AmBank Malaysia offers a very lucrative car loan at an affordable interest rate to its customers. AmBank is one of the largest banks in Malaysia with services ranging from investment banking to asset management to credit cards and so on. AmBank was founded in the year 1975 as the Arab-Malaysian Development Bank. The AmGroup is headquartered at Kuala Lumpur, Malaysia and runs different business verticals under the brands AmInvest, AmIslamic Bank, AmMetLife etc.
You’re probably eligible for an AmBank 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 AmBank 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 AmBank 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 AmBank Car Loan
- 1. Identification card and driving license.
- 2. Latest 3 months salary slip, Form J and EA form.
- 3. Bank statement of savings passbook.
- 4. Other supporting documents for proof of income
- 5. Car price quotation
AmBank Car Loan Interest RatesUpdated on 28 Oct 2016
|Margin of Finance||Up to 90%|
AmBank Hire Purchase
AmAUTOMate finances automobile purchases. AmBank ensures that you will have a wonderful experience in owning your own vehicle. They have over 3,000 panel dealers in East Malaysia and Peninsular. The bank also has a long established relationship with automotive dealers for almost all brands and models.
Following are the wide range of financial solutions offered:
- Fixed rate financing offered helps you manage your finances better as you can fix your monthly instalment and payment period terms.
- You can own a car with affordable monthly instalment that will increase progressively as your financial stature is growing.
- Tailor made packages are offered for business organisations.
- Privilege rate will be offered to AmSignature Priority Banking customers.
- Monthly payments can be paid via standing instructions or salary deductions.
Auto Insurance and Takaful Coverage
AmBank offers the following plans to ensure that the auto finance is not a burden to you:
- AmGeneral Insurance and Kurnai Insurance is offered at all the 175 branches.
- AmAutoLife or AmAutoLife-i is a plan that takes care of the outstanding amount of the car hire purchase financing in the event you die or are totally permanently disabled.
- AmDriveShield eliminates your worry of meeting with inevitable accidents by protecting you.
Online Loan Quotation
If you have found a car or are looking to refinance your car, you can use the AmAUTOMate calculator to ascertain:
- Road Tax
- Financial terms such as rates, monthly instalments and tenure.
- Loan eligibility
- Motor insurance
- Market value
After you have confirmed the choice of the vehicle and decided on the financial package that suits your requirements, you can fill out the AmAUTOMate application form online and the bank representative will get in touch with you.
The bank offers the following options to make the payments:
- Automated Teller Machine at the AmBank Branch.
- Cash Deposit Machine at the AmBank Branch.
- Electronic Banking Channel
- Online banking
- Over the counter at any of the AmBank Branch.
Immediate & Convenient Road Tax and Insurance or Takaful Renewals can be made instantly with the ‘On the Spot’ capability. You get immediate printing of Road Tax sticker.
If you are in need of a refinance as you are locked down by commitments that you previously made, you can approach AmBank. You can improve your monthly cash flow and raise capital if needed. The following are the refinancing options offered:
- Attractive terms
- Cash out
- Debt consolidation
- Reduced instalments
- Fleet and Equipment Refinancing.
The following are the online tools you can use for AmAUTOMate:
- AmAUTOMate Calculator helps you with instant vehicle valuation, financial terms, loan eligibility, and Insurance Premium and Road Tax fee.
- AmAUTOMate Online Application Form enables you to fill out the application form online.
This is a car loan that meets all your financing requirements when it comes to your four wheeler. This car loan provides services for tax payments and motor insurance renewal. The AmBank car loan follows conventional as well as Islamic banking norms.
Based on the customer’s convenience, the application can be made online or offline. With a network of over 30,000 dealers in East and West Malaysia, AmBank car loan is a great product to go for.
The maximum tenure is 9 years. The interest rate ranges between 2.5% - 3% depending upon the margin of finance and the make of the vehicle. You will be required to spend around RM200 for all fees and charges that are involved in loan processing. There is no penalty for prepayments, however, a late fee of 8% on the outstanding balance is charged if payment is not made on time.
In order to be eligible for this car loan, a person needs to be at least 18 years old and at most 55 years of age, with an annual income of at least RM24,000.
Other major advantages of an AmBank Car Loan include, renewal of road tax which can be done via phone or internet, loan repayment through several channels like ATMs, the bank’s counters and the bank’s website, free online quotations and car insurance from all major insurance providers to shield your car from theft, accidents and other such unforeseen circumstances.
This AmBank car loan comes with other special features like privilege rates for priority customers, repayments through direct salary deductions and options to choose between fixed rate financing or step-up financing in order to match your financial position.
How to calculate AmBank Car Loan installment in 2016?
AMBank provides loans for passenger cars to borrowers in Malaysia. Car loan interest rates provided by the bank is competitive and borrowers can easily know about their monthly instalment by going to the website of Bbazaar.my. There is an easy tool called car loan monthly installment calculator on their website that helps borrowers find out about their car loan instalment by inserting details like loan amount, rate of interest and tenure. Instantly, they can know about their monthly instalment and the repayment schedule on the car loan. This is indeed a handy tool for borrowers who intend to apply for a car loan in Malaysia.
Other Products offered by AmBank:
Apart from offering Car Loan,AmBank offers other products and services which include:
AmBank Car Loan FAQ’s
What is AmBank Hire Purchase?
AmBank Hire Purchase is an online service offered by AmBank to help you purchase a car. The service allows you to choose the best car loan scheme suitable for you. It helps you know cost of your motor vehicle, financing period, interest rate and the margin of financing.
What are the car loan schemes offered by AmBank Bank?
The bank offers the following car loan schemes- AmBank AmAUTOMate and AmBank Arif Hire Purchase-i.
What are the documents I need to submit to apply for an AmBank Car Loan?
A borrower needs to submit the following documents:
Bank statement/ savings passbook
Proof of income
Quotation from the dealer for new cars
Car registration certificate for used cars.
Identification card/ driving license
Latest 3 months’ salary slips.
Form J and EA form.
How do I pay off of my AmBank Car Loan?
You can pay off your AmBank Car loan through monthly equated installments.
What is AmOnline?
AmOnline is an online service offered by AmBank by using which you can get a printed documents pf your car loan statement, order new cheque books and accomplish many tasks.
How do I calculate my AmBank car loan eligibility and interest rates?
You can calculate your AmBank Car Loan eligibility and interest rate by using the AmAUTOMate Calculator. It is a car loan calculator offered by the bank to help you the market value of your car, eligibility, interest rates, loan repayment tenure and monthly EMIs.
How much time do I get to pay off my AmBank Car Loan?
AmBank offers you a term of 9 years within which you need to repay your car loan.
How much car finance am I eligible to receive from AmBank?
The bank offers finance up to 90% on car loans.
What is the minimum age required for applying for an AmBank AmAUTOMate car loan?
Your minimum age should be 18 years.
If I am 60 years old, will I be able to avail the benefits of AmBank AmAUTOMate car loan scheme?
No. Your maximum age needs to be 55 years.
Can foreigner’s avail an AmBank AmAUTOMate Car Loan?
Yes, a foreigner can also avail this loan provided he/she has a guarantor.
Can I foreclose my AmBank Car Loan?
Yes, you can foreclose your AmBank Car Loan. However, it is subject to certain terms and conditions.
Does AmBank offer car loans for used cars?
Yes, the bank offers car loan for both used as well as new cars.
Will AmBank provide me finance for purchasing foreigner cars?
Yes, the bank provides finance for purchasing both foreign as well as local cars.