Public Bank Aitab Hire Purchase-i

How do I qualify for Public Islamic Aitab Hire Purchase-i?

You need to be at least 18 years old, with a monthly salary of RM2,000 to apply for this hire purchase. 

There are a few factors to consider during your application, including your age, income, type of car, and your overall creditworthiness. If these criteria are found wanting you may want to find a guarantor.

How much can I borrow from Public Bank?

Again, there are a few benchmarks to take into account. Is it a local or foreign car? Is it new, or old? Is it a popular model? 

All these things are used to determine how much you can borrow, the interest rate, and how long you can stretch your monthly repayments.

For a new car, you can finance up to 90% of the car's value over a period of nine years, whereas a well-maintained 10-year-old car can only be financed for up to 80% of its market value for a maximum of 3 years.

How much does this car loan cost me per month?

Once your loan has been approved you'll be given a schedule of your fixed instalments, detailing all the relevant information about your monthly repayments.

You can easily transfer the money via. online, ATM transfer, or Standing Instruction.

What happens when I fail to make a monthly payment?

The consequences are, well, bad. It will cost you an extra 1% per annum interest on the outstanding amount, even if you're one day late! 

If you miss your repayments for two months in a row, you might have your car repossessed by the bank.

Awesome, what documents do I need to bring to the bank for the application?

Salaried applicant:

• Latest 3 to 6 months' salary slips
• Latest EA statement
• Latest EPF statement
• Latest tax return
• Copy of employment letter
• Last 3 months' bank statement

Self-employed applicant:

• Copy of the previous 1 year's tax returns and receipts
• Latest 6 months' bank statement