Public Islamic Bank Car Loan is a vehicle financing package by Public Islamic Bank that is based upon the Shariah Principle of Al Ijarah Thumma Al-Bai. The package offers the individuals with funds to purchase both new as well as used vehicles on a competitive profit rate.
At least 18 years old
Less than 60 years old
Salaried or self-employed with regular income
Earn more than the minimum income required
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 9 years
|Margin of Finance||Up to 90%|
Following are the different types of car loan packages available with Public Islamic Bank:
|Age of the Vehicle||Tenure Available||Maximum Margin of Financing of the Vehicle’s Price|
|New vehicle||Up to 108 months||Up to 90%|
|Up to 3 years||Up to 108 months||Up to 90%|
|3 to 8 years||Up to 84 months||Up to 90%|
|8 to 10 years||Up to 72 months||Up to 85%|
|10 to 12 years||Up to 36 months||Up to 80%|
|Age of the Vehicle||Tenure Available||Maximum Margin of Financing|
|New vehicle||Up to 84 months||Up to 85% of the vehicle’s price|
|Up to 8 years||Up to 60 months||Up to 80% of the vehicle’s price|
|Age of the Vehicle||BDM||Maximum Tenure Available||Maximum Margin of Financing|
|New vehicle||5,000 to 10,000 kg||Up to 60 months||Up to 80% of the price of the vehicle|
|New vehicle||10,000 kg or above||Up to 60 months||Up to 75% of the price of the vehicle|
|Up to 5 years||5,000 to 10,000 kg||Up to 48 months||Up to 75% of the price of the vehicle|
|Up to 5 years||10,000 kg or above||Up to 48 months||Up to 70% of the price of the vehicle|
Note: BDM = Berat Dengan Muatan (Kerb weight + maximum allowable payload)
The profit rate associated with Public Islamic Bank Car Loan is mentioned in the table below:
|Repayment Tenure||Base Financing Rate|
|Up to 9 years||6.72% p.a.|
The eligibility criteria for Public Islamic Bank Car Loan are given below:
The table below contains the fees and charges associated with Public Islamic Bank Car Loan:
|Issuance of letter of consent to JPJ on change of vehicle engine (For old vehicles)||RM53 per letter.|
|Issuance of letter of consent to JPJ on change of vehicle registration number (For old vehicles)||RM53 per letter.|
|Inter-branch inspection||RM53 per inspection.|
|Ownership. Registration, and handling charges||RM53.|
|Transfer of facility from original account holding branch to another nominated branch||RM106 per transfer.|
|Issuance of duplicate letter of release of ownership claim||RM106 per copy.|
Note: JPJ = Jabatan Pengangkutan Jalan (Road Transport Department Malaysia)
Q. What is the maximum financing amount available for a passenger vehicle that is 8 years old?
A. You can obtain funds of up to 85% of the price of the vehicle.
Q. What is the maximum repayment period available with the purchase of a 9-year old passenger vehicle?
A. The maximum repayment tenure available with a 9-year old passenger vehicle purchase is 6 years.
Q. What is the benefit of the takaful coverage with my car loan?
A. It’s highly recommended to take the takaful coverage since it will cover the loan should any unfortunate circumstance occur to you which would render you unable to repay the loan.
Q. Can I opt to settle the loan amount before the term’s maturity date?
A. Yes. You can opt for an early settlement with this loan facility.
Q. What is the benefit of opting for an early settlement, if any?
A. If you opt to settle the loan amount before the term’s maturity, you are eligible to earn a rebate on the unutilised loan period.