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

    AmBank Islamic Car Loan

    AmBank Islamic offers the Arif Hire Purchase-i which offers a high financing margin and comes with flexible tenures at competitive profit rates.


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

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    AmBank Islamic Car Loan Minimum Age

    At least 18 years old

    AmBank Islamic Car Loan Maximum Age

    Less than 70 years old

    AmBank Islamic Car Loan Eligible Employment Type

    Salaried or self-employed with regular income

    AmBank Islamic Car Loan Minimum Income

    Earn more than the minimum income required


    Your AmBank Islamic Car Loan amount eligibility is based on these factors

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    AmBank Islamic Car Loan Maximum Loan to Value

    Loan capped @
    Up to 90% of the ex-showroom price

    AmBank Islamic Car Loan Installment

    Installments of other loans lower your eligibility


    Increase your eligible AmBank Islamic Car Loan amount by these steps

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    AmBank Islamic Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    AmBank Islamic Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for an AmBank Islamic Car Loan

    • 1. Valid Identity card .
    • 2. Latest 3 months salary slips.
    • 3. Supporting documents for income proof.

    Type of Car Loan

    • 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 Arif Hire Purchase-i Features & Benefits

    • Arif Hire Purchase-i offers car financing at over 3,000 dealers across Malaysia.
    • The scheme provides you with a financing margin of up to 90% of the vehicle’s price.
    • The tenure offered for Arif Hire Purchase-i is up to 9 years.
    • Monthly instalments can be paid through multiple payment channels such as online banking or 24-hour e-Banking centres across the nation.
    • The loan offers quick approval and disbursal times.

    AmBank Islamic Arif Hire Purchase-i Interest/Profit Rates

    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.

    AmBank Islamic Arif Hire Purchase-i Eligibility Criteria

    You need to follow the following eligibility criteria while obtaining the financing scheme:

    • You need to be minimum 18 years old at the time of applying for the Arif Hire Purchase-i.
    • Your minimum income criterion should be as per the bank’s guidelines.

    Documents Required for AmBank Islamic Arif Hire Purchase-i

    Below mentioned set of documents are necessary to present at the time of applying the financing:

    • Valid Identity card
    • Driving licence
    • Latest 3 months salary slips
    • Form J and EA Form
    • Bank statements of the savings account
    • Other supporting documents for proof of income (if applicable)
    • For new car purchases, you will need a suppliers quotation
    • For used car purchases, you will need to present the documents related to car registration etc.

    How To Apply For AmBank Islamic Arif Hire Purchase-i

    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.

    AmBank Islamic Arif Hire Purchase-i Repayment Calculator

    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 & Charges

    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)

    AmBank Islamic Arif Hire Purchase-i Contact Number

    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).

    FAQ's

    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)

    Where,

    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).

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