• Hong Leong Islamic Car Loan

    Hong Leong Islamic Car Loan

    Hong Leong bank is a Malaysian bank founded by Lam Ji Chiew. It started its operations is 1905 in Kuching. This bank provides consumer and business banking from branches throughout Malaysia. Hong Leong bank is trusted by people all over the world since it offers various facilities for deposits and consumer financing. The bank has its presence in Hong Kong, Singapore, china, Vietnam and Cambodia.


    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. Photocopy of identity card (front & back) for applicant and guarantor(s).
    • 2. Photocopy of Valid Driving License.
    • 3. Photocopy of NRIC
    • 4. Documentation for Salaried Employee:
      • Latest 3 months pay slips/ salary vouchers
      • Latest 3 months bank statements/savings passbook
      • Latest Borang BE (supported with tax payment receipt)
      • Latest EPF statement with at least 6 months contribution
      • Letter of employment
    • 5. Documentation for Self-Employee:
      • Business Registration & Form D
      • Latest 6 months bank statement account
      • Latest Borang B (supported with tax payment receipt)
    • 6. Documentation for Sole Proprietor / Partnership :
      • Business Registration & Form D
      • Latest 6 months business bank statements
      • Latest audited account
      • Business proprietor / partner(s) NRIC
    • 7. Documentation for Private Limited / Public Listed :
      • Certificate of Incorporation
      • Form 24 & 49
      • Memorandum and Articles of Association (M&A)
      • Latest 6 months business bank statements
      • Director NRIC

    Hong Leong Islamic Bank Car Loan Interest RatesUpdated on 05 Dec 2016

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

    Hong Leong bank offers various financing solutions like auto financing and business financing for individuals as well as corporates. The auto finance scheme of Hong Leong bank provides total car finance package to satisfy customer’s needs. This is the perfect place for people who look for auto financing loans to buy a new or used car.

    What are the conditions to apply for car loan?

    Different banks have different conditions to apply. It also depends on the type of loan you are applying. Applying for Hong Leong Islamic Bank Car Loan will be cost effective and flexible. Persons applying for a car loan should have acceptable income documents to proceed. These documents must be handover to the bank along with the application.

    What are the documents required along with Hong Leong Islamic Bank Car Loan applications?

    A person applying for a Hong Leong Islamic Bank Car Loan should have valid driving license. All related documents to prove his income, employment and tax payment is required to be submitted along with address proof, identity proof and bank statements. If the applicant is a business owner, or the loan is being taken in the name of a business entity, all related documents of the proof of business, registration certificates and others needed to be submitted along with this.

    What are the auto financing margin and tenure of Hong Leong Islamic Bank Car Loan?

    The auto financing margin and duration can be varied depending upon the type and age of vehicle. Different kinds of vehicles have various margin and duration.

    For passenger vehicles

    • If the age of the vehicle is zero (new vehicle), the financing margin will be up to 80% and the maximum duration is up to 108 months.
    • If the age of the vehicles up to 5 years old, the financing margin is up to 85% and duration up to 84 months.
    • If the loan is for a 6 to 10 years old vehicle, the margin will be up to 85% and the maximum duration is up to 108 months.

    For commercial van

    • If the age of the vehicle is new, financing margin is up to 90% and maximum duration for repayment of loan will be up to 84 months.
    • If you have 3 years old vehicle, the margin is upto70% and duration up to 36 months.

    For Other Commercial vehicle (BDM up to 5000kg):

    • For new vehicles, the financing margin is up to 90% with duration up to 84 months
    • If the age of vehicle is up to 3 years old margin-up to 70% with duration up to 36 months.

    Why to look for Hong Leong Islamic Bank Car Loan?

    Hong Leong Islamic Bank has many benefits. Some of them are:

    Speedy approval- After the submissions of application with all the documents you can get a fast loan approval.

    Best rates- Competitive loan rates of Hong Leong Islamic Bank Car Loan will help you lighten the repayment burden.

    Hassle free rental payments- There are more convenient payment options for Hong Leong Islamic Bank Car Loan like online banking, interbank GIRO, ATM, cash deposit machine (CDM), Hong Leong Bank branches.

    FAQs

    • Can I show additional income to increase my borrowing limit?

      Yes, up to 50% of additional income will be considered for increase loan amount.

    • Can I apply for loan with a joint applicant-a person other than my spouse?

      Yes, it is not necessary that an applicant to be in a relationship.

    • Can I close the loan early?

      Yes, you can close your loan at any time, but some charge will be applied for earlier settlement of loan.

    • Will the bank take any responsibility for the vehicle during loan period?

      No, maintenance responsibilities of the vehicles are always with the customers.

    • Is there any age limit for individual customers to apply for a loan?

      No, individual customers aged 21 to 70 years can apply for auto finance.

    • How to calculate Hong Leong Islamic Car Loan installment in 2016?

      An online car loan installment calculator on Bbazaar.my website is the easiest way to figure out car loan installment and interest rate for car loan from Hong Leong Islamic in Malaysia in 2016. The easy to use calculator instantly spews out the monthly installment when fed with data like loan amount, interest rate and tenure. Applicants can also get the repayment schedule of car loan and get to know where their payments stand during any point of time of the car loan term.

    Other Products offered by Hong Leong Islamic:

    Apart from offering Car Loan, Hong Leong Islamic offers other products and services which include:

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