AmBank Islamic offers the Arif Hire Purchase-i which offers a high financing margin and comes with flexible tenures at competitive profit rates.
At least 18 years old
Less than 70 years old
Salaried or self-employed with regular income
Earn more than the minimum income required
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 9 years
Arif Hire Purchase-i: The product works on the Shariah principle of Ijarah Thumma Al-Bai. The facility offers financing for cars at over 3,000 allotted dealers all across the country.
AmBank Islamic offers the financing in affordable tenures and profit rates. The profit rates are charged considering various factors such as age and model of the car, the brand and make of the car, your financing period, etc.
Arif Hire Purchase-i: The profit rate for Arif Hire Purchase-i is offered of a fixed rate basis. You have to pay the same rate throughout the tenure whichever was agreed upon while purchasing the financing.
Arif Hire Purchase-i Variable: In this, the profit rate is dependent on the BFR (Base Financing Rate). Thus, any decrease or increase in the BFR will affect your monthly instalment.
The base Lending Rate or the Base Financing Rate is set at 6.70% p.a.
You need to follow the following eligibility criteria while obtaining the financing scheme:
Below mentioned set of documents are necessary to present at the time of applying the financing:
You can apply for the car financing by the following methods:
Offline Application: You can visit any branch of AmBank Islamic and apply for the scheme. The bank representatives will then guide you through the application process. You would be required to fill out the application form and submit it along with the required supporting documents.
Online Application: You can also find an application tab on the official website of the AmBank or AmBank Islamic. After filling in all the details, customer care representatives will contact you and take the application process forward.
The facility of calculating your monthly instalment for your car financing scheme is available on the official website of the bank. In this section, you are required to fill in the details such as the cost of the vehicle, margin of financing (MOF), financing tenure, and profit rate to get your estimated monthly instalment amount.
|AmBank Islamic Arif Hire Purchase-i||Fees and Charges|
|Stamp Duty Charges||RM20 for the applicant and RM20 for each Guarantor (if applicable)|
|E-Hakmilik fee||RM3.18 for each registration|
|Road Tax Renewal Fee||Zurich Takaful policy for home branch and inter-branch: RM5.30 Other policy: Home branch: RM15.90 Inter-branch: RM21.20|
|Redemption statement fee for non-individuals||RM53.00 for each request and for each account|
|Request for Audit Confirmation||RM21.20 for each request|
|Photocopy of Hire Purchase-i Agreement and Guarantee Agreement||RM21.20 for each document|
|Letter of Consent for Registration Number or Duplicate Registration Card or Interchange Engine Number||RM21.20 for each letter|
(Any changes in the fees and charges will be updated in AmBank Islamic website 21 days prior to the implementation of the same.) (All the fees and charges are inclusive of 6% GST)
To resolve any query regarding the application process and other criteria, you can contact the bank’s customer care representative on the following hotline: 03 – 20546688 (Telephone) and 03-20581818 (Fax).
Q. Do I have to pay any fine if I miss my monthly instalment for the financing scheme?
A. When you miss your monthly instalment, you will be required to pay 1% p.a. of the outstanding financing amount calculated on each day basis. This rule is followed when you miss your payment deadline before the financing matures.
Q. Can I settle my financing before the maturity date?
A. Yes. The bank has given that provision to its customers. If you settle your payment before the maturity of the scheme, you will be provided with a rebate or ibra. The rebates for Arif Hire Purchase-i will be calculated using the following formula:
Rebate = Terms Charges/Profit Charges x n (n+1) / N (N+1)
n = remaining rental period
N = original rental period
Terms Charges/Profit Charges = total terms charges/profit charged
Q. Do I need to present a guarantor or a collateral to obtain the car financing scheme?
A. Presenting a guarantor or a collateral is not mandatory for AmBank Islamic Arif Hire Purchase-i. However, you may need to provide a guarantor or a collateral if the bank requests you.
Q. Do I need to have a takaful coverage while applying for AmBank Islamic Arif Hire Purchase-i?
A. Comprehensive Motor Takaful is a compulsory coverage that each customer needs to have. It provides coverage to the hirer against any financial losses occurred due to theft, accident, fire and third party property loss and damage. Whereas, AmSecure-i and Zurich Takaful Drive Care PA (Personal Accident Protection takaful) are optional takaful coverage schemes that are available to a customer.
Q. What is the Shariah concept applicable to this car loan scheme?
A.The concept applicable to AmBank Islamic car loan scheme- Al-Ijarah Thumma Al-Bai’ (AITAB) (lease followed by sale).