Alliance Bank is a modern day bank offering day to day banking and wealth management services in Malaysia. It was formed under the umbrella of Alliance banking group that was established in 2001. With banking experience of over five years, Alliance Bank is offering a wide range of services including retail banking, SME banking, stock brokering services and Islamic banking to the vast majority of people across Malaysia. Alliance Bank offers privilege banking centers, Islamic banking centers along with direct marketing services across Malaysia, credit cards, car loans, personal loans, home loans and deposit schemes to its cherished customers. Alliance bank has a dedicated business banking service channel with a dedicated SME banking approach. Alliance Bank Car Loan is one the most preferred car loan options for a vast majority of Malaysian banking customers.
You’re probably eligible for an Alliance Bank Car Loan if you are
At least 18 years old
Less than 55 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Alliance 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 Alliance Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 10 years
Documentation needed to apply for an Alliance Bank Car Loan
- 1. Photocopy of Identity Card (both sides) of applicant & guarantor(s)
- 2. Photocopy of applicant’s driving license
- 3. Latest 6 months EPF statement
- 4. Performance Bonus - Latest EA Form(if applicable)
- 5. Commission/Incentive - 6 months commission statement (if applicable)
- 6. Documentation for Salaried Employee:
- Latest 3 months pay slips/ salary vouchers
- Latest EA Form
- Borang BE (supported by tax payment receipt to LHDN)
- Latest 3 months bank statements/savings passbook
- 7. Documentation for Self-Employee:
- Latest 3 months pay slips/ salary vouchers
- Latest Borang B (supported by tax payment receipt to LHDN)
- Latest 6 months bank statements (principle)
- 8. Documentation for Limited Companies/ Partnership and Proprietorships:
- 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
- Partnership Agreement
- Latest copies of the Financial Accounts
Alliance Bank Car Loan Interest RatesUpdated on 23 Oct 2016
|Margin of Finance||Up to 90%|
Alliance Bank Hire Purchase
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 margin of financing and loan tenure are based on the age of the vehicle. The repossession also has some code of ethics which need to be followed. All the details have been provided below however do check the product disclosure sheet on the website before making the final decision. Contact the bank if you are uncertain about any term or condition.
Benefits and Features of Alliance Bank Hire Purchase
- This particular loan has a very quick processing time.
- If the loan has been submitted with the adequate documents, meeting all the requirements of eligibility, the loan approval time also is said to be fast.
- Loan repayment becomes very convenient with Alliance Bank eLobby self-service terminals which include ATMs, CDMs and CES OR at any branch of Alliance Bank in Malaysia.
- You can get up to 90 per cent margin of financing.
- The rate of interest is said to be highly competitive.
- You also have some value added services such as car insurance and road tax renewal services.
Tenure and Margin of Finance
The following details are subject to change, based on the financial institution will, policy and right to make changes at any time to will to do so.
For Passenger Vehicle
|Age of Vehicle||Maximum Duration||Maximum Margin of Financing|
|New||Up to 108 months (9 years)||Upto 90%|
|1 to 5 years||Up to 108 months (9 years)||Upto 90%|
|6 to 8 years||Up to 84 months (7 years)||Upto 90%|
|9 to10 years||Up to 60 months (5 years)||Upto 85%|
For Commercial Vehicles (Note: Must have maximum BDM of 5,000kgs)
|Age of Vehicle||Maximum Duration||Maximum Duration|
|New||Up to 84 months||Upto 90%|
|1-5 years||Up to 60 months||Upto 80%|
- 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 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.
This is not an exhaustive list, as there may be more documents required for the loan based on the bank’s decision:
Self Employed and Salaried Individual
- 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.
- 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
- Commission or Incentives record of last 6 months OR Voucher verified against the applicant’s bank statement.
Code of Ethics on Repossession
- It is essential to reduce the number of authorised with the exception of situations that call for more assistance.
- The occupant must be fully aware and also provide the permission for the Repossessors accessing the premises.
- Repossession has to be carried out in the presence of any individual authorised to the car or the hiring party.
- Repossessors should follow and be compliant with all the laws and regulations in the when it comes to their work performance.
- Repossessors should be provided with the Code of Ethics on Repossession which has to be followed.
- Any other rules or terms must be followed for Code of Ethics that has been introduced by:
- The Association of Hire Purchase Companies Malaysia
- The Association of Finance Companies of Malaysia
- Ministry of Domestic Trade and Consumer Affairs from time to time.
- Repossessors should behave and dress appropriately. They should make sure they are professional in attitude and dignified when they are working.
- Use of "strong arm tactics" is completely and strictly prohibited when they are working.
- The repossessors should provide the following details as a standard notice to the hiring party fully informing him/her:
- Contact details of the finance company including address and contact numbers as well as the contact details of the authorized to solve problems if they may arise at all.
- The repossessors should provide the hiring party for inspecting the vehicle along with which all personal items as well as belongings must be removed from the vehicle.
What are the benefits of Alliance Bank Car Loan?
Alliance Bank car loan offers easy loan repayment using their eLobby self-service terminals available nationwide. The bank offers attractive car loans of upto 90% of the car value, at competitive interest rates. Alliance bank also offers customer oriented motor insurance and road tax renewal services.
Who can apply for Alliance Bank Car Loan?
