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 credit worthiness. 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? it is 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 for 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 installments, 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 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.
Is early settlement allowed?
Not only is it allowed, but you will be rewarded for it - instead of a penalty, you will be entitled to an "ibra" (rebate) on the remaining lease charges.
Awesome, what documents do I need to bring to the bank for the application?
Latest 3 to 6 months salary slips
Latest EA statement
Latest tax return
Last 3 months Current Account statement
Last 1 year tax returns and receipts
Latest 6 months Current Account Statement/Savings account passbook