• Car Loan BYTES FROM OUR KITCHEN

    Public Islamic Bank Car Loan

    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.


    Public Islamic Bank Car Loan Interest RatesUpdated on 24 Mar 2019

    Public Islamic Bank Car Loan Details
    Bank Interest Rate Tenures Available Margin of Finance
    Public Islamic Bank 6.72% p.a. Up to 9 years Up to 90%

    Types of Car Loans

    Following are the different types of car loan packages available with Public Islamic Bank:

    • Passenger Vehicle Loan:
    • Age of 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%
    • Commercial Vehicle Loan (with BDM below 5000 kg):
    • Age of Vehicle Tenure Available Maximum Margin of Financing of the Vehicle’s Price
      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
    • Commercial Vehicle Loan (with BDM above 5000 kg):
    • Age of 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)

    Features & Benefits Of AITAB Hire Purchase-i

    • The loan facility comes with a maximum of 90% margin of financing for the purchase of the vehicles.
    • The repayment tenures available with Public Islamic Bank Car Loan are extendable to 108 months.
    • The funds obtained through the facility come at a competitive profit rate.
    • The repayments for the facility can be made via easy payment modes like ATMs, PBe, and at PIBB/PBB branches.

    Eligibility Criteria For AITAB Hire Purchase-i

    The eligibility criteria for Public Islamic Bank Car Loan are given below:

    • Age Requirement: The applicants, in order to get the loan approved must be at least 18 years old at the time of Public Islamic Bank Car Loan application.
    • Employment Requirement: Salaried-employees and self-employed individuals can apply for the Public Islamic Bank Car Loan.

    Documents Required For AITAB Hire Purchase-i

    • Salaried Individuals:
      • The salary slips for the last 3 to 6 months or the latest EA form.
      • Ex-gratia or bonus without a contract for the last 3 years (if applicable).
      • Latest bonus payment slip or contractual bonus payment slips for the recent 2 years (if applicable).
      • One of the following documents:
        • An EPF statement that is not older than 1 year.
        • New Customs and Excise tax dividers or tax returns and tax receipts.
        • One of the following: offer letter from the employer, employment letter, employment confirmation letter, or endorsement letter.
        • Last 3 months’ account statement or passbook statement.
        • Current account or savings account statement for last 3 months.
    • Self-Employed Individuals:
      • Tax returns or tax receipt or Excise Tax Duty for the recent year.
      • Current or savings account statements/passbook for the last 6 months.

    How To Apply For AITAB Hire Purchase-i

    • Offline Application: The Public Islamic Bank Car Loan can be applied for directly walking into the nearest Public Islamic Bank branch. The Public Islamic Bank Car Loan application form needs to be filled with the required details and needs to be submitted along with all the supporting documents. One can also put in the request for the same telephonically via the Public Islamic Bank’s customer service numbers.
    • Online Application: Another way to approach the Public Islamic Bank Car Loan is by applying for the same on the bank’s official website. The applicants need to upload the necessary documents and submit them along with the filled up application form.

    Fees & Charges For AITAB Hire Purchase-i

    The table below contains the fees and charges associated with Public Islamic Bank Car Loan:

    Stamp Duty RM10.60.
    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)

    FAQ's

    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.

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