Public Bank offers various financing solutions for its customers including car loan and mortgage solutions. Public Bank Car Loan supports buying of vehicles of any types. Both passenger vehicles and commercial vehicles can be bought using the finances of car loan. Public Bank also conducts a vehicle auction sale through which used cars can be bought. The financing for these cars is also available as long as the required eligibility conditions are met.
You’re probably eligible for an Public 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 Public 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 Public 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 Public Bank Car Loan
- 1. Photocopy of Valid Driving License
- 2. Photocopy of NRIC
- 3. Passport and employment / Contract Letter for foreigner
- 4. Documentation for Salaried Employee:
- Latest 3 months pay slips/ salary vouchers
- Latest Form B/ EA or EPF Statement.
- EPF Statement (latest not more than 1 year).
- Tax Returns / Tax Receipts (latest).
- Employment Letter/Employer Confirmation.
- 3 months Current Account / Savings Account Passbook or Statement.
- 2 years contractual bonus payment slips (if applicable).
- 3 years contractual bonus payment slips (if applicable).
- 5. Documentation for Self Employed:
- Latest 1 year Tax Returns / Tax Receipts
- Latest 6 months CASA statement @ 20% of average 6 months deposits
Public Bank Car Loan Interest RatesUpdated on 26 Oct 2016
|Margin of Finance||Up to 90%|
What is the eligibility criteria for Public Bank Car Loan?
To apply for Public Bank Car Loan, the applicant must have a steady income. Both salaried employees and self-employed professionals are eligible to apply for the loan.
The vehicle that is purchased can be new or used. The vehicle purchased cannot be more than 12 years old if it is a passenger vehicle. The vehicle cannot be more than 5 years old if it is a commercial vehicle with BDM greater than 5000 kg and not more than 8 years old if it is a commercial vehicle with BDM less than 5000 kg.
What is the tenure for which Public Bank Car Loans are offered?
The tenure for Public Bank Car Loan ranges from 3 years to 9 years for passenger vehicles depending on vehicle’s age. For commercial vehicles, the tenure ranges from 4 years to 7 years, depending on vehicle’s age and condition.
Why should you choose Public Bank Car Loan?
Public Bank Car Loan has been trusted by many customers for a variety of reason.
Longer Tenure – The vehicle loan is available for up to 108 months or 9 years.
Competitive Rates – The car loan from Public Bank comes with attractive interest rates.
Higher Margin of Finance – Up to 90% of the purchase value is covered as the finance margin for passenger vehicles. Up to 85% of the purchase value is covered as the finance margin for commercial vehicles.
Easy Payment Options – The monthly payment can be done through variety of methods including post-dated cheques, through online transfers and by visiting any one of the 258 branches of the bank across the country.
Widespread network – The bank is one of the largest and the most widespread in the country.
Convenience – The loan application process is quite simple. In addition to the loan repayment, customers can also get services for motor insurance and road tax renewal.
Minimal Documentation Required – The documentation required for the loan is easy. For salaried employees, last 6 months pay-slip or EA statement along with employer confirmation or EPF statement or tax returns. For self-employed people, last 6 months of current or savings account statement or the last tax receipt is sufficient.
Public Bank Car Loan FAQ's
What is AITAB Hire Purchase-i?
It is a vehicle financing scheme offered by Public Bank. The scheme comes with a lot of benefits.
Does Public Bank provide Islamic car loan schemes?
Yes, Public Bank does provide Islamic car loan schemes.
What is the maximum car loan repayment tenure with Public Bank?
The maximum car loan repayment tenure is 9 years.
What is the rate of interest applicable on Public Bank AITAB Hire Purchase-I scheme?
Flat rate of interest is applicable on Public Bank AITAB Hire Purchase-I scheme.
What is the maximum margin of finance offered by Public Bank on car loans?
The maximum margin of finance offered on car loans is 90%.
Can I get finance for purchasing a foreign car from Public Bank?
Yes, the bank provides finance for purchasing foreign cars as well.
What is the maximum loan tenure offered for purchasing local used cars?
The maximum loan tenure offered for financing local used cars is 7 years.
What is the maximum loan tenure offered for purchasing local news cars?
The maximum loan tenure offered for financing local used cars is 9 years.
What is the margin of finance offered on foreign cars by public bank?
The margin of finance offered on foreign cars by the bank is 85%.
Do I need to pay stamp duty charges?
Yes, you need pay RM 10 as stamp duty charges.
Does Public Bank charges penalty fees for late payment of car loan?
Yes, the bank charges 8% on your total outstanding balance as late payment fees.
What is the minimum age required for applying for Public Bank Car loan schemes?
The minimum age of an applicant should be 18 years.
What are the key documents required for availing a Public Bank Car Loan?
The following key documents are required:
- Latest salary slips
- EPF Statement
- Employment letter
Can a self-employed individual apply for Public Bank Car Loan?
Yes, a self-employed individual can also apply for Public Bank Car Loan.
Other Products offered by Public Bank:
Apart from offering Car Loan, Public Bank offers other products and services which include:
News About Public Bank Car Loan
Teh, Founder of Public Bank, Awarded The William “Bill” Seidman Lifetime Achievement
Tan Sri Dr Teh Hong Piow, founder and chairman, Public Bank has been awarded the prestigious William “Bill” Seidman Lifetime Achievement category, in Financial Service Industry 2015 award organized by The Asian Banker.
The award was presented, on July 28 by Emmanuel Daniel, Asian Banker chairman and CEO, to Teh mentioned that the honour was to address his achievements in enhancing and developing Public Bank and the into one of the leading financial institutions in Asia.
In recognition of Teh’s achievements, Emmanuel Daniel said, “The bank that he has founded is highly respected and looked at by industry peers as offering best practices in various areas that they hope to emulate and benchmark against” and he added, “ For example its 48 years of unbroken profit track record, above industry return on equity (averaging in the high twenty percent before the new Basel III capital norms) and very impressive cost to income efficiency, in the low 30%. All these made possible by the consistent management focus and strategy that he had established and put in place.”
Teh in acknowledgement of the award said that he has been satisfied with his experience being the founder of Public Bank and seeing the company grow in all the years. He added saying, “Looking back, what counted most was to promote excellence and build a strong corporate culture.”
20th August 2015