• Car Loan BYTES FROM OUR KITCHEN

    Maybank Car Loan

    Maybank Car Loan is a loan facility by Maybank that provides you with financing for new, used, as well as reconditioned vehicles. The scheme comes with a high margin of financing and attractive interest rates (both fixed as well as variable) to meet your vehicle purchase needs.


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

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    MayBank Car Loan Minimum Age

    At least 18 years old

    MayBank Car Loan Maximum Age

    Less than 30 years old

    MayBank Car Loan Eligible Employment Type

    Salaried or self-employed with regular income

    MayBank Car Loan Minimum Income

    Earn more than the minimum income required


    Your MayBank Car Loan amount eligibility is based on these factors

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    MayBank Car Loan Maximum Loan to Value

    Loan capped @
    90% of the ex-showroom price

    MayBank Car Loan Installment

    Installments of other loans lower your eligibility


    Increase your eligible MayBank Car Loan amount by these steps

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    MayBank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    MayBank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for an MayBank Car Loan

    • 1. A copy of both sides of NRIC
    • 2. The Driving License of the applicant
    • 3. Copies of salary slips/vouchers for last 2 months
    • 4. A relevant document as the proof of business’ income
    • 5. Business registration certificate (Form A or B and D)
    • 6. Latest company’s directors and management profile
    • 7. Bank statement for last 3 months
    • 8. Latest Form 49

    MayBank Car Loan Interest RatesUpdated on 27 May 2018

    MayBank Car Loan Details
    Loan Tenure 9 years
    Guarantor Requirement Required

    Types of Car Loans

    There are three types of car loans under Maybank that are mentioned below:

    • Maybank Hire Purchase: The Maybank Hire Purchase offers you a high margin of financing, i.e. up to 90% of the price for purchase of new, used, and reconditioned motor vehicles. The repayment period for the Maybank Hire Purchase is extendable up to 9 years.
    • Maybank My First Car Plan: The Maybank My First Car Plan is designed only for a specific group of professionals and graduates. The plan comes with a low monthly repayment instalment scheme that starts at RM268 per month, depending on the loan amount and tenure chosen.
    • Maybank Al-Ijarah Thumma Al-Bai (AITAB): The Maybank Al-Ijarah Thumma Al-Bai (AITAB) is a Shariah-compliant car loan package based on the principles of Ijarah Thumma Al-Ba. The repayment period is extendable up to 9 years and offers up to 90% margin of finance.

    Let’s look at the list of loan plans available with Maybank Car Loan mentioned in the table below:

    Financing Plan Tenure Available Margin of Finance
    New motor vehicles (New passenger car, SUV, MPV, CBU, CKD, and 4WD) Up to 9 years 90% of the seller’s invoice
    Second hand motor vehicles (passenger car, SUV, MPV, and 4WD) Up to 9 years 85% of the seller’s invoice
    Unregistered reconditioned and imported vehicles Up to 9 years 90% of the seller’s invoice

    Features & Benefits

    • The facility provides you financing for various kinds of motor vehicles including new, used and reconditioned ones.
    • The financing margin available with the loan facility is up to 90% of the price of the vehicle.
    • The repayment tenures are extendable up to 9 years.
    • The facility comes with fast processing and approval.
    • You can make repayments using easy and convenient payment methods like ATMs, making online payment via Maybank2u.com and Maybank e-Kawanku, and at the Maybank branches.
    • The loan facility comes with motor insurance and road tax renewal.
    • You can choose from a wide range of dealers across the nation.

    Interest/Profit Rates

    The table below consists of the interest rates under Maybank Car Loan:

    Type of Vehicle Tenures Available Interest Rate
    New vehicle Up to 9 years 3.40% p.a. - 4.10% p.a. flat
    Used vehicle Up to 9 years 4.25% p.a. – 4.50% p.a. flat

    Eligibility Criteria

    Eligibility Criteria for Maybank Hire Purchase:

    • The individuals who are 18 years old or older
    • Sole proprietorships and partnerships
    • Private Listed Companies and Private Limited Companies

    Eligibility Criteria for Maybank My First Car Plan:

      Graduate with jobs:
      • The applicants should be between 18 to 30 years old.
      • The applicants must have a monthly income of RM2,500 or more.
      • The applicants who have a work experience of less than 6 months should be accompanied by a family member serving as their guarantor.
      Undergraduate:
      • The applicants must be pursuing a degree in a recognised institution of higher learning.
      • The applicants must be at least 18 years old but not older than 30 years.
      • The applicants who have a work experience of less than 6 months need to be accompanied with a family member serving as a guarantor.

