• Car Loan BYTES FROM OUR KITCHEN

    Maybank Islamic Car Loan

    Maybank Islamic Car Loan is a loan facility by Maybank through which you can obtain funds to purchase a vehicle. The loan facility is based on Shariah contract of AITAB (Al Ijarah Thumma Al Bai). The facility comes with a competitive profit rate on the funds obtainable with it.


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

    01
    02
    03
    04
    Maybank Islamic Car Loan Minimum Age

    At least 18 years old

    Maybank Islamic Car Loan Maximum Age

    Less than 70 years old

    Maybank Islamic Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Maybank Islamic Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Maybank Islamic Car Loan amount eligibility is based on these factors

    01
    02
    Maybank Islamic Car Loan Maximum Loan to Value

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

    Maybank Islamic Car Loan Installment

    Installments of other loans lower
    your eligibility


    Increase your eligible Maybank Islamic Car Loan amount by these steps

    01
    02
    Maybank Islamic Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Maybank Islamic Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for Maybank Islamic Car Loan

    • 1. A copy of both sides of NRIC
    • 2. Driving License
    • 3. Salary slips or voucher copies for last 2 months
    • 4. Business registration certificate
    • 5. Trading and Profit Account and Balance Sheet of the firm
    • 6. Latest company’s directors and management profile
    • 7. Form 9, 13, 24, and 49
    • 8. Latest Audited Annual Financial Statement

    Maybank Islamic Car Loan Interest RatesUpdated on 21 May 2018

    Maybank Islamic Car Loan Details
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    Types of Car Loans

    Here are the plans available with Maybank Islamic Car Loan:

    Financing Plan Tenure Available Margin of Finance
    New motor vehicles (passenger car, 4WD, SUV, MPV, CBU and CKD) Up to 108 months 90% of the seller’s/dealer’s invoice
    Second hand motor vehicles (passenger car, 4WD, SUV, and MPV) Up to 108 months 85% of the seller’s/dealer’s invoice
    Unregistered reconditioned and imported vehicles Up to 108 months 90% of the seller’s/dealer’s invoice

    Maybank Islamic Car Loan Features & Benefits

    Let’s take a look at features and benefits associated with Maybank Islamic Car Loan:

    • The loan facility comes with an attractive and competitive range of term charges.
    • With this facility, you can get financing for new, used as well as reconditioned motor vehicles.
    • You can choose the repayment period from a flexible range that has a maximum value of 108 months.
    • You can obtain funds up to 90% of the price of the vehicle with Maybank Islamic Car Loan.
    • The loan scheme comes with fast processing and approval.
    • The repayments for the Maybank Islamic Car Loan can be made via convenient payment modes like online payments via Maybank2u.com and Maybank e-Kawanku, payment through ATMs, and at the Maybank branches.
    • The loan facility comes with road tax renewal and motor takaful coverage.

    Maybank Islamic Car Loan Interest Rates

    The profit rates under Maybank Islamic Car Loan are mentioned in the table given below:

    Type of Vehicle Tenures Available Profit Rate
    New vehicle Up to 108 months 3.40% p.a. - 4.10% p.a. flat
    Used vehicle Up to 108 months 4.25% p.a. – 4.50% p.a. flat

    Maybank Islamic Car Loan Eligibility Criteria

    The eligibility criteria for Maybank Islamic Car Loan are given below:

    • Age Requirement: The minimum age required for individuals at the time of application is 18 years.
    • Employment Requirement: The following can apply for Maybank Islamic Car Loan:
      • Individuals who are salaried-employees
      • Private Limited Companies
      • Public Listed Companies
      • Sole proprietorships
      • Partnerships

    Documents Required for Maybank Islamic Car Loan

    • Individuals who are Fixed Salary-Earners:
      • For Applicants:
        • A copy front as well as back page of NRIC.
        • The driving License.
        • Last 2 months’ salary slips or vouchers.
        • One of the following: Latest EA statement, latest EPF statement, 3 months bank or passbook statement, ASB/ASN, or employment confirmation letter.
        • A copy of passport and contract or employment letter for the foreigners.
        • Details of the spouse that include the NRIC and last 2 months’ income proof if it supports the household income.
        • For purchase of an old/used vehicle, the following additional documents are required to be presented along with the documents mentioned above: NRIC and driving license of the seller (if the seller is an individual), Performa invoice, and registration card.
      • For Guarantor (compulsory if the applicant is a foreigner):
        • A copy of both sides of NRIC.
        • One of the following: Latest EPF statement, ASB/ASN, latest EA statement, 3 months bank/passbook statement, or employment confirmation letter.
        • Salary slips or voucher copies for last 2 months.
    • For Sole Proprietorships/Partnerships/Self-Employed Individuals:
      • Copies of both front as well as back page of NRIC.
      • A copy of driving license.
      • Business registration certificate (Form D and any one from Form A and B).
      • A relevant document serving as the business’ income proof.
      • Trading and Profit Account and Balance Sheet of the firm (mandatory for all except self-employed individuals).
      • Latest 6 months’ bank statements for self-employed individuals and sole proprietorship and latest 3 months’ bank statements partnerships.
    • For Private Limited Companies:
      • Latest company’s directors and management profile.
      • Form 9, 13, 24, and 49.
      • Last 3 months’ bank statement.
      • The guarantor’s NRIC wherever applicable.
      • For the purchase of a used/old vehicle, registration card, Performa invoice need to be presented along with the list of documents mentioned above.
    • For Public Listed companies:
      • Latest Audited Annual Financial Statement (required for all except for Direct Hire Purchase facilities).
      • Latest Form 49.
      • For the purchase of a used/old vehicle, Performa invoice and registration card need to be presented along with the documents mentioned above.

    Maybank Islamic Car Loan Fees and Charges

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

    Late payment charges (Before the maturity) 1% p.a. of the amount of overdue instalment will be charged in cases of late payments before the maturity of the loan facility.
    Late payment charges (After the maturity) IIMM% p.a. of the total outstanding principal will be charged in cases of late payments before the maturity of the loan facility.
    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 per letter.
    Issuance letter of consent to JPJ on the interchange of vehicle’s registration number (for used vehicles) RM53 per letter.
    Road tax renewal RM10.60 will be charged for the renewal of road tax.
    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 per letter.

    Note: JPJ = Jabatan Pengangkutan Jalan (Road Transport Department Malaysia); IIMM = Islamic Interbank Money Market.

    How to Apply for Maybank Islamic Car Loan

    • Offline Application: One way of applying for Maybank Islamic Car Loan is putting the request at the nearest Maybank branch. You will need to fill up the application form with required details and submit it along with the supporting documents for yourself as well as for the guarantor wherever applicable. You can also reach out to the bank through the Maybank’s customer service numbers.
    • Online Application: You can also choose to apply for the Maybank Islamic Car Loan online on the official website of Maybank. You need to upload the supporting documents and fill up the application form available online with all the necessary details.

    FAQs

    Q. Do I necessarily have to opt for the takaful coverage with this loan scheme?

    A. Yes. It is mandatory to get the takaful coverage with your Maybank Islamic Car Loan under AITAB financing.

    Q. Does the process on this loan scheme need a guarantor?

    A. The process may or may not require a guarantor as the requirement of a guarantor varies from person to person. Whereas, it is mandatory for the foreigners to bring a local guarantor at the time of Maybank Islamic Car Loan process.

    Q. What are the payment methods I can make the repayments through?

    A. You can make the repayments through CDMs (Cash Deposit Machines), PDCs (Post Dated Cheques), standing instructions, recurring payment facility through maