• Maybank Car Loan

    Maybank Car Loan

    Maybank, Malaysia offers the below types of car financing for auto loan customers to choose from. Maybank is the largest bank in Malaysia and has around 401 branches in the country. The bank also has a major Islamic subsidiary, Maybank Islamic Berhad, which deals with Shariah-compliant Islamic financing.


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

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    02
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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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    02
    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

    01
    02
    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. NRIC
    • 2. Driving License (applicant only)
    • 3.Passport and employment / Contract Letter for foreigner
    • 4. Latest 2 months' Salary Slips /vouchers and
    • 5. Latest EA or EPF Statement or Employment Confirmation or 3 months Bank / Passbook Statement or ASB/ASN.

    MayBank Car Loan Interest RatesUpdated on 05 Dec 2016

    MayBank Car Loan Details
    Loan Tenure 9 years
    Guarantor Requirement Required

    Maybank Hire Purchase

    These loans are becoming pretty popular in Malaysia because they are a better option than just owning a car and at the same time they are less overwhelming than taking a car loan. The margin of financing and loan tenure are based on the type of vehicle. The loan approval and processing for these loans is done efficiently as long as the required documents have been correctly submitted for application. The repossession also has some code of ethics which need to be followed. Do check the product disclosure sheet on the website before making the final decision. Contact the bank if you are uncertain about any term or condition.

    Features and Benefits of Maybank Hire Purchase

    People can apply for hire purchase for vehicles which are New Motor, Second-hand or Reconditioned.

    • If the loan has been submitted with the adequate documents, meeting all the requirements of eligibility, the loan approval time also is said to be be fast.
    • The processing time is less too.
    • The applicant can get up to 90 per cent margin of financing.
    • Term charges are reasonably lower.
    • You can make your repayments through:
      1. Maybank branches
      2. ATMs
      3. online via Maybank2u.com
      4. Maybank e-Kawanku
    • You have services to renew your car insurance as well as road tax payment.

    Tenure and Margin of Finance

    The following details are subject to change, based on the financial institution’s will, policy and right to make changes at any time to will to do so.

    Age of Vehicle Maximum Duration Maximum Margin of Financing
    New car for passengers, 4WD, MPV and SUV only CKD or CBU units Up to 108 months (9 years) Upto 90%
    Secondhand for passengers, SUV, 4WD & MPV only CKD and CBU units. Up to 108 months (9 years) Upto 85%
    Unregistered car that has been imported and reconditioned Up to 108 months (9 years) Upto 90%

    Eligibility Criteria

    • People who are and over 18 years can apply as:Individual applicants
    • Partnerships
    • Sole proprietorships
    • Private Limited & Public Limited Companies

    Documents Required

    The following lists are not exhaustive, as there may be more documents required for the loan based on the bank’s decision:

    Salaried Individuals

    To Buy New Car

    • The NRIC is one of the most essential documents.
    • Photocopies of the individual’s driving license
    • Latest Borang B document which is supported by the tax payment receipt to LHDN
    • Latest EA Form
    • Photocopies of the applicant as well as the guarantor(s) ID cards. Note: Both side should be printed.
    • Latest bank statements of the applicant for 6 months of their principle account.
    • Latest salary slips of the applicant for 6 months of their principle account. Commission or Incentives record of last 6 months OR Voucher verified against the applicant’s bank statement.
    • Individual's income as well as employment proofs
    • Spouse’s (if any) identity, employment and other documents such as NRIC, passport, EPF documents etc.

    To Buy Used Car

    • Latest bank statements of the applicant for 6 months of their principle account.
    • Latest salary slips of the applicant for 6 months of their principle account.Commission or Incentives record of last 6 months OR Voucher verified against the applicant’s bank statement.
    • Individual's income as well as employment proofs.
    • The NRIC is one of the most essential documents.
    • Photocopies of the individual’s driving license
    • Latest Borang B document which is supported by the tax payment receipt to LHDN
    • Latest EA Form
    • Photocopies of the applicant as well as the guarantor(s) ID cards. Note: Both side should be printed.
    • Spouse’s (if any) identity, employment and other documents such as NRIC, passport, EPF documents etc.
    • Performa invoices
    • Photocopies of Driving license of the seller in case he or she is an individual.
    • The Registration card.

