• CIMB Car Loan

    CIMB Car Loan

    Commerce International Merchant Bankers (CIMB) Malaysia, is a widely known and trusted banking entity. CIMB car loans are a great source of finance if you are looking to buy a car in Malaysia. CIMB group is the biggest investment bank in the Asia-Pacific region.


    You’re probably eligible for an CIMB Bank Car Loan if you are

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    CIMB Bank Car Loan Minimum Age

    At least 18 years old

    CIMB Bankk Car Loan Maximum Age

    Less than 70 years old

    CIMB Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    CIMB Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your CIMB Bank Car Loan amount eligibility is based on these factors

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    CIMB Bank Car Loan Maximum Loan to Value

    Loan capped @
    Up to 90% of the ex-showroom price

    CIMB Bank Car Loan Installment

    Installments of other loans lower
    your eligibility


    Increase your eligible CIMB Bank Car Loan amount by these steps

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    CIMB Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    CIMB Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for CIMB Bank Car Loan

    • 1. Photocopy of identity card (front & back) for applicant and guarantor(s).
    • 2. Photocopy of Valid Driving License.
    • 3. Latest form B / EA or EPF statement
    • 4. Documentation for Salaried Employee:
      • Latest 3 months pay slips/ salary vouchers
      • Latest 3 months bank statements/savings passbook
    • 5. Documentation for Self-Employee:
      • Business Registration Certificate for sole Proprietor / Partnership
      • Latest 6 months bank statement account
    • 6. Documentation for Company:
      • Latest 6 months company bank account statements
      • Form 9, 24, 49 for private limited company (Sdn Bhd)
      • Latest audited account
      • Memorandum & Article of Association

    CIMB Bank Car Loan Interest RatesUpdated on 09 Dec 2016

    CIMB Bank Car Loan Details
    Interest Rate 3.35%
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    CIMB Hire Purchase and CIMB Hire Purchase-i

    CIMB Bank is among the largest banking institutions in Malaysia and offers a wide range of banking products and solutions to a varied segment of consumers. Their products cater to personal banking, both conventional and Islamic and cater to business banking as well.

    The CIMB Hire Purchase and Hire Purchase-I are conventional and Islamic auto loans that allow customers to purchase the car they have always dreamed about. Regardless of the purpose of purchase, a car is a very important aspect of one’s life. For some it may be a symbol of social status and for others a necessary safe and convenient mode of transport. With these loans, customers can attain the additional financing required to purchase their car.

    Features of CIMB Hire Purchase and CIMB Hire Purchase-i:

    • The loan can be used to purchase a wide segment of new cars as well as used or reconditioned ones. The cars can be either a 4WD, a sedan or even an SUV.
    • The repayment of the loan is convenient and can be done through regular monthly instalments paid via online banking or at any CIMB branch or ATM. Borrowers can even set up standing instructions for automatic payments.
    • It offers a high margin of financing and covers up to 90% of the cost of the vehicle and has maximum tenure of 9 years.
    • It offers competitive interest rates based on the amount and type of car availed.

    Interest Rates of CIMB Hire Purchase and Hire Purchase-i:

    The following table shows the interest rates for the different classes of vehicles. Interest rates are subject to change as per the discretion of the bank.

    Type of Vehicle Fixed rates of Interest starting from Variable rates of Interest starting from
    Used domestic or national vehicles Flat rate of 3.95% p.a. Base lending rate minus 0.20%
    Used foreign Vehicles Flat rate of 3.65% p.a. Base lending rate minus 0.90%
    Used Commercial vehicles with BTM up to 5,000 Kg Flat rate of 5.20% p.a. Not Applicable
    Used Commercial vehicles with BTM exceeding 5,000 Kg Flat rate of 7.55% p.a. Not Applicable
    New Domestic or National Vehicles 5,000 Kg Flat rate of 3.35% p.a. Base lending rate minus 1.40%
    New Foreign Vehicles Flat rate of 2.95% p.a. Base lending rate minus 2.15%
    New unregistered, reconditioned vehicles Flat rate of 2.95% p.a. Base lending rate minus 1.65%
    New Commercial vehicles with BTM up to 5,000 Kg Flat rate of 3.55% p.a. Not Applicable
    New Commercial vehicles with BTM exceeding 5,000 Kg Flat rate of 4.25% p.a. Not Applicable

    Fees and Charges of CIMB Hire Purchase and Hire Purchase-i:

    The following table shows the fees and charges involved.