    Documents Required

      Individuals Who Are Fixed Salary-earners:
      • For Applicants:
        • A copy of NRIC (both front as well as back page).
        • The Driving License of the applicant.
        • Employment/contract letter and passport for the foreigners.
        • Salary slips/vouchers for last 2 months.
        • One of the following: Latest EPF statement, latest EA statement, 3 months bank/passbook statement, ASB/ASN, or employment confirmation letter.
        • The following additional documents are required for the purchase of a used vehicle: NRIC and driving license of the seller (if the seller is an individual), Performa invoice, and registration card.
      • For Guarantor (compulsory for foreigners):
        • A copy of both sides of NRIC.
        • Copies of salary slips/vouchers for last 2 months.
        • One of the following: Latest EA statement, latest EPF statement, 3 months bank/passbook statement, ASB/ASN, or employment confirmation letter.

      For Sole Proprietorships/Partnerships/Self-employed Individuals:

      • A copy of NRIC (both sides).
      • A copy of driving license.
      • A relevant document as the proof of business’ income.
      • Business registration certificate (Form A or B and D).
      • Bank statement for last 6 months for sole proprietorship and self-employed individuals and bank statements for last 3 months for partnerships.
      • Firm’s Trading and Profit Account and Balance Sheet (for all except self-employed individuals).
      • For the purchase of a used vehicle, the following additional documents need to be submitted: Performa invoice, registration card, and NRIC and driving license of the seller in case when the seller is an individual.

      For Private Limited Companies:

      • Latest company’s directors and management profile.
      • Bank statement for last 3 months.
      • Form 9, 13, 24, and 49.
      • NRIC of the guarantor wherever applicable.
      • For the purchase of a used/old vehicle, Performa invoice and registration card need to be presented along with the documents mentioned above.

      For Public Listed Companies

      • Latest Form 49.
      • Latest Audited Annual Financial Statement (for all except for Direct Hire Purchase facilities).
      • For the purchase of a used/old vehicle, registration card and Performa invoice need to be presented along with the above-mentioned documents.

    How To Apply

    • Offline Application: You can apply for the Maybank Car Loan directly at the nearest Maybank branch. You need to present the necessary documents for yourself as well as for the guarantor (wherever applicable) and fill up the application form in order to apply for the loan. You can also initiate the Maybank Car Loan process telephonically via bank’s customer service numbers.
    • Online Application: Another way of applying for the Maybank Car Loan is by visiting the official Maybank website. The application form available online needs to be filled and submitted along with the supporting documents uploaded on the web portal.

    Fees & Charges

    The fees and charges associated with Maybank Car Loan are mentioned in the table below:

    Late payment charges 8% p.a. on the amount in arrears that is calculated on a daily basis.
    Stamp Duty Without guarantor: RM20 per agreement.
    With guarantor: RM60 per agreement.
    Issuance letter of consent to JPJ on the change of vehicle engine (for used vehicles) RM53.
    Issuance letter of consent to JPJ on the interchange of vehicle’s registration number (for used vehicles) RM53.
    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. Is it mandatory to opt for the insurance coverage with Maybank Car Loan?

    A. Yes. It is mandatory to get the insurance coverage with your Maybank Car Loan until the full payment of the loan under the Hire Purchase Act, 1967

    Q. Can I make a partial payment for my monthly instalment?

    A. No. You are not allowed to make an incomplete or partial payment on the monthly instalment. You are advised to pay the entire amount of a monthly instalment on or before the due date.

    Q. Does the Maybank Car Loan process require a guarantor?

    A. The process may require you to be accompanied with a guarantor under some circumstances. Also, it is compulsory for the foreigners to bring a local guarantor in order to get the benefits of the Maybank Car Loan facility.

    Q. Is there an option where I can settle the loan amount before the tenure ends?

    A. Yes. You can opt to settle the entire loan amount before the maturity date of the loan facility.

    Q. Is there any benefit or perk associated with opting for an early settlement of the entire loan amount?

    A. Yes. You are entitled to a rebate that is partial refund of the term charges in such cases. The rebate can be calculated using the formula below:

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

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

    TC = P x R x T/100

    Where P = Total loan amount; R = Interest rate.

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