All individuals above the age of 18 years along with corporates including limited companies, partnerships as well as proprietorships are allowed to avail the Alliance Bank car loan. For corporate car loan, the proprietorship and partnership must be registered in Malaysia.
What are the eligibility criteria for Alliance Bank Car Loan for an individual?
Alliance bank car loan is available for all Malaysian citizens above the age of 18 years. In case of individual below 18 years of age and above 55 years of age, a Malaysian citizen as a guarantor is required.
What are the eligibility criteria for Alliance Bank Car Loan for corporates?
Alliance bank car loan is available for corporates with a legal business and with regular and sufficient income to meet the current liabilities. The business must be older than two years in operation with Malaysia as the place of incorporation. In case of business being less than 2 years old, the principal owner needs to have a minimum of 2 years’ experience in his/her field.
What are the documents required to apply for the Alliance Bank Car Loan?
Proof of identity and address of the applicants and guarantors is a common document mandatory for all loan applications. Other documents vary slightly based on the category of applicants- like whether they belong to the salaried class, self employed or applying for loan in the name of limited companies or in the name of partnership and proprietorships companies. Proof of income and tax documents (as per the category to which the applicant belongs) is common for all. Other documents include 6 months bank statements of all operating bank accounts, tax payment receipts, Memorandum and Articles of Association, certificate of business registration, partnership agreement etc, as applicable to each category.
What is the loan margin for passenger vehicles?
In case of new vehicle alliance, Bank offers a maximum margin of 90% of the cost of the vehicle. In case the age of the vehicle is between 9 and 10 years, the maximum margin is reduced to 85%.
What is the loan tenure for passenger vehicles?
The maximum tenure for car loans for passenger vehicles aged between 9 and 10 years is upto 60 months, between 6 and 8 years is upto 84 months and for new vehicles or vehicles aged between 1 and 5 years, the loan tenure is upto a maximum of 108 months.
What is the loan margin for commercial vehicles?
A maximum margin of finance for commercial vehicles with BDM not exceeding 5000 KG is fixed at up to 90% of the cost for new vehicles and up to 80% of the cost for older vehicles between 1 and five years.
What is the loan tenure for commercial vehicles?
The maximum loan tenure for new commercial vehicles is up to 84 months while that for vehicles between 1 and five years old is upto a maximum limit of 60 months.
What are the fees and charges for Alliance Bank Car Loan?
- All car loan borrowers from Alliance Bank requires stamp duty as per the stamping act of 1949 (Revised 1989).
- The E-Hakmilik charges for car loan are fixed at RM 3.00 per registration.
- The charge fee or registration is RM 100 while RM 10.00 is accounted towards transportation charges.
- The RTD fitter charges liable range between RM 80 to RM 180 while vehicle inspection charges for RM 30.00 are also payable by the car loan borrower.
How to calculate Alliance Bank Car Loan installment in 2016?
Alliance Bank is a lender of car loans in Malaysia. To find out the interest rate for car loan charged by Alliance Bank, you can use a simple online tool available on Bbazaar.my website. The convenient tool called car loan calculator instantly gives you the monthly instalment on your car loan every month if you provide it with the loan amount, tenure and interest rate. This can help you plan your finances well and zero in on what car you want to purchase on loan. The car loan calculator makes it easy for Malaysians to drive away your dream car.
Alliance Bank Car Loan FAQ's
What is Alliance Hire Purchase?
This is a car loan scheme offered by Alliance Bank to help you purchase your chosen car.
Can I get motor insurance, if I take a car loan form Alliance Bank?
Yes, you can get a motor insurance, if you opt for an Alliance Hire Purchase car loan.
How much car finance am I eligible to receive form Alliance Bank?
You can get finance up to 90% based on your eligibility.
Does Alliance Bank offer car loan for used cars?
Yes, the bank provides car loan for purchasing used cars.
If I want to purchase a foreign car, will Alliance Bank provide me finance?
Yes, Alliance Bank would provide you finance for purchasing a foreign car as well.
What is the minimum interest rate charged on new foreign car loans?
The bank charges 2.78% on new foreign car loans.
How do I know that I am eligible for Alliance Bank Hire Purchase Car Loan?
If you are 18 years old, you are eligible for opting for an Alliance Hire Purchase car loan. However, you need fulfil other eligibility conditions sought by the bank.
How to pay off my Alliance Bank Car Loan?
You can pay off your Alliance Bank CAR Loan by repaying in equated monthly installments.
Can I settle my car loan before time?
Yes, you can settle or pay off your Alliance Bank Car Loan before time.
Who are eligible to apply for Alliance Bank Car Loan?
Both salaried and self-employed individuals are eligible for applying for Alliance Bank Car Loans.
What are the documents you need to submit while applying for an Alliance Bank Car Loan?
You need to submit the following key documents: salary slip of last 3 months, latest EA Form of Borang BE, last EPF statements and latest 3 months' bank statement.
Can I avail road tax renewal services, if I opt for a Hire Purchase scheme offered by Alliance Bank?
Yes, you can avail road tax renewal services with a Hire Purchase scheme offered by Alliance Bank.
Other Products offered by Alliance Bank:
Apart from offering Car Loan,Alliance Bank offers other products and services which include: