If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    CIMB Car Loan

    CIMB Car Loan or CIMB Hire Purchase is an auto financing package by CIMB Bank that is designed to help you own the car you desire. With amazing interest rates available, this loan scheme also comes with a range of flexible repayment tenures. The CIMB Car Loan facility comes with quick approval time and a hassle-free application process.


    CIMB Bank Car Loan Interest RatesUpdated on 15 Nov 2018

    CIMB Bank Car Loan Details
    Interest Rate 3.25%
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    Interest/Profit Rates

    The following tables contain the interest rates associated with CIMB Car Loan:

    • Interest Rate For New Passenger Vehicles:
    Type of Vehicle Minimum Fixed Rate (Flat) Variable Rate (Minimum)
    National vehicle 3.65% p.a. BLR% p.a.
    Foreign vehicle 2.75% p.a. (BLR-1.75)% p.a.
    Unregistered & Reconditioned Vehicle 3.15% p.a. (BLR-1.20)% p.a.
    • Interest Rate For Used/Old Passenger Vehicles: :
    Type of Vehicle Minimum Fixed Rate (Flat) Variable Rate (Minimum)
    National vehicle 4.45% p.a. (BLR+1.45)% p.a.
    Foreign vehicle 4.00% p.a. (BLR+0.70)% p.a.
    • Interest Rate For New Commercial Vehicles:
    Weight of the Vehicle Minimum Fixed Rate (Flat)
    With BTM 5,000 kg or less 4.25% p.a.
    With BTM more than 5,000 kg 4.70% p.a.
    • Interest Rate For Used/old Commercial Vehicles:
    Weight of the Vehicle Minimum Fixed Rate (Flat)
    With BTM 5,000 kg or less 7.00% p.a.
    With BTM more than 5,000 kg 7.95% p.a.

    Note: BLR (Base Lending Rate) = 6.75% p.a.; BTM = Berat Tanpa Muatan (Kerb weight of the vehicle).


    Types of Car Loans

    The types of car loans available with this facility are listed below:

    • New Passenger Vehicle Loan
    • Used Passenger Vehicle Loan
    • New Commercial Vehicle Loan
    • Used Commercial Vehicle Loan

    Eligibility Criteria

    Let’s look at the eligibility criteria of CIMB Car Loan:

      For Individuals:
      • Eligibility:
        • The applicants must be at least 18 years old.
        • The applicants must be gainfully employed, if not, they need to be accompanied with a guarantor.

      • Documents Required:
        • The copies of both front and back page of NRIC.
        • A copy of valid driving license.
        • Latest Income Tax Statement or EPF statement with a proof of tax payment.
        • Last 3 months’ account statements from the salary crediting account (current or saving), or
        • Copies of salary slips for the last 3 months.
      For Non-Individuals:
      • Eligibility: Sole proprietors, public listed companies, clubs, associations, private limited companies, societies, co-operatives, and partnerships that are registered with Registrar of Society/SSM (Suruhanjaya Syarikat Malaysia).
      • Documents Required:
        • Sole Proprietor/Partnership:
          • Copy of NRIC(s) of the partner(s) or the proprietor who signs the HP documents.
          • A copy of BR (Business Registration) and a copy of BR Renewal (Borang D/E).
          • Latest Income Tax statement with a proof of tax payment.
          • The saving account/current account/ASN/ASB/Tabung Haji statements that reflect declared income for the last 3 months.
        • Public/Private Companies:
          • A copy of the NRIC of the guarantor.
          • Financial statement for last 1 year.
          • Board of Directors’ Resolution for acceptance.
          • The current account’s statement that reflects the declared income for the last 3 months.
          • Copy of Memorandum of Articles.
          • Copy of Certificate of Incorporation (Form 9), Form 24, and Form 49.
        • Clubs/Societies/Associations/Co-operatives:
          • A copy of NRIC of the guarantor.
          • Financial statement for the last 1 year.
          • A copy of Certificate of Registration.
          • The statement of the current account that reflects the declared income for the last 3 months.
          • Empowerment of office bearer to borrow as well as execute the HP documents.

    Fees & Charges

    The following table contains all the major fees and charges associated with CIMB Car Loan:

    Late Payment charges 8% p.a. for fixed rate loan or 2% p.a. above the prevailing rate for variable rates loan on the instalment amount.
    Road Tax Renewal RM10.60.
    JPJ Search RM21.20.
    Puspakom Inspection (VR1) RM29.70.
    Stamp Duty on HP/Guarantee Agreement RM10 will be charged per agreement.
    Stamp Duty on R & R Agreement RM10 will be charged per agreement.
    Courier Services Within Malaysia: RM10.60
    To East Malaysia: RM15.90
    Consent Letter for change engine/registration number, transfer of the vehicle between East and West Malaysia RM53 will be charged per letter.
    Audit Confirmation RM10.60 will be charged per audit confirmation request.

    How To Apply

    • Offline Application: In order to get the CIMB Car Loan, you can directly walk into the nearest CIMB Bank's branch. You need to provide the bank with all the necessary details and fill out the application form for the loan approval. You can also reach out to the bank telephonically by putting in your request for CIMB Car Loan via the bank’s consumer contact center numbers.
    • Online Application: You can also apply for the CIMB Car Loan by visiting the CIMB Bank’s official website. The auto financing application form available online needs to be filled with the required details and the supporting documents need to be uploaded in order to get the CIMB Car Loan approved.

    Features & Benefits

    The following are the features and benefits associated with CIMB Car Loan:

    • The CIMB Car Loan facility provides funds for all types of cars, both new as well as used ones that include MPV, SUV, Sedan, 4WD, CBU or CKD.
    • The loan scheme comes with a range of flexible repayment plans that has a maximum limit of 9 years.
    • The loan scheme comes with options of fixed and variable rates of interest.
    • The loan facility provides you a high margin of financing with up to 90% of the cost of the vehicle.
    • You can make the monthly repayment for the loan scheme via easy payment methods like online banking, ATMs and CDMs (Cash Deposit Machine), setting up automatic payments through standing instructions and paying at any CIMB branch.

    FAQ's

    Q. Does the process need a collateral?

    A. No. The process doesn’t require any collateral.

    Q. Do I need to be accompanied with a guarantor for the process?

    A. The requirement of a guarantor is subject to the bank’s rules. You may require a guarantor to accompany you under specific circumstances.

    Q. Should I get an insurance with this loan facility?

    A. It is highly recommended to opt for an insurance coverage on the financed vehicle for the duration of the tenure of the loan facility.

    Q. Can I pay the monthly instalment partially?

    A. No. Partial payment of instalments is not allowed. You are required to pay the amount of monthly instalment in full on or before the payment date.

    Q. Can I settle the entire CIMB Car Loan amount before the maturity date? Is there a benefit associated with the same?

    A. Yes, you are allowed to opt for an early settlement of the loan amount. You are eligible to earn a rebate in such cases.

    Q. What is the rate at which I can earn rebate if I choose to settle the full loan amount prior to the scheme’s maturity?

    A. The rebate is calculated using the formula below:

    For fixed rate loan:

    Rebate = [t(t+1)/N(N+1)] x TC

    Where t = Remaining loan facility period; N = Original loan tenure; TC = Term charges.

    For variable rate loan:

    Outstanding amount + Term charges accrued up to the next due date of payment.

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