Public Bank Aitab Hire Purchase-i

Looking to finance a road-worn or a new vehicle? This Islamic car loan comes with attractive rates and long repayment periods of up to 9 years.

Public Bank Aitab Hire Purchase-iLong Repayments
Tenure
up to 9 years
Loan Type
Fixed Islamic loan
Profit Type
Flat
Margin of finance
Up to 90%
Excess Repayment
Not applicable
Early Settlement Rebate
Not applicable

Profit rates

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

ConditionMaximum YearsMargin of FinanceInterest rate
New9 years90%3.31% p.a.
Used7 years90%4.1% p.a.

Fees & Charges

Profit Rate for New Cars
from 2.84% p.a. to 3.31% p.a., depending on car brand, borrowing amount, and period
Profit Rate for Used Cars
from 4.05% p.a. to 4.1% p.a., depending on car brand, borrowing amount, and period
Stamp Duty
RM10
Photocopy Charges
RM10
Consent Letter
RM50
JPJ Fees
RM50
Early Settlement Fee
None
Late Penalty Fee
8%  p.a. on the outstanding balance

Requirements

Minimum Annual Income
RM24,000
Minimum Age
  • 18 to 70 years old
Who can apply
  • Malaysians

More Information

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 8% interest on the outstanding amount, even if you're one day late! 

If you miss on 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
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