How do I know if I am eligible for Alliance Islamic Hire Purchase-i?
Basically, if you're at least 18 years old and you've got an income of some kind, you can apply for this car loan. Borrowing is subject to credit check and approval so be prepared to show where your salary is coming form every month. If you're under 21 years of age, or have no credit history to speak of you may be asked to provide a guarantor for your car loan.
Does it matter what kind of car I want to buy?
Yes it does, as the new and used cars are given different interest rates. Used cars will naturally have higher interest rates. Alliance Bank offer finance up to 90% of your car's market price.
How do I pay my monthly repayments?
Once you're approved for Alliance Islamic Hire Purchase-i you'll be given a schedule that outlines your commitments under the hire purchase agreement. You will be paying a fixed amount every month as your car loan is calculated using a flat interest rate.
What are the consequences if I fail to pay my installments?
If you're late on your repayments you will have to pay the heavy price of 8% on the outstanding amount. If you have defaulted twice in a row on your repayments get ready to hide your prized vehicle, because the bank will have the authority to repossess it from you! Seriously, if you think you're going to be late: call the bank and tell them.
Settling my debts earlier is also an option, right?
Yes, that's possible, a wise course of action if you can afford it! When you pay the total loan off early you'll be given a rebate on the remaining interest charges.
Okay, what documents do I need when applying for this car loan?
Latest 3 months salary slips
Latest EA Form of Borang BE
Latest EPF statement
Latest 3 months bank statement/savings passbook
Latest 6 months bank statements
Latest Borang B (supported by tax payment receipt)
Performance Bonus - EA form for last 2 years