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

    Hong Leong Islamic Car Loan

    Hong Leong Islamic Car Loan is a loan facility by Hong Leong Bank that is based upon the Shariah Contract of Al Ijarah Thumma Al Bai (AITAB). With this loan scheme, you can get funds for vehicle purchase on competitive profit rates with a range of flexible repayment tenures.


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

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    Hong Leong Islamic Bank Car Loan Minimum Age

    At least 21 years old

    Hong Leong Islamic Bankk Car Loan Maximum Age

    Less than 70 years old

    Hong Leong Islamic Bank Car Loan Eligible Employment Type

    Salaried or self-employed with regular income

    Hong Leong Islamic Bank Car Loan Minimum Income

    Earn more than the minimum income required


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

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    Hong Leong Islamic Bank Car Loan Maximum Loan to Value

    Loan capped @
    depends on car age of the ex-showroom price

    Hong Leong Islamic Bank Car Loan Installment

    Installments of other loans lower your eligibility


    Increase your eligible Hong Leong Islamic Bank Car Loan amount by these steps

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    Hong Leong Islamic Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Hong Leong Islamic Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for Hong Leong Islamic Bank Car Loan

    • 1. A copy of both sides of NRIC
    • 2. Driving License
    • 3. The business registration form and Form D
    • 4. Last 6 months’ business bank statements
    • 5. Certificate of incorporation
    • 6. Form 24 & 49
    • 7. For a new vehicle: Purchase order
    • 8. For a used vehicle: Registration card.

    Hong Leong Islamic Bank Car Loan Interest RatesUpdated on 23 Sep 2018

    Hong Leong Islamic Bank Car Loan Details
    Margin of Finance Depends on Car Age
    Tenure 9 years

    Types of Car Loans

    Hong leong Islamic Bank offers 1 type of car loan:

    Features & Benefits

    • The facility provides you with funds of up to 90% of the margin of the vehicle’s price.
    • You can choose from a range flexible repayment tenures with a maximum tenure of up to 9 years.
    • The loan process comes with a fast approval.
    • You can use easy and convenient repayment methods like interbank GIRO, online banking, ATMs, CDMs, placing a standing instruction on the account, or making over-the-counter payments at a Hong Leong Bank’s branch.

    Interest/Profit Rates

    Let’s look at the profit rates associated with Hong Leong Islamic Car Loan:

    Tenure Profit Rate
    Up to 9 years 3.78% p.a. flat

    Eligibility Criteria

    The following are the eligibility criteria for Hong Leong Islamic Car Loan:

    • If you are an individual applying for the Hong Leong Islamic Car Loan, you should be older than 21 years and should be younger than 70 years.
    • The public listed and private limited companies can apply for this loan.
    • The sole proprietorships and partnerships can also get this loan.

    Documents Required

    • For Salaried-Earners: If you are a salaried-earner, you need to present these income documents in order to get the Hong Leong Islamic Car Loan:
      • A copy of both sides of NRIC
      • Driving License
      • Copies of last 3 months’ salary slips
      • The employment letter
      • Latest Borang BE with a receipt of tax payment
      • Latest 3 months’ bank statement or savings passbook
      • Latest EPF statement with at least 6 months’ contribution
    • For Self-Employed Individuals:
      • A copy of front and back page of NRIC
      • The business registration form and Form D
      • Latest Borang B with a receipt of tax payment
      • Driving license
      • Last 6 months’ bank statement or savings passbook
    • For Sole Proprietors and Partnerships:
      • Business registration form and form D
      • A copy of NRIC of business proprietor or the partner
      • Last 6 months’ business bank statements
    • For Private Limited and Public Listed companies:
      • A copy of NRIC of the director
      • Last 6 months’ business bank statements
      • Memorandum and Articles of Association (M&A)
      • Certificate of incorporation
      • Form 24 & 49
    • Other Supporting Documents:
      • Required for a new vehicle: Purchase order
      • Required for a used vehicle: Registration card

    How To Apply

    • Offline Application: In order to get the Hong Leong Islamic Car Loan, you can directly walk into the nearest Hong Leong Bank's branch. You can also put in the request for the same telephonically through the bank’s customer service numbers.

    • Online Application: You need to visit the Hong Leong Bank’s official website and fill up the application form available. You must then upload the supporting documents along with the filled up application form.

    Fees & Charges

    The following table contains the fees and charges associated with Hong Leong Islamic Car Loan:

    Monthly instalment The monthly instalment is calculated using the formula below: M = [A+(P x R x t)]/T Where M = Monthly instalment; A = Total approved loan amount; R = Interest rate; t = tenure in months; T = Tenure in years.
    Late payment charges (During the loan period) 1% p.a. of the amount of the instalment overdue.
    Late payment charges (After the maturity of the loan period) IIMM% of the outstanding principal.
    Stamp Duty RM10 per agreement.
    Administrative Fee RM35.
    Incidental charges (for used cars) RM350.

    Note: IIMM = Interbank Islamic Money Market.

    Contact Number

    For further information about the Hong Leong Islamic Car Loan, you can contact the Hong Leong Bank through its customer service numbers 03-79523388.

    FAQ's

    Q. Is the takaful coverage mandatory with this loan facility?

    A. The vehicle is covered under the takaful coverage for the first year. Subsequently, the applicant can opt to continue the takaful cover. Although it’s not mandatory, it’s highly recommended to opt for the takaful coverage as it provides protection against any unfortunate circumstances during the loan period.

    Q. Do I need to bring a guarantor for the Hong Leong Islamic Car Loan process?

    A. The requirement of a guarantor is as per bank’s rules. Under some circumstances, you may require to be accompanied with a guarantor.

    Q. Can I opt for a co-borrower on this financing scheme?

    A. No. The facility allows only one borrower per loan as per the Hire Purchase Act.

    Q. Is it allowed to settle the loan amount before its maturity period ends?

    A. Yes. You are allowed to settle the loan amount before the dedicated maturity period.

    Q. Is there any benefit associated with the early termination of the loan?

    A. Yes. You are eligible to earn a rebate on the unutilised loan period. The rebate can be calculated using the formula below:

    Rebate = P x [{t(t+1)}/{T(T+1)}]

    Where P = Total amount profit payable over the loan period; t = Number of unutilised months from the tenure; T = original tenure in months.

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