    Type of Charge Amount
    Charge for renewal of road tax RM 10.60
    Charge for photocopy of Approval permit RM 7.40 for every request
    Charge for photocopy of Hire Purchase agreement RM 16.95 for every request
    Charge for photocopy of Registration card RM 7.40 for every request
    Charge for photocopy of guarantee agreement RM 8.70 for every request
    Stamp duty on R and R agreement RM 10 per agreement
    Stamp duty on Hire Purchase agreement RM 10 per agreement
    Charge for JPJ search RM 21.20
    Fee for Puspakom Inspection (VR1) RM 29.70
    Courier services within Malaysia RM 10.60
    Courier services to East Malaysia RM 15.90
    Charge for postage of Hire Purchase agreement RM 2.65 for every recipient
    Consent letter to change registration number or engine number RM 53 per letter
    Consent letter to transfer vehicle between East Malaysia and West Malaysia RM 53 per letter
    Charge for requesting additional loan statement RM 21.20 for every request
    Charge for Audit confirmation RM 10.60 for every request

    Documents Required:

    The documents required depend on the nature of the applicant. If the applicant is salaried then the documents needed are as follows.

    • A copy of both sides of the Applicant’s NRIC.
    • A copy of the applicant’s valid driving license.
    • A copy of the latest pay slips dating back at least 3 months.
    • A copy of the savings account or current account statements dating back at least 3 months.

    If the applicant is self-employed, the documents need are as follows

    • A copy of the both sides of the NRIC.
    • A copy of the applicant’s valid driving license.
    • The copy of the latest bank statement dating back at least 6 months.
    • The latest Form B or EA or EPF statement.
    • The copy of the business registration certificate for a sole proprietorship or partnership.

    If the borrower is not an individual but a company, the documents needed are as follows

    • The memorandum and articles of association of the company.
    • If the company is a private limited, then Form 9, 24 and 49 should be submitted.
    • The company’s latest bank account statements need to be submitted and these should date back at least 6 months.
    • The company should also submit statement of the latest audited account.

    CIMB Car Loan Malaysia

    This car loan from CIMB is available for both new as well as used cars. The loan is easy to procure and is available at competitive and affordable interest rates. The maximum repayment period is 9 years, however, you can pay off the loan earlier, if possible, since it does not feature a prepayment fee.

    You can avail loan amounts up to 90% of the total value of the vehicle. Motor Insurance and road tax payment are also offered under this scheme. Loan repayments can be made either online or at any of the CIMB bank branches, ATMs or cash deposit machines. Applicable fees pertain to loan processing, stamp duty and issuing consent letters. Financial protection in the form of insurance, covering accidents and injury, is also available as a part of this CIMB car loan.

    You will be required to submit a valid driving license along with copies of the most recent salary slips and the latest statements of your bank account. Additional documents can be requested for depending upon the requirements of the bank.

    About CIMB

    The CIMB group mainly deals in corporate banking, investment banking, personal banking and wealth management. The CIMB group has several partnerships, all around the world, to help them extend the reach of their products and services.

    Apart from general banking, CIMB specializes in Islamic banking and offers Shariah-compliant financial solutions to its customers. Malaysia has around 8 million CIMB customers and over 300 CIMB branches with over 25,000 CIMB employees.

    Hire Purchase

    This car loan from CIMB is available for both new as well as used cars. The loan is easy to procure and is available at competitive and affordable interest rates. The maximum repayment period is 9 years, however, you can pay off the loan earlier, if possible, since it does not feature a prepayment fee.

    You can avail loan amounts up to 90% of the total value of the vehicle. Motor Insurance and road tax payment are also offered under this scheme. Loan repayments can be made either online or at any of the CIMB bank branches, ATMs or cash deposit machines. Applicable fees pertain to loan processing, stamp duty and issuing consent letters. Financial protection in the form of insurance, covering accidents and injury, is also available as a part of this CIMB car loan.

    You will be required to submit a valid driving license along with copies of the most recent salary slips and the latest statements of your bank account. Additional documents can be requested for depending upon the requirements of the bank.

    How to calculate CIMB Car Loan installment in 2016?

    Customers wishing to go for a car loan from CIMB Malaysia in 2016 can always find out about car loan interest rates using the online car loan installment calculator from Bbazaar.my. The website offers the simple and easy tool with which an applicant for a car loan can easily find out what the monthly installment would be by submitting details like loan amount, rate of interest and tenure. The car loan calculator also yields a repayment schedule, very useful in learning about the paid and unpaid portions of the loan during the entire loan term.

    CIMB Car Loan FAQ's

    How many car loan schemes does CIMB offer and what are the schemes?

    CIMB offers two car loan schemes namely - Hire Purchase and Hire Purchase - i.

    What is CIMB Hire Purchase?

    It is one of the car loan schemes offered by CIMB to help you purchase your dream car.

    Does CIMB offer car loans for used cars?

    Yes, the bank offers car loans for used cars.

    What is the maximum amount of finance I can receive from CIMB to purchase a car?

    You can get finance up to 90% to purchase a car.

    If I take a car loan from CIMB, how many days do I get to repay the amount?

    You get 9 years to repay your car loan received form CIMB.

    How do I pay back my CIMB Car Loan?

    You can repay your CIMB Car Loan by paying in fixed monthly instalments.

    Can I make online payment of my car loan?

    Yes, you can repay your CIMB Car Loan online. Also, you can pay it via cash by visiting your nearest branch of CIMB branch, Cash Deposit Branch or ATMs. Besides, you can use the automatic payment procedure by giving standing instructions.