    Self-employed Individuals/ Companies/ Partnerships/ Sole Proprietorships

    To Buy New Car

    • Latest bank statements of the applicant for 6 months of their principle account.
    • Latest salary slips of the applicant for 6 months of their principle account. Commission or Incentives record of last 6 months OR Voucher verified against the applicant’s bank statement.
    • Individual's income proof and certificate of business
    • The NRIC is one of the most essential documents.
    • Photocopies of the individual’s driving license
    • Latest Borang B document which is supported by the tax payment receipt to LHDN
    • Latest EA Form
    • Photocopies of the applicant as well as the guarantor(s) ID cards. Note: Both side should be printed.
    • Other documents of business or partnership or profession.

    To Buy Used Car

    • Latest bank statements of the applicant for 6 months of their principle account.
    • Copy and originals of the latest Form 49
    • The individual’s latest Audited Annual Financial Statement (Direct Hire Purchase facilities must be excluded)
    • Performa invoices
    • Photocopies of Driving license of the seller in case he or she is an individual.
    • The Registration card.
    • Other documents of business or partnership or profession.

    Fees and Charges

    There are several fees and charges that are applicable, but the most important initial fees are listed here. For a complete list, check out the product disclosure sheet:

    Charges and Fees Amount in Ringgit
    Photocopy charges 10.60
    Photography cost (for new reconditioned vehicles) 10.60
    Stamp Duty No guarantor 20.00
    Stamp Duty with guarantor 60.00
    e-Hakmilik Fees 3.18
    Other finance company sttlement 31.80
    Inter-branch inspection (if required) for every inspection 53.00
    Charges for Non Home Branch Inspection Transport 10.60

    Disclaimer: All charges are fees mentioned here are subject to change, without any notification based on the bank’s decision. Please check with your bank before applying. .

    Maybank My First Car Plan

    If you are looking for a car loan, to buy your first car and you want the best in car loan provider in terms of charges and pricing, Maybank might be your first choice. The plans are flexible and start with loan repayment amounts starting from RM 268 per month, which makes owning a car a convenient option over using public transport. Even an undergraduate can apply for this loan, as long as they have a guarantor. For more details on this car loan, kindly contact the bank. The product flexibility also shows in the fact that the eligibility criteria is highly reasonable.

    Features and Benefits Maybank My First Car Plan

    • The repayment plans are highly flexible as well as affordable for a first time car owner.
    • If the loan has been submitted with the adequate documents, meeting all the requirements of eligibility, the loan approval time also is said to be be fast.
    • The processing time is less too.
    • Loan repayments can be done in over 400 branches across Malaysia and through online platforms as well.
    • A huge list of dealer’s partner with Maybank to provide this loan to young residents of the country, across the nation.

    Eligibility criteria for My First Car Plan

    The preferable choice of profession or job that the bank normally approves include:

    • Holding office under the Government
    • Nurse
    • Teacher
    • Accountant
    • Auditor
    • Engineer
    • Lawyer
    • Doctor
    • Architect

    Salaried individuals who is a Graduate (Based on Guideline dictated by Maybank)

    • He or she should hold a degree and not just a diploma as the word graduate, suggests.
    • He or she should have a minimum employment or experience of a month.
    • His or her minimum salary should be at least RM2, 500 or more.
    • The applicant should be between the ages 21 and 30 years old.
    • People with less than 6 months of employment must have a guarantor for the loan in the form of a parent or a sibling who may be guarantor as long as he or she meet the income requirement along with a good CCRIS record.

    Undergraduate

    • He or she should be pursuing a degree course in a recognised institution, college or university of higher learning and not just a diploma.
    • The applicant should be between the ages 21 and 30 years old.
    • The applicants should have a guarantor for the loan in the form of a parent or a sibling who may be guarantor as long as he or she meet the income requirement along with a good CCRIS record.

