• Public Islamic Bank Car Loan

    Public Islamic Bank Car Loan

    Every one dreams about driving a car but few can make it come true. However, with the car funding programs of Public Islamic Bank, buying a car need not be a dream. The low interest rates and easy repayment options on Public Islamic Bank’s car loans makes vehicle financing affordable for anyone and everyone.


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

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    Public Islamic Bank Car Loan Minimum Age

    At least 18 years old

    Public Islamic Bankk Car Loan Maximum Age

    Less than 60 years old

    Public Islamic Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Public Islamic Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


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

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    Public Islamic Bank Car Loan Maximum Loan to Value

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

    Public Islamic Bank Car Loan Installment

    Installments of other loans lower
    your eligibility


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

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    Public Islamic Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Public Islamic Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for Public Islamic 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 Islamic Bank Car Loan Interest RatesUpdated on 09 Dec 2016

    Public Islamic Bank Car Loan Details
    Margin of Finance Up to 90%
    Tenure 9 years

    Why choose Public Islamic Bank Car Loans?

    The car loan packages of Public Islamic Bank are based on the concept of hire and purchase. Under this the bank buys the desired car chosen by the customer and then both enter into a hire and purchase agreement. The customer pays a preset amount as agreed each month. On completion of payment of all installments, the ownership of the vehicle gets transferred to the borrower. Public Islamic bank also offers the highest margin of finance so that customers don’t have to dip into their savings to make the initial payment for the vehicle.

    What is so special about the Public Islamic Hire Purchase-I Car Loan?

    This auto loan is based on the concepts of Ijarah Thumma Al Bai according to which, the bank first purchases the vehicle and then leases it to the customer on a mutually agreed rate. Any individual above the age of 18 years can apply for this loan which has a long repayment tenure up to 9 years. New as well as used vehicles can be financed through the hire purchase-I car loan. The margin of finance for new vehicles varies up to 90% while for used vehicles, it goes up to 80%.

    This loan finances the purchase of vehicles for personal as well as commercial use. The margin of finance available for commercial vehicles varies up to 85% with loan tenures up to 7 years.

    What are the documents required to apply for the Public Islamic Car Funding Plan?

    An applicant must have a valid driving license to apply for the loan. This should be submitted along with the application form, valid identity proof, salary slips of the past 3 months, bank statements or savings/current account statements of the past 6 months, a business registration certificate, EA statement, etc. Income documents vary as per the nature of the applicants’ jobs.

    Are there any late payment charges or repossession clauses?

    In case the customer fails to pay the monthly installment due, on time, he shall be charged a late payment fee, as decided by the bank, on the total outstanding amount. Also, if the customer has failed to pay the installment altogether for two consecutive months, the bank has the right to re-possess the vehicle.

    How can Public Islamic Bank’s car loans be repaid?

    In keeping with modern times, banks have adopted different banking methods. Customers can now choose from a variety of methods to pay their monthly installments such as online banking, through ATMs, via cash or cheque deposits or direct transfers from salary accounts.

    How to calculate Public Islamic Bank Car Loan installment 2016?

    Calculating installments for a car loan has been made easier with the bbazaar.my Car Loan Calculator. Using this one can calculate the installment payable on a Public Islamic Car Loan. One can input the interest rate, loan amount, loan period and processing fee for the chosen car loan scheme from Public Islamic Bank to instantly calculate installments. Additionally, it provides details on total interest payable and a break-up of the repayment or amortization schedule.

    Other Products offered by Public Islamic Bank:

    Apart from offering Car Loan, Public Islamic Bank offers other products and services which include:

    Public Islamic Bank Car Loan FAQ's

    What are the Islamic car loan schemes offered by Public Islamic Bank?

    Public bank offers AITAB Hire Purchase-I which is an Islamic car loan scheme. It is based on the Shariah principle of Al Ijarah Thumma Al-Bai.

    What is the maximum car loan repayment tenure offered by Public Islamic Bank?

    The maximum car loan repayment tenure offered by Public Bank is 9 years.

    What type interest rate does Public Islamic Bank charge on AITAB Hire Purchase-I scheme?

    The bank charges charges flat interest rates on AITAB Hire Purchase-i.

    How much car finance does Public Islamic Bank offer?

    The bank offers finance up to 90% of the car value.

    Does Public Islamic Bank provide finance for purchasing foreign cars?

    Yes, the bank provides finance for purchasing foreign cars.

    What is the maximum loan tenure offered by Public Islamic Bank for purchasing local cars?

    The maximum loan tenure offered by the bank for financing local cars is 7 years.

    Does Public Islamic Bank provide finance for purchasing used cars?

    Yes, the bank provides finance for purchasing used cars.

    What should be minimum age, if I want to take a car loan from Public Islamic Bank Car?

    Your minimum age need to be 18 years.

    What are the key documents required for availing a Public Islamic Bank Car Loan?

    The following key documents are required:

    • Employment letter
    • Latest salary slips
    • EPF Statement

    Who can apply for Public Bank Car Loan?

    The following categories can apply for Public Bank Car Loans?

    • Self-employed individual
    • Salaried individuals

    What is the maximum car loan repayment tenure offered by Public Islamic Bank?

    The maximum loan tenure offered by the bank is 9 years.

    What is the margin of finance offered on foreign cars by Public Islamic Bank?

    The margin of finance offered on foreign cars by Public Islamic Bank is 85%.

    How much stamp duty charge do I need to pay?

    An amount of RM 10 need to be paid as stamp duty charges.

    Does Public Islamic Bank charges penalty?

    Yes, the bank charges a penalty fees of 8% on your total outstanding balance, if you fail to pay your EMIs on time.

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