    The Affin Islamic Car Loan is based on the Shariah concept of AITAB (Al Ijarah Thumma Al Bai), according to which the bank buys the car on behalf of the customer and the customer leases it in return of monthly loan installments. When the installments are repaid in full, the ownership of the vehicle is transferred to the customer. The margin of finance offered by the bank is 90% and the Mortgage Reducing Term Takaful (MRTT) is compulsory on the loan.

    What is so special about the Affin Islamic Car Financing Plan?

    This car funding is offered by the bank for the purchase of new as well as used/remodeled cars. The customer is free to choose any car model since Affin Islamic provides this loan for financing of imported cars too. A substantial margin of finance ensures that the customer does not need to spend any amount from his savings. Moreover, the maximum loan repayment period allowed is 9 years which makes monthly installments extremely affordable and convenient. Affin Islamic Bank calculates the installments on a fixed flat rate of interest and thus, the customer is required to pay a pre-fixed amount every month.

    Who is eligible to apply for the Affin Islamic Car Loan?

    All Malysian citizens who are of 18 years or above are eligible to apply for car financing from Affin Islamic. Even foreigners and non residents are eligible to apply. It must be noted that the applicant is required to possess a legitimate driving license. Furthermore, if the applicant is under the age of 21 and has not taken any credit or loan in the past, then he/she may be asked to produce a guarantor for the successful processing of the loan.

    Are the customers allowed to settle the Affin Islamic Car Loan earlier?

    The bank has kept its policies as simple as possible and thus the customers are free to settle the loan earlier than its maturity, if they choose to do so. All they need is to pay a lump sum amount to the Affin Islamic bank and they shall receive a rebate on the outstanding interest.

    What documents are required to be submitted to the Affin Islamic Bank for the Car Loan?

    The customers are required to submit an application form along with a valid driving license, ID, copy of pay slips of past 3 months and bank statements of past 6 months.

    Are there any risks on failure to pay the installments?

    If the payment of installment is late for any reason, the bank shall charge a penalty of 1% of the total outstanding loan amount. In case the customer fails to make payment of installments for two consecutive months, the bank has the right to repossess the car

    How to calculate Affin Islamic Car Loan installment in 2016?

    Bbazaar.my’s car loan instalment calculator is a useful tool to help you to arrive at the instalment for your Affin Islamic Bank car loan in Malaysia. You can use this tool to calculate how much you have to pay each month so as to plan your finances in advance, even before sanction of a car loan. The car loan installment calculator takes certain parameters such as desired loan amount, tenure of repayment and interest rate as input to show you the calculated applicable instalment amount for your loan. This also provides you with a repayment schedule that lets you know what part of the loan remains to be paid at any point of time.

    Other Products offered by Affin Islamic Bank:

    Apart from offering Car Loan,Affin Islamic Bank offers other products and services which include:

    Affin Islamic Car Loan FAQ's

    What is Affin Islamic Hire Purchase-i?

    It is a comprehensive car loan scheme offered by Affin Islamic Bank. The scheme is designed following the Sharia concept of Al Ijarah Thumma Al Bai.

    What is a Sharia compliant car loan?

    It refers to a car loan deigned following rules of Sharia which is an Islamic law based on the teachings of the Koran and the traditions of the Prophets.

    How does Affin Islamic Bank Hire Purchase -i work?

    There are two ways of taking this loan. One is leasing contract and the other one is a sales contract.

    Does Affin Bank Car Loans come with motor insurance?

    Yes, the car loan schemes offered by Affin Islamic Bank come with motor insurance. For example, Affin Islamic Hire Purchase-I scheme provides Motor Takaful Insurance.

    How much car finance does Affin Islamic Bank offer?

    Affin Bank offers car finance up to 90% of your car value.

    How to apply for an Affin Islamic Bank Car Loan?

    You can apply for an Affin Islamic Bank Car Loan by visiting the bank physically or contacting its customer care department.

    What is the minimum age required for taking an Affin Islamic Bank Car Loan?

    The minimum age required is 18 years.

    What is the maximum age limit applicable for Affin Islamic Bank Car Loan?

    The age of the applicant should not be more than 70 years.

    Does Affin Islamic Bank offer car loans for used cars?

    Ye, the bank offers car loans for both used as well as new cars.

    Can I get a loan form Affin Islamic Bank for purchasing a foreign car?

    Yes, the bank provides car loans for purchasing foreign cars.

    What is the rate of interest charged on foreign cars by Affin Islamic Bank?

    The bank charges 2.6% on new foreign car loans. The rate may change without notifying the customer.

    What is the minimum rate of interest charged on local new cars?

    Affin Islamic Bank charges an interest of 2.92% on new local cars. However, Affin Islamic Bank interest rates are subject to change.

    What is the maximum loan repayment tenure offered by Affin Islamic Bank?

    The bank offers a period of 9 years within which you need to repay your Affin Islamic Bank Car Loan.

    How does Affin Islamic Bank Car Loan work?

    First you need to identify the vehicle. After identifying the vehicle, you need to approach a bank for financing. Then your bank will purchase the vehicle and rent it to you. In return, the customer will pay the rentals or installments on monthly basis.

  • Contact Us on Mail
    Facebook
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.