There are many people who only dream about driving their own car because of their inability to get a hold of funds. The AmIslamic bank’s car financing option is for such individuals offered at attractive profit rates and convenient repayment options. Moreover, any individual irrespective of his/her religious preferences, nationality or financial viability can apply for a car loan at AmIslamic bank.
You’re probably eligible for an AmIslamic 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 AmIslamic 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 AmIslamic 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 Amislamic 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
AmIslamic Bank Car Loan Interest RatesUpdated on 25 Oct 2016
|Margin of Finance||Up to 90%|
Why choose a car loan from AmIslamic Bank?
The Arif Hire Purchase-I car loan is a Shariah-compliant product based on the concepts of hire purchase. Under this, the customer acts like a lessee and the bank as the lessor. The bank buys the asset or car on behalf of the customer. Both the bank and the customer 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 upon prior to finalizing the Hire Purchase Agreement. The rate of profit on the Arif Hire Purchase-I is fixed through a mutual agreement between the customer and AmIslamic bank.
What is the key feature of the AmIslamic Bank Car Loan?
It is based on the Ijarah Thumma Al Bai conception of Islam. The bank has designed the car funding plan in such a way that any individual may afford a vehicle of his choice with highly convenient repayment options. The margin of finance available on the loan is as high as 90%. Customers can make loan installment payments over a period of 9 years with easy installments of their choice. The bank pays special attention to its customers’ convenience and that’s why it has one of the fastest rates of processing and approval of loan applications.
What type of vehicles can finance be availed for under the AmIslamic Arif Hire Purchase-I Loan?
AmIslamic Bank provides customers the option to buy brand new as well as old vehicles, either national or imported. Moreover, around 3,000 car dealers are registered with the AmIslamic bank, hence, customers can browse and choose any vehicle available with the registered car dealers located all over Malaysia. After the car has been chosen, the dealer guides customers through the AmIslamic Hire Purchase payment options.
Who is eligible to apply for the AmIslamic Car Loan?
Any individual who is 21 years of age and has a valid driving license is eligible to apply for the AmIslamic Arif Hire Purchase-I car funding scheme.
What are the documents required to apply for a car loan from AmIslamic Bank?
Individuals will have to submit a duly filled in application form, which can be collected from any of the bank’s branches, along with a valid driving license, identification card, salary slips of the last 3 months, bank statements or savings passbook of the last 3 months, copy of form EA, Form J, supplier’s quotation, vehicle registration card (for old vehicles), etc. Documentation may vary slightly according to the customers’ job profiles.
How to can loan installments on the AmIslamic Bank Car Loan be paid?
AmIslamic bank has always maintained high standards, often leveraging technology, when it comes to dealing with customers. Customers can conveniently pay their monthly installments via online banking, eBanking centres and ATMs located all over the country. Other than that, repayment can also be done at the bank branch.
Are there any consequences if customers fail to pay installments on time?
Customers who fail to pay installments on time shall be charged late payment fees on the outstanding loan amount. Likewise, if customers fail to pay installments for two consecutive months, the bank has the right to repossess the car. It is advisable to keep track of monthly installments due to avoid late penalty charges and the possible repossession of the vehicle.
How to calculate AmIslamic Car Loan installment in 2016?
AMIslamic Car loan is a convenient way to finance your car loan in Malaysia in 2016. Borrowers who wish to avail a car loan from AMIslamic can know about their instalment by logging into Bbazaar.my and providing inputs like loan amount, interest rate and tenure of repayment on the car loan calculator. The calculator can instantly give you the monthly instalment and the repayment schedule based on those details that can help borrowers budget for their car loan in advance. AMIslamic’s repayment schedule, of details containing paid and unpaid portions of the loan, can also be known through this tool.
Other Products offered by AmIslamic Bank:
Apart from offering Car Loan,AmIslamic Bank offers other products and services which include: