Among the various loans and funding programs granted by the bank, the Alliance Islamic Bank Car Loans have been one of the most popular in Malaysia. The Shariah-based car financing scheme offered by Alliance Islamic Bank comes with the most flexible application and payment options. Anyone looking to get their dream car financed is free to apply for this loan irrespective of their religion and nationality.
You’re probably eligible for an Alliance Islamic 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 Alliance Islamic 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 Islamic 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 Alliance Islamic Bank Car Loan
- 1. Photocopy of Identity Card (both sides) of applicant & guarantor(s)
- 2. Photocopy of applicant’s driving license
- 3. Performance Bonus - Latest EA Form(if applicable)
- 4. Commission/Incentive - 6 months commission statement (if applicable)
- 5. Rental Income - Stamped Tenancy Agreement OR Bank Statement to show latest 6 months rental credit. (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 6 months EPF statement
- Latest 3 months bank statements/savings passbook
- 7. Documentation for Self-Employee:
- LLatest Borang B (supported by tax payment receipt to LHDN)
- Latest 6 months bank statements (principle)
Alliance Islamic Bank Car Loan Interest RatesUpdated on 25 Oct 2016
|Margin of Finance||Up to 90%|
Why choose Alliance Hire Purchase-I Car Loan?
In accordance with the Al Ijarah Thumma Al Bai (AITAB) concept of Shariah, this car loan works on the principles of hire and purchase. Under this, the customer acts like a lessee and the bank as a lessor. The bank buys the asset or car on behalf of the customer. Both enter into a lease agreement and after the end of the lease period, the lessee (customer) purchases the asset from the lessor (bank). The price at which the customer buys the car from the bank is agreed prior to the Hire Purchase Agreement.
What is so special about the Alliance Hire Purchase-I?
Under this financing scheme, customers can avail funds for vehicles for personal as well as commercial or business purposes. Customers can also avail funds for a brand new vehicle or a used one. The Ijarah based Alliance car loan allows a margin of finance up to 90% and the loan can be repaid over a tenure of 9 years. Any individual can apply for this loan irrespective of their nationality. Neither collateral security nor a guarantor is required except in cases where the applicant is below 21 years or above 55 years of age.
The Alliance Islamic car loan is known for its fast processing and approval within a period of two days (if the application is accepted) for the convenience of the applicants. Profit rates, known to be highly competitive, are fixed to calculate loan installments and there are added benefits such as road tax renewal and motor takaful.
Who is eligible to apply for the Alliance Islamic Car Loan?
Any individual of the age 18 years and above is eligible to apply for the Alliance Hire Purchase-I scheme up to the age of 70 years. Other than individuals, sole proprietors, partnership firms, and corporations can also apply.
What documents are required while applying for the Alliance Hire Purchase-I?
All applicants are required to submit an application form along with a valid driving license, salary slips of the last 3 months, bank statements of the last 6 months, latest EPF statement, latest EA form/ Borang BE/Borang B, tax payment receipts, savings passbook, etc. Documentation may vary slightly according to the profile of the customers.
What kind of vehicle can be financed under Alliance Islamic Bank?
Any vehicle, new or used can be financed under the Hire Purchase-I scheme. It also doesn’t matter if the car is national or imported; the bank offers the most flexible funding plans.
How can monthly installments be paid under the Hire Purchase-I scheme?
In keeping with modern times, Alliance Islamic allows customers to choose from a variety of loan repayment options via its eLobby self-service visual display units such as ATMs, CESs, and CDMs which are located all over Malaysia. Customers can also pay directly at bank branches or through online banking or using the standing instruction facility.
Is early settlement of the Alliance Islamic Car Loan possible?
Loan holders can repay their car loan before completion of the agreed loan tenure, if they can afford to do so. Customers will be offered a rebate on the remaining amount of interest.
Are there any consequences regarding failure to pay installments under the Alliance Islamic Car Loan scheme?
In case the customer pays the installment amount late, a penalty of 8% shall be levied on the outstanding loan amount. If there is a failure to pay loan installments for two consecutive months, the bank will have the right to repossess the vehicle. It is advisable to pay installments on time to avoid late payment charges.
How to calculate Alliance Islamic Bank Car Loan installment in 2016?
If you are starry-eyed about the shiny new car in the showroom, but do not have the entire amount to purchase it in 2015, Alliance Islamic Bank can provide you a car loan in Malaysia. If you want to apply, just go to the car loan installment calculator on Bbazaar.my homepage, fill in details like loan amount, car loan rate of interest and the tenure of repayment. The calculator will instantly tell you how much instalment you need to pay every month for that shiny car. It will also display a repayment schedule that helps budget for your car loan.
Other Products offered by Alliance Islamic Bank:
Apart from offering Car Loan, Alliance Islamic Bank offers other products and services which include:
- Alliance Islamic Bank Perosnal Loan
- Alliance Islamic Bank Home Loan
- Alliance Islamic Bank Fixed Deposit
Alliance Islamic Bank Car Loan FAQs
What is a Sharia compliant car loan?
A Sharia compliant car loan is offered based on the principle of Sharia and comes with a lot of flexibilities.
What is Alliance Islamic Hire Purchase-i?
It is a Sharia compliant Islamic car loan scheme offered by Alliance Islamic Bank. The scheme comes with a lot of flexibilities such as minimal penalty and rebate on early settlement of the loan.
What is the maximum loan repayment tenure offered by Alliance Islamic Bank?
Alliance Islamic Bank offers up to 9 years to pay off your car loan.
Can I opt for a flat interest rate on my Alliance Islamic Bank Car Loan?
Yes, you can opt a flat rate of interest when you take an Islamic car loan form Alliance Bank.
How much finance do I get with an Alliance Islamic Hire Purchase -i?
You can receive up to 90% of your car value with an Alliance Islamic Hire Purchase –i.
Does Alliance Islamic Bank offer car loans for used cars?
Yes, Alliance Islamic Bank offers car loans for used cars.
Does Alliance Bank provide car finance for foreign cars?
Yes, the bank provides finance for purchasing foreign as well as local cars.
What is the applicable rate of interest on used local cars under Alliance Islamic Hire Purchase-i?
The applicable rate of interest on used local cars is 3.85%. This rate may change over the course of time.
What is the rate of interest charged on new local cars by Alliance Bank?
Alliance Bank charges 3.28% on new local cars. Alliance Bank’s interest rates are subject to change.
What is the minimum age required for availing a car loan from Alliance Bank?
The minimum age of a borrower should be 18 years.
If my age is more than 70 years, will I be able to take a car loan form Alliance Bank?
No. If your age is more than 70 years, you will not be able to take a car loan form alliance Bank. Your age should be 70 years or below that.