    What are the different types of interest rates charged on CIMB Car Loans?

    CIMB charges both Fixed and variable rates available. You can choose your car loan interest rates as per your convenience.

    Can a Malaysian resident get car loans for purchasing foreign cars in Malaysia?

    Yes, CIMB provides car finance for purchasing foreign cars as well.

    Is a self-employed individual eligible for taking a car loan from CIMB?

    Yes. CIMB offers car loans for self-employed individuals also.

    Who can apply for CIMB Car Loans?

    Salaried, self-employed and Companies are eligible for CIMB Car loan.

    What are the documents required for CIMB Car Loan?

    CIMB may request you to submit the following documents: Last 6 months’ salary slips, EPF statement, and copy of NRIC and Driving License.

    Other Products offered by CIMB:

    Apart from offering Car Loan, CIMB offers other products and services which include:

    News About CIMB Car Loan

    • Slowdown in home and car loans noticed by CIMB

      CIMB is bracing for a slowdown in the home and car loans in 2017 as the customers have reduced. The CIMB group’s consumer banking CEO, Samir Gupta said that the target consumer loan growth for 2017 is 7% and it hasn’t changed from the 2016 forecast. He told the reports at the launch of Sun Wealth Insurance scheme that there will be a slowdown in mortgages and automotive loans. CIMB recently launched Sun Wealth Insurance scheme in partnership with Sun Life Malaysia. Gupta also said that despite the foreign exchange volatility, the loan growth will remain stable.

      21st November 2016

    • PT Bank CIMB Niaga witnesses rise in its consolidated net profit.

      The fourth largest bank in Indonesia, PT Bank CIMB Niaga witnesses rise in its consolidated net profit. The bank received a net profit of 736 billion in the last six months ending in June, 30th. The net profit of the bank is up by 318.2% compared to the profit incurred in the same period in the last year. The bank's interest and noninterest income increased to 4.8% and 24.1% respectively compare to the previous year.

      Despite challenging environment, CIMB Niaga could has been able to better and continued to be in profit because of improved treasury and capital market businesses. The operating expenses of the bank has been well controlled and it has decreased by 12% on year on basis. Also, the personal and multipurpose expenses of the bank increased to 9.2% on year on year basis while credit card recorded a growth of 25.5% to 7.18 trillion.

      The bank’s credit card issuance has also gone up to 13.4% compared to 2015. Till the end of June, it had issued 2.1 million credit cards in Malaysia. CIMB Niaga is one the third major providers of credit cards in in Indonesia.

      2nd August 2016

    • CIMB Group Dips By 32.6% in Q2 Net Profit Results

      Malaysia's second largest bank by assets, CIMB Group Holdings Bhd, reported a 32.6% dipped in the second-quarter net profit results. The company also stated that the outlook for the rest of 2015 will be taken with cautious sentiments cue to the regional economic instabilities.

      Net profit was reported at RM 639.8 million i.e. US$214.97 million in the April-June fiscal period, against RM 949.9 million reported a year earlier, according to sources at CIMB Group.

      Revenue however soared by 12.3% from a year ago to RM 3.83 billion.

      CIMB Group operates in 18 countries and counting, and has workforce that is 40,000 employees strong. The company is headquartered in Malaysia operates under several corporate subsidiaries that include CIMB Bank, CIMB Investment Bank, CIMB Niaga, CIMB Securities International, CIMB Islamic, and CIMB Thai. The group's primarily deals in the fields of Wholesale Banking, Consumer Banking, Investment Banking as well as Corporate Banking. The company’s main businesses are established in Indonesia, Singapore, Thailand and Malaysia.

      7th September 2015

    • CIMB Equities Comments On The Laid-back Sentiments of Investors For Malaysian Banking

      According to CIMB Equities Research Malaysian banks are receiving poor sentiments from, both local and foreign investors, driven by the unpredictabilities of external economic environment.

      CIMB Equities Research, on Tuesday claimed that the reasons for such sentiments includes some sector-specific de-rating catalysts such as margin contraction, high capital requirements and higher average cost of funds driven by keen deposit competition.

      “We, therefore, continue to advise investors to reduce their holdings in Malaysian banks,” commented CIMB Equities Research.

      They also mentioned that its Aug 10-11 banking roadshow in Taipei, with the presence of 21 fund managers and analysts from six institutions, had a positive sentiment for Malaysian banks, specially mentioning the developed Islamic finance sector.

      CIMB Research has stayed Underweight on Malaysian banks, reasoned by de-rating catalysts of continuous compression of net interest margins; “the industry-wide slowdown in the growth of residential mortgages, and an uptick in credit costs”.

      CIMB Research also added, “Growing Islamic banking business in the domestic market would, to a certain extent, cannibalise their conventional banking businesses. Another attraction of Malaysian banks is strong governance by Bank Negara Malaysia.”

      20th August 2015

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