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.
At least 18 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 9 years
|Margin of Finance||Up to 90%|
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.
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.
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.
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.
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.
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.
Apart from offering Car Loan, Public Islamic Bank offers other products and services which include:
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.
The maximum car loan repayment tenure offered by Public Bank is 9 years.
The bank charges charges flat interest rates on AITAB Hire Purchase-i.
The bank offers finance up to 90% of the car value.
Yes, the bank provides finance for purchasing foreign cars.
The maximum loan tenure offered by the bank for financing local cars is 7 years.
Yes, the bank provides finance for purchasing used cars.
Your minimum age need to be 18 years.
The following key documents are required:
The following categories can apply for Public Bank Car Loans?
The maximum loan tenure offered by the bank is 9 years.
The margin of finance offered on foreign cars by Public Islamic Bank is 85%.
An amount of RM 10 need to be paid as stamp duty charges.
Yes, the bank charges a penalty fees of 8% on your total outstanding balance, if you fail to pay your EMIs on time.