Maybank Islamic Car loans Malaysia, is a widely known and trusted banking entity. Maybank Islamic car loans are a great source of finance if you are looking to buy a car in Malaysia. Maybank Islamic group is the biggest investment bank in the Asia-Pacific region.
At least 18 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 9 years
|Margin of Finance||Up to 90%|
The Al-Ijarah Thumma Al-Bai (AITAB) or Maybank Islamic car loan works on the principal of lease and sale which means that the bank leases to customers the car that they want to purchase in return of easy monthly installments. On completion of the lease period the customer acquires ownership of the car. This loan package is an ideal option for college going students and professional employees who can save a lot of their travel time and also their transportation costs.
The margin of finance offered on the car loan is up to 90% which means the customer will not have to lose sleep over making a hefty down payment on a car deal. The maximum loan tenure is 9 years and an additional benefit of this loan scheme is - renewal of road tax and insurance (takaful) of motor. The best part is that not only new vehicles can be financed but any second hand or repaired used vehicle can also be funded under the AITAB car loan.
Maybank Islamic has very flexible policies while offering car loans to its customers irrespective of their nationality, caste, religion and financial stature. Even a Non-Muslim, Non-Malaysian individual can apply for this Maybank car loan. An individual must be 18 years of age or above to get his/her car funded under this scheme; other than that partnership firms, private and public limited companies are also eligible for the AITAB car finance.
The margin of finance on new and old cars varies according to bank policies. The bank offers a margin of 90% on purchase of both new cars as well as reconditioned cars. While an 85% of the actual market value is made available to used passenger cars.
Along with a complete application form, NRIC, Driving License, Salary slips of last 2 months, Latest EA/EPF statement, bank statements of past 3 months, business registration documents, etc. are to be submitted while applying for this loan.
There is no collateral or guarantor needed unless the customer is a foreigner. If the applying customer is not a Malaysian citizen, then a guarantor is compulsorily required to submit certain documents.
No partial payment of loan installments is allowed. In case a customer fails to pay the full amount of installment or makes a late payment, late payment fee of 1% of the outstanding loan balance is charged by the bank. Similarly, if a customer misses to pay the installments for 2 consecutive months, the bank has the right to repossess the car. It is advised to inform the bank in advance if the payment is going to be delayed.
As per convenience, individuals can choose any method to pay their monthly car finance installments. These methods include online banking transfer, standing instruction, cash deposit, cheque submission, phone banking or Maybank ATMs which are located all over Malaysia.
Apart from offering Car Loan, Maybank Islamic offers other products and services which include:
Yes, Maybank Islamic provides car financing. The bank offers Al-Ijarah Thumma Al-Bai (AITAB).
It is a car loan scheme offered by Maybank Islamic to help you finance both used as well as new cars. It is an Islamic car loan scheme.
The bank provides finance up to 90%.
The maximum tenure of car financing with Maybank is 9 years.
Yes, you do need to takaful coverage with your Maybank Islamic Car Loan. It is a motor insurance that helps you protect your car against loss.
The minimum entry age required for Maybank Islamic Car Loan is 18 years.
The main features of Maybank Islamic include:
The bank funds the following types of vehicles:
The following categories can apply for Maybank Islamic Car Loans.
You can apply for it manually by visiting your nearest branch of Maybank Islamic or online (if the facility is available).