If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    Affin Islamic Car Loan

    Affin Islamic Car Loan or Hire Purchase-i is a vehicle financing package provided by Affin Islamic Bank. The facility is based on Shariah concept of AITAB (Al Ijarah Thumma Al Bai). The financing package provides you with a high margin of financing for vehicle purchase at competitive profit rates.


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

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    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/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

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    Affin Islamic Bank Car Loan Maximum Loan to Value

    Loan capped @
    upto 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

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    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 NRIC
    • 2. Passport and valid driving license
    • 3. Latest 6 months savings/current account statements
    • 4. Documentation for Employed/Salaried Individual:
      • 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 Islamic Bank Car Loan Interest RatesUpdated on 23 Sep 2018

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

    Types of Car Loans

    The following are the types of loans available with Affin Islamic Car Loan:

    • Passenger Vehicle Loan
    Vehicle Type Margin of Financing Available Financing Tenure
    New vehicle Up to 90% of the price of the vehicle Maximum of 108 months
    Vehicles aging from 1 to 5 years Up to 85% of the price of the vehicle Maximum of 108 months
    Vehicles aging from 6 to 8 years Up to 75% of the price of the vehicle Maximum of 84 months
    • Commercial Vehicle Loan (with gross laden weight of 2540 kg or less)
    Vehicle Type Margin of Financing Available Financing Tenure
    New vehicle Up to 85% of the price of the vehicle Maximum of 72 months
    Vehicles aging from 1 to 5 years Up to 80% of the price of the vehicle Maximum of 60 months

    Features & Benefits

    The following is the list of features and benefits associated with Affin Islamic Car Loan:

    • You can get financing of up to 90% of the price of the vehicle with this financing facility.
    • You can choose from a flexible repayment tenure range that is extendable to 9 years.
    • The Affin Islamic Car Loan comes with a fast approval process.
    • The funds obtained with this loan facility come with a competitive profit rate.
    • The facility is based on two concepts; with one as the leasing contract while the other is a sales contract.
    • The loan scheme comes with road tax renewal and takaful coverage.
    • The ownership will be transferred to you once the financing amount is settled.
    • You can make the repayments for the financing facility through simple and convenient modes of payment like ATMs, CDMs (Cash Deposit Machines), cheque deposit machines, Interbank GIRO, online banking, through standing instructions, and by making payments at any Affin Islamic Bank branch.

    Interest/Profit Rates

    The profit rate associated with Affin Islamic Car Loan is mentioned in the table below:

    Repayment Tenure Available Base Financing Rate
    Up to 108 months 6.71% p.a.

    Eligibility Criteria

    The following are eligible to apply for Affin Islamic Car Loan:

    • Minimum age of 18 years
    • Sole Proprietor/Partnerships
    • Public Listed Companies
    • Private Limited Companies

    Documents Required

      For employed/salaried individuals: The following is the list of documents that needs to be presented by the employed/salaried employees at the time of Affin Islamic Car Loan application:
      • A copy of either the NRIC or the passport.
      • A copy of the driving license.
      • At least one of the following documents: payslips/vouchers for the 3 latest months (without overtime), salary slips/vouchers for the 6 latest months (with overtime), latest EA form, Borang B with supporting receipt of tax payment, or e-Filing supported by acknowledgement, commission statements for the last 6 months (for commission earners).
      • One of the following documents confirming the salary: employment letter from the applicant’s employer, latest EPF statement, or savings/current account statement for the 6 latest months.
      For sole proprietor/partnerships: The following documents need to be presented by the sole proprietorships and partnerships at the time of Affin Islamic Car Loan application:
      • Copies of both sides of the NRIC or copy of the passport.
      • A photocopy of the driving license.
      • Bank statements for the 6 latest months.
      • Latest Borang B with the supporting tax payment receipt or e-Filing supported by acknowledgement or the latest financial statement, or management accounts.
      • One of the following documents: Certificate of Business Registration, trading license/business permits, partnership agreement (for partnerships), or Certificate of Practice for professionals (from professional bodies).
      • At least one of the following documents: investment certificates, unit trust, unencumbered deposit certificates, sales vouchers (for agro based sector), or the contracts in hand.
      For private limited companies & public listed companies:
      • Latest forms 24 and 49.
      • Certified true copy of Certificate of Incorporation.
      • The contracts in hand.
      • Latest audited accounts or management accounts.
      • Certified true copy of Memorandum and Articles of Association.
      • Brief business profile or the latest annual returns.
      • Bank statements for the 6 latest months.

    How To Apply

    • Offline Application: In order to get the Affin Islamic Car Loan, you can directly walk into the nearest Affin Islamic Bank branch and apply for the same. You need to fill up the application form with necessary details and submit it with all the supporting documents. You can also put in your request telephonically via the customer service numbers or hotline numbers of the Affin Islamic Bank.

    • Online Application: You can opt for a much time-saving application mode by visiting the Affin Islamic Bank’s official website. All you need to do is to fill the application form available online and submit it along with all the necessary documents.

    Fees & Charges

    The fees and charges associated with Affin Islamic Car Loan are mentioned in the table below:

    Issuance letter of consent for loss of registration card RM53.00 per letter.
    Issuance letter of consent for change of registration card RM53.00 per letter.
    Issuance letter of consent for change of engine number RM53.00 per letter.
    Transfer Service Charge RM21.20.
    Redemption of Hire Purchase (HP) accounts RM53.00.
    Late payment charges 1% p.a. calculated on the daily basis on the overdue monthly instalment.

    Contact Number

    You can reach out to the Affin Bank via its contact number 03-2250-3000 for further information on the Affin Islamic Car Loan.

    FAQ's

    Q. What is the maximum financing amount I can get for a 7-year old passenger vehicle? What are the repayment tenures available with the same?

    A. The maximum financing amount you can get with a 7-year old passenger vehicle is 75% of the price of the vehicle. The repayment tenure with the same is extendable up to 84 months.

    Q. Is it mandatory to take the takaful coverage with the Affin Islamic Car Loan?

    A. Yes. Under the Hire Purchase Act 1967, it is mandatory to take the motor takaful coverage with your Affin Islamic Car Loan.

    Q. Can the profit rate associated with the Affin Islamic Car Loan change during loan tenure?

    A. No. The profit rate remains fixed for the entire financing period.

    Q. Can I choose to settle the financing amount before the financing period’s maturity?

    A. Yes. You can choose to settle the amount before the facility’s maturity.

    Q. Is there any benefit associated with the early settlement of the financing amount?

    A. In such cases, you can earn a rebate (Ibra) that is calculated using the formula below:

    Rebate (Ibra) = Term charges x [{n x (n+1)} / {N x (N + 1)}]

    Where n = unutilised loan period in months; N = original loan period in months.

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