Affin Islamic Hire Purchase-i

Comprehensive Islamic car loan with up to 90% margin of financing, rebate for early settlement and fixed profit rate for the entire tenure.

Affin Islamic Hire Purchase-iup to 90% financing
up to 9 years
Loan Type
Fixed Islamic loan
Profit Type
Margin of finance
Up to 90%
Excess Repayment
Not applicable
Early Settlement Rebate

Profit rates

How much the bank charges you based on your loan amount & loan period

ConditionMaximum YearsMargin of FinanceInterest rate
New9 years90%2.92% p.a.
Used9 years90%3% p.a.

Fees & Charges

Profit Rate for New Cars
from 2.6% p.a. to 2.92% p.a., depending on car brand, borrowing amount, and period
Profit Rate for Used Cars
from as low as 3% p.a., depending on car brand, borrowing amount, and period
Stamp Duty
Photocopy Charges
Consent Letter
Early Settlement Fee
Late Penalty Fee
1%  p.a. in arrears (Ta'widh)


Minimum Annual Income
Minimum Age
  • 18 to 70 years old
Who can apply
  • Malaysians
  • Permanent Residents

More Information

What is the difference between this and a conventional car loan?

This car loan is based on the Al Ijarah Thumma Al-Bai concept. This means that the bank will rent you a car that it has purchased on your behalf and you lease it for the period that you pay off the loan installments. When you make your final payment ownership is transferred to you.

How do I know if I am eligible for Affin Islamic Hire Purchase-i?

Anyone over 18 years old can apply. It goes without saying that you need a valid driving license!

If you're under 21 years old and have no credit history you have yet to earn the bank's trust, so you might be asked to provide a guarantor for this car loan.

What kind of cars can be financed with this car loan?

Affin Islamic will accept new, used, or unregistered reconditioned cars, which can be either local, or foreign made cars. So, that's just about every car you can think of then. This package offers finance up to 90% of your car's value for up to nine years.

Are there any other fees and charges I should be aware of?

Yes. You need to pay a Transfer Service Charge of RM20 to the bank when the ownership of the vehicle is transferred to you upon the settlement of the financing facility. You also need to pay postage charges of RM1 for normal mail whereas for registered mail is RM5.

What are my monthly repayments like?

Affin Bank calculates your installments using a fixed flat interest rate. Over the course of your rental period, you will be following a fixed rental schedule. This is great if you want to know exactly how much to budget every month. 

In the event you have fully paid the installment ahead of schedule, the bank has the right to increase its fee by RM50 from the asset's Sales Price.

Does that mean I cannot settle my loan earlier?

Quite the opposite! You can settle your commitments earlier by paying a lump sum payment to the bank. On top of that, you will be given a rebate on uncharged interest as stated in the Hire Purchase Act 1967.

What happens when I fail to pay for my installments?

If you are found to have failed to pay two months worth of installments in a row, the bank has the right to repossess your car. That would leave you in a tight spot if your car is your main mode of transportation. 

But being just slightly late for your repayments is not quite so bad, you'll only pay a penalty fee of 1% on the total amount outstanding.

What documents do I need to apply for this car loan?

Salaried Individual:

  • Photocopy of NRIC/Passport and valid driving license;
  • Latest 3 months (without overtime) pay slips / salary vouchers; or
  • Latest 6 months (with overtime) pay slips / salary vouchers; or
  • Latest 6 months commission statements (for commission earners); or
  • Latest EA Form or Borang B supported by tax payment receipt or e-Filing supported by acknowledgement


  • Photocopy of NRIC/Passport and valid driving license; and
  • Certificate of Business Registration (Sole-proprietorship/Partnership); or
  • Partnership agreement (if any); or
  • Certificate of practice for professional (professional bodies); or
  • Certificate of Incorporation, Memorandum and Articles of Association (Private/Public Limited Company); or
  • Latest 6 months bank statements; or
  • Latest EA Form or Borang B supported by tax payment receipt or e-Filing supported by acknowledgement; or
  • Latest Financial Statements or Management Accounts; and
  • Contracts in hand; or
  • Sales vouchers (for agro-based sector); or
  • Deposits / Investment / Unit trust
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