Am I eligible for Ambank Islamic Arif Hire Purchase-i?
If you're older than 18 years of age and have a monthly salary of at least RM2000 then you can apply for this car loan. There is no denying that age and income are major determining factors for seal of approval on a loan, so depending on how young you are and how much you earn, you might be asked to find a guarantor (if you've got a rich uncle - time to cook him dinner..).
Is this an Islamic car loan?
Yes it is. This car loan is based on the Syariah concept of Ijarah Thumma Al-Bai, which is basically a rental agreement for the car between you and AmBank Islamic. At the end of the lease period you'll be presented with a purchase contract to transfer ownership of the car.
What are my monthly obligations?
The interest rate on your loan depends on several things: your car type, the amount you want to borrow, and the number of years you want to take to pay back your debt. Once you've been approved for AmBank Islamic Arif Hire Purchase-i you'll be given a schedule detailing your fixed monthly installments to the bank. You can easily pay for your installments via online banking or 24-hour e-Banking centres nationwide.
What if I fail to pay my car loan bill?
Well, I would be the first to say that it would be unwise to miss on your car loan repayments. Penalty fee for a late payment is 1% of the overdue amount, which is money you don't need to spend. To add to that, the bank will have the power to repossess your vehicle if you fail to pay for your installments for two months in a row. If you think you're going to be late making a payment: call the bank and let them know!
Can I settle my car loan early?
By all means! You will be entitled to an "ibra" (rebate) on the remaining lease charges.
What documents do I need to present to the hire purchase officer?
You will need a copy of the following:
Identification card and driving license
Latest 3 months salary slip, Form J and EA form
Bank statement/savings passbook
Other supporting documents for proof of income
Suppliers quotation(for new purchases)
Car registration card(used cars)