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

    CIMB Islamic Car Loan

    CIMB Islamic Car Loan or CIMB Hire Purchase-i is a Shariah-compliant auto financing package that is tailor-made to suit one’s vehicle purchase needs. Coming with fixed as well as floating profit rate, this loan scheme provides funds to the individual with a hassle-free process and fast approval. The loan facility is an alternate to the conventional car loan facility.


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

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    CIMB Islamic Bank Car Loan Minimum Age

    At least 18 years old

    CIMB Islamic Bankk Car Loan Maximum Age

    Less than 70 years old

    CIMB Islamic Bank Car Loan Eligible Employment Type

    Salaried or self-employed with regular income

    CIMB Islamic Bank Car Loan Minimum Income

    Earn more than the minimum income required


    Your CIMB Islamic Bank Car Loan amount eligibility is based on these factors

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    CIMB Islamic Bank Car Loan Maximum Loan to Value

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

    CIMB Islamic Bank Car Loan Installment

    Installments of other loans lower your eligibility


    Increase your eligible CIMB Islamic Bank Car Loan amount by these steps

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    CIMB Islamic Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    CIMB Islamic Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for CIMB Islamic Bank Car Loan

    • 1. For Individuals:
      • A copy of the applicant’s NRIC
      • Latest EPF/IT statement with a tax payment proof
    • 2. For Non-Individuals:
      • Sole Proprietor/Partnership:
        • Copy of partner(s)/proprietor’s NRIC(s) who sign the HP documents
        • Recent IT statement with the proof of tax payment
      • Public/Private Companies:
        • A copy of the guarantor’s NRIC
        • A copy of Memorandum of Articles
      • Clubs/Societies/Associations/Co-operatives:
        • A copy of the guarantor’s NRIC
        • A copy of Certificate of Registration

    CIMB Islamic Bank Car Loan Interest RatesUpdated on 25 Sep 2018

    CIMB Islamic Bank Car Loan Details
    Interest Rate 3.25%
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement No Info

    Types of Car Loans

    The following are the types of car loans available with CIMB Islamic Car Loan:

    • New Passenger Vehicle Loan
    • New Commercial Vehicle Loan
    • Used Passenger Vehicle Loan
    • Used Commercial Vehicle Loan

    Features & Benefits

    The features and benefits associated with the CIMB Islamic Car Loan are listed below:

    • With the CIMB Islamic Car Loan scheme, one can obtain funds for new and used cars.
    • The loan provides the individual with funds for the following types of vehicles: Sedan, 4WD, SUV, MPV, CBU or CKD.
    • With this loan scheme, the applicants can obtain up to 90% of the margin of financing.
    • With the CIMB Islamic Car Loan, an individual can choose from an array of repayment tenures ranging up to 9 years.
    • The repayment for the loan can be made through convenient modes of payment like ATMs and CDMs, by setting up automatic payments through standing instructions, online banking, and by making the payment at any CIMB Islamic Bank branch.

    Interest/Profit Rates

    The profit rates associated with CIMB Islamic Car Loan are mentioned in the tables below:

    • New Passenger Vehicles:
    Type of Vehicle Minimum Fixed Profit Rate (Flat Rate) Minimum Variable Profit Rate
    National vehicle 3.65% p.a. BFR% p.a.
    Foreign vehicle 2.75% p.a. (BFR-1.75)% p.a.
    Unregistered and Reconditioned vehicle 3.15% p.a. (BFR-1.20)% p.a.
    • Used/Old Passenger Vehicles:
    Type of Vehicle Minimum Fixed Profit Rate (Flat Rate) Minimum Variable Profit Rate
    National vehicle 4.45% p.a. flat (BFR+1.45)% p.a.
    Foreign vehicle 4.00% p.a. flat (BFR+0.70)% p.a.
    • New Commercial Vehicles:
    Weight of the Vehicle Minimum Fixed Profit Rate
    With BTM 5000 kg or below 4.25% p.a. flat
    With BTM above 5000 kg 4.70% p.a. flat
    • Interest Rate For Used/Old Commercial Vehicles:
    Weight of the Vehicle Minimum Fixed Profit Rate
    With BTM 5000 kg or below 7.00% p.a. flat
    With BTM above 5000 kg 7.95% p.a. flat

    Note: BFR (Base Financing Rate) = 6.75% p.a.; BTM = Berat Tanpa Muatan (Kerb weight of the vehicle).

    Eligibility Criteria

    The eligibility criteria and the documents required for the CIMB Islamic Car Loan process are given below:

      For Individuals:

      • Eligibility:
        • The applicants must be 18 years old or older at the time of application.
        • The applicants must be gainfully employed, otherwise the process would need them to bring a guarantor.