    Maybank Al-Ijarah Thumma Al-Bai (AITAB)

    Al- Ijarah Thumma Al-Bai is a car financing product offered by Maybank. This car finance is a Sharia compliant financial product which is designed based on the principle of ‘Ijarah Thumma Al-Bai’ which translates into ‘Ease followed with sale’. The car finance offers margin finance of up to 90%, high financing period along with various other benefits. This car finance product is an Islamic product and works with profit rates as opposed to rate of interest like in other loans.

    Features and Benefits of Maybank Al-Ijarah Thumma Al-Bai

    Listed below are the features and benefits of Maybank Al-Ijarah Thumma Al-Bai.

    • Personal finance based on the Sharia principles of the Islamic law
    • The bank purchases the item for the customer from the dealer
    • The vehicle to be financed can either be new or used(also of any make and model)
    • Margin financing up to 90%
    • Flexible high repayment term of up to 9 years
    • Competitive term charge
    • Hassle free application process
    • Speedy processing
    • Quick approval
    • Renewal of road tax
    • Motor takaful
    • Extensive network of dealers worldwide
    • No security deposit required
    • Convenient payment options such as online payment, via branches and ATMs

    What are the types of goods financed by the bank?

    Given below is a list of goods financed by the bank.

    • New motor vehicles
    • Secondhand motor vehicles
    • Reconditioned motor vehicles

    Eligibility criteria for Maybank Al-Ijarah Thumma Al-Bai

    Listed below is a list of people who are eligible for Maybank Al-Ijarah Thumma Al-Bai

    • Minimum age- 18 years and above
    • Sole proprietors
    • Partnerships
    • Private limited and public limited companies

    Fees and charges applicable on Maybank Al-Ijarah Thumma Al-Bai

    Listed below are the fees and charges applicable on Maybank Al-Ijarah Thumma Al-Bai

    • Photocopy charges- RM10.60
    • e Hakmilik charges- RM3.18
    • Settlement with another finance company- RM31.80
    • Non Home Branch Inspection Transport Charges- RM 10.60

    Maybank Car Loan FAQ's

    What are the auto financing schemes offered by Maybank?

    Maybank offers the following auto financing schemes:

    • Hire Purchase
    • Al-Ijarah Thumma Al-Bai (AITAB)
    • My First Car Plan

    How does Maybank Hire Purchase work?

    The scheme is mainly designed for reconditioned and second hand vehicles. It offers finance up to 90% for a tenure of 9 years.

    What is My First Car Plan all about?

    This is another car loan scheme offered by Maybank for first time car buyers. The plan comes with a lot of flexibilities and with low monthly repayment starting at RM268.

    How does Al-Ijarah Thumma Al-Bai (AITAB) work?

    This is a Sharia –compliant car loan scheme offered by Maybank and offers finance up to 90%. The scheme provides finance for 9 years.

    What are the main benefits offered by Maybank Car loans?

    With a Maybank Car Loan, you can enjoy the following benefits

    • Easy loan repayment procedure. You can pay your instalments at Maybank branches, online via Maybank2u.com and Maybank e-Kawanku and Maybank ATMs.
    • Enjoy fast processing and quick approval.
    • Attractive rates.
    • Widespread network of dealers nationwide.
    • Easy renewal of road tax.
    • Comprehensive motor takaful coverage.

    Who can apply for Maybank Car loans?

    • Individuals with a minimum age of 18 years.
    • Sole proprietorships
    • Partnerships firms.
    • Private limited and public limited companies.

    Which plan offered by Maybank is particularly designed for graduates?

    My First Car Plan is particularly designed for graduates. Degree Holder between the ages of 21 to 30 years can apply for this plan.

    What is the minimum age required for applying for a Maybank Car Loan?

    The minimum entry age required is 18 years.

    Can an undergraduate apply for Maybank Car Loan?

