• Car Loan BYTES FROM OUR KITCHEN

    Maybank Hire Purchase

    Maybank Hire Purchase is a financing facility by Maybank that provides the customers with a high financing range for vehicle purchase. The facility offers the customers with funds for the purchase of new, used, and reconditioned cars at a range of competitive interest rates. The facility also lets the customer choose from a range of flexible repayment tenures.

    Types of Car Loans

    Financing Package Available tenure range Financing margin
    New motor vehicles (This includes new passenger car, MPVs, SUVs, 4WDs, CBU, and CKD) 9 years (maximum) Up to 90% of the invoice of the dealer/seller
    Second hand or used motor vehicles (SUVs, 4WDs, passenger cars, and MPVs) 9 years (maximum) Up to 85% of the invoice of the dealer/seller
    Unregistered reconditioned and imported vehicles 9 years (maximum) Up to 90% of the invoice of the dealer/seller

    Features & Benefits

    • The customers can get funds for vehicle purchase from this facility at a range of attractive interest rates.
    • The facility covers a wide range of new, used, as well as reconditioned vehicles.
    • The facility comes with a fast approval and a low approval time.
    • The loan scheme covers the road tax renewal as well as the motor insurance on the vehicle.
    • The customers can obtain funds up to 90% of the vehicle’s price with this loan scheme.
    • With this financing facility, the customers can choose from a flexible range of repayment tenures that is extendable to 9 years.
    • The facility comes with fast processing and approval.
    • The customers can choose to make the repayments for the facility via easy and convenient modes of payment like paying online via Maybank2u.com, Maybank e-Kawanku, ATMs, and payment at any of the Maybank branch.

    Interest/Profit Rates

    Type of Vehicles Available Tenure Range Profit Rate
    New vehicle 9 years (maximum) 3.40% p.a. - 4.10% p.a. flat
    Used or old vehicle 9 years (maximum) 4.25% p.a. – 4.50% p.a. flat

    Eligibility Criteria

    • The individuals who are 18 years old or above at the time of application.
    • Private Limited Companies
    • Private Listed Companies.
    • Sole proprietorships.
    • Partnerships.

    Documents Required

    For Fixed Salary-earning Individuals:

    • Documents Need To Be Presented By The Applicants:
      • A photocopy of front and back side of the NRIC.
      • Last 2 months’ pay slips or vouchers.
      • A copy of one of the following documents: employment confirmation letter from the employer, latest EA statement, latest EPF statement, bank statement or the passbook statement for the 3 recent months, or ASB/ASN.
      • A photocopy of the driving license.
      • The NRIC and last 2 months’ income proof of the applicant’s spouse if the spouse’s income is a supporting income to the net household income.
      • Employment letter or the contract letter and passport for the foreign applicants.
      • If the applicants are purchasing a used or a second hand vehicle, they need to submit these additional documents: NRIC and driving license of the seller (if the seller is an individual), registration card, and the Performa invoice.
    • Documents Need To Be Presented By The Guarantor (Wherever Required):
      • A copy of NRIC (front and back page).
      • A copy of one of the following documents: ASB/ASN, latest EPF or EA statement, bank statement or the passbook statement for the last 3 months, or the employment confirmation letter from the employer.
      • Copies of salary slips or vouchers for the 2 latest months.

    For Sole Proprietorships/Partnerships/Self-employed Individuals:

    • Copies of both sides of the NRIC.
    • Business registration certificate (Form A or B and D).
    • A photocopy of driving license.
    • A relevant business income proof document.
    • Firm’s Trading, Balance Sheet and Profit Account (valid for all except self-employed individuals).
    • Bank statement for the 6 latest months for sole proprietorship and self-employed individuals and bank statements for the 3 latest months for partnerships.
    • The following additional documents are required in cases of purchase of a used vehicle: registration card, Performa invoice, and NRIC and driving license of the seller if the seller is an individual.

    For Public Listed Companies

    • Latest Audited Annual Financial Statement (valid for all except for Direct Hire Purchase facilities).
    • Latest Form 49.
    • The following additional documents need to be presented in case of purchase of a used/old vehicle: registration card and Performa invoice.

    For Private Limited Companies

    • Bank statement for the 3 latest months.
    • Form 9, 13, 24, and 49.
    • Latest company’s directors and management profile.
    • Guarantor’s NRIC (wherever applicable).
    • The following additional documents need to be presented in case of purchase of a used/old vehicle: Performa invoice and registration card.

    How To Apply

    • Offline Application: The applicants, in order to apply for the Maybank Hire Purchase facility, can visit the nearest Maybank branch. The customers need to fill out the application form available at the Maybank branch with required details and submit it along with the supporting documents. The customers can also approach the Maybank Hire Purchase application telephonically via the customer service numbers of the bank.
    • Online Application: The applicants can also opt for the online application for Maybank Hire Purchase. The application form available online needs to be filled with all the necessary details and needs to be submitted along with the required documents.

    Fees & Charges

    Late payment charges 8% p.a. on the amount in arrears that is calculated on a daily basis.
    Stamp Duty Without guarantor: RM20.
    With guarantor: RM60.
    Issuance letter of consent to JPJ on the change of vehicle engine (for used vehicles) RM53 per letter.
    Issuance letter of consent to JPJ on the interchange of vehicle’s registration number (for used vehicles) RM53 per letter.
    Road tax renewal RM10.60.
    Inter-branch inspection RM53 per inspection.
    Issuance of letter to customs and a letter to JPJ for transfer of vehicle to East Malaysia or vice-versa RM21.20.

    Note: JPJ = Jabatan Pengangkutan Jalan (Road Transport Department Malaysia)

    FAQ's

    Q. When will I get the ownership of the vehicle?

    A. Once you repay the entire loan amount, the ownership of the vehicle will be transferred to you.

    Q. Is it allowed to make a partial payment on the dedicated monthly instalment of Maybank Hire Purchase?

    A. No. It is not allowed to make an incomplete or partial payment on the monthly instalment. You are advised to make the full payment on or before the due date.

    Q. Does the Maybank Hire Purchase application require me to bring a guarantor to the process?

    A. The Maybank Hire Purchase process may require a guarantor in certain cases. The non-Malaysian applicants are required to be accompanied with a local guarantor to the application process.

    Q. Can I opt to not take the motor insurance with Maybank Hire Purchase?

    A. No. It is required for you to take the motor insurance coverage with your Maybank Hire Purchase for the entire period of the loan facility as per the Hire Purchase Act, 1967

    Q. Does the bank allow me to settle the remaining loan amount at once before the term matures? If yes, is there a benefit of doing the same?

    A. Yes. You are allowed to make an early settlement on the remaining loan amount before the maturity of the loan scheme. In such cases, bank will grant you a rebate on the unutilised loan tenure.

    Q. How is the rebate associated with Maybank Hire Purchase calculated?

    A. The rebate can be calculated using the following formula:

    Rebate = TC x [{n x (n+1)} / {T x (T +1)}]

    Where TC = Term charges; n = number of months unutilised from the original tenure; T = the original tenure in months.

    TC = A x R x T/100

    Where A = Total approved loan amount; R = Profit rate

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