      • Documents Required:
        • A copy of the applicant’s NRIC.
        • The latest EPF statement or the latest Income Tax Statement with a tax payment proof.
        • A copy of the valid driving license of the individual.
        • The copies of the applicant’s salary slips for 3 recent months, or
        • Account statement for last 3 months from the applicant’s salary crediting account that can either be a savings or a current account.

      For Non-Individuals:

      • Eligibility: The public listed companies, clubs, associations, private limited companies, sole proprietors, societies, co-operatives, and partnerships that are registered with Suruhanjaya Syarikat Malaysia (SSM) or the Registrar of Society.
      • Documents Required:

        • Public/Private Companies:
          • A copy of the guarantor’s NRIC.
          • A copy of Memorandum of Articles.
          • Board of Directors’ Resolution for acceptance.
          • Most recent 12 months financial statement.
          • Copy of Certificate of Incorporation (Form 9), Form 24, and Form 49
          • The current account’s statements for last 3 months that reflect the declared income.
        • Sole Proprietor/Partnership:
          • Copy of partner(s)/proprietor’s NRIC(s) who sign the HP documents.
          • The recent Income Tax statement with the proof of tax payment.
          • Any one of the following statements that reflects the 3 months’ declared income: ASN, ASB, Tabung Haji, savings account, or current account.
          • A copy of Business Registration.
          • A copy of BR (Business Registration) Renewal (Borang D/E).
        • Clubs/Societies/Associations/Co-operatives:
          • A copy of the guarantor’s NRIC.
          • A copy of Certificate of Registration.
          • The current account statement reflecting last 3 months’ declared income.
          • Most recent 12 months financial statement.
          • Empowerment of office bearer to borrow and execute the HP documents.

    How To Apply

    The following are the ways to apply for CIMB Islamic Car Loan:

    • Offline Application: The applicants, in order to get the loan approved, can visit the nearest CIMB Islamic Bank's branch. The applicants are required to fill up the application form with required details and submit the supporting documents along with it. Another way to reach out to the bank is by putting in the request telephonically by calling the bank’s customer service number.
    • Online Application: The application for the CIMB Islamic Car Loan can also be completed online. The applicants just need to fill up the auto financing application form available online and upload the supporting documents of self as well as the guarantor (if required).

    Fees & Charges

    The fees and charges associated with the CIMB Islamic Car Loan are mentioned in the table below:

    Late Payment charges 1% p.a. of the amount of the overdue monthly repayment amount.
    Road Tax Renewal RM10.60 is charged for the Road Tax Renewal.
    JPJ Search RM21.20.
    Puspakom Inspection (VR1) RM29.70.
    Stamp Duty on HP/Guarantee Agreement RM10 per agreement.
    Stamp Duty on R & R Agreement RM10 per agreement.
    Courier Services Within Malaysia: RM10.60
    To East Malaysia: RM15.90
    Consent Letter for change engine/registration number, transfer of the vehicle between East and West Malaysia RM53 per letter.
    Audit Confirmation RM10.60 per audit confirmation request.

    Contact Number

    For further information about the CIMB Islamic Car Loan, the applicants can reach out to the CIMB Bank through its CIMB hotline numbers +603-2780-3500 and +603-9235-6380.

    FAQ's

    Q. Do I need to bring a guarantor with me at the time of loan approval process?

    A. You may be asked to bring a guarantor at the time of application depending on certain circumstances.

    Q. Is it mandatory for me to get the takaful coverage with the CIMB Islamic Car Loan?

    A. Although it’s optional to get the takaful coverage with your loan, it’s highly recommended to opt for the same.

    Q. Does the CIMB Islamic Car Loan need a collateral for the loan process?

    A. No. The process doesn’t require collateral.

    Q. Is there an option of making a partial monthly repayment?

    A. No. You are not allowed to make partial payments. You must make the full instalment payment on or before the assigned due date.

    Q. What if I decide to settle the whole financing amount before the maturity of the loan scheme?

    A. You are allowed to make an early settlement of the whole financing amount any time before the loan facility matures.

    Q. What is the benefit of opting for an early settlement of the due loan amount?

    A. The early settlement of the loan amount can help you earn a rebate that is calculated using the formula below:

    For fixed rate:

    Rebate = [t(t+1)/T(T+1)] x TC

    Where t = Remaining loan facility period; T = Original loan tenure; RC = Total term charges.

    For variable rate loan:

    Rebate = Amount of the outstanding instalment + Term charges accrued that is calculated up to the next payment due date.

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