    Yes, undergraduates between the ages of 18 to 30 years can apply for Maybank My First Car Plan scheme.

    What types of cars are funded by Maybank?

    Maybank provides funding for:

    • New cars.
    • Second-hand cars.
    • Reconditioned motor vehicles/cars.

    If I want to take a Maybank Car Loan, what are the primary documents do I need to submit?

    You need to submit the following primary documents:

    • Driving license
    • Copy of NRIC
    • Passport and employment Letter for foreigner
    • Latest 2 months' salary slips
    • Latest EA/ EPF Statement

    Can I apply for Maybank car loan online?

    Yes, you can apply for Maybank Car Loan online.

    What is the maximum finance offered on new vehicles?

    Maybank offers finance up to 90% on your new vehicle.

    How much finance does Maybank offer on second hand vehicles?

    It offers a maximum of 85% on second hand vehicles.

    What is the maximum car loan repayment tenure with Maybank?

    The maximum loan repayment tenure is 108 months.

    Do I need to pay Stamp Duty charge?

    Yes, you need to pay amount of RM20 as Stamp Duty charge.

    Other Products offered by Maybank:

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

    News About Maybank Car Loan

    • Maybank Issues RM 2.2 billion Subordinated Notes

      Malayan Banking Bhd (Maybank) announced their completion of issuing of RM 2.2 billion Basel III-compliant Tier 2 subordinated notes which is a part of the RM 7 billion subordinated note programme.

      In a filing to Bursa Malaysia in the beginning of last week, Maybank mentioned that notes would for a tenure of 10 years with along with a maturity date of Oct 17, 2025.

      “The proceeds from the subordinated notes will be utilised to fund Maybank’s working capital, general banking and other corporate proposes,” Maybank added.

      The subordinated notes being ‘AA1’ as per the ratings by RAM Ratings Services Bhd, will have the qualification as Tier 2 capital of the financial institution as per the Bank Negara Malaysia Capital Adequacy Framework.

      26th October 2015

    • Maybank Stocks Face High Decline In Early Trading Hours on Wednesday

      Bursa stock market saw the decline of bank stocks lead by Malayan Banking Bhd (Maybank), AMMB Holdings Bhd and Public Bank Bhd on Wednesday amid the major market losses driven by the anticipated loan growth slowing down.

      AMMB, one of the top five decliners, lost 19 sen by 4% at in the earlier hours of the market opening at RM4.49, being the stock's lowest in the first half. However, four million shares were traded on the day.

      The third financial institution, Public Bank Bhd fell by 1% lossing 16 sen around 11:24am to RM17.84, with approximately 2 million shares having been traded. The stock was among the top ten decliners.

      Before reaching noon, the FBM KLCI lost 17.97 points, by 1% to 1,591.24.

      According to MIDF Amanah Investment Bank Bhd loan momentum is expected slowdown further in the latter half of the year. This is lead due to slowing business loan demand, driven by declining pace of the economic growth and weak capital market activities.

      MIDF further mentioned, “Should the low commodity prices, weaker ringgit continue, as well as slowdown in external economies be prolonged, we will not be surprised of any increase in banks’ impaired loans with upticks in gross impaired loan (GIL) ratios”.

      3rd September 2015

    • Maybank rated AAA by MARC

      MAC which is the apex rating agency in Malaysia has rated Maybank as AAA due to the bank’s strong domestic franchise and stable earnings over a considerable period of time. The bank has been given this high rating due to its stable earnings and good domestic network. The rating agency took into account the consolidated credit profile of Maybank because of strong inter-linkage within the group. The dividend reinvestment program also fed into the strong capital base of Maybank.

      Maybank’s total capital adequacy ratio has been higher than the average industry standard and is 16.3% currently. Maybank is one of the premier banks of Malaysia with products and services across a host of banking domains like personal banking, corporate banking, Islamic banking, wealth management and so on. However, Maybank’s Indonesian operations remained affected due to asset quality issues that dragged profit contribution down to just 3% in 2014 from 7.4% in the year 2013.

      6th August 2015

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