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
Available

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
 Subject to terms of agreement with the bank
Late Penalty Fee
1%  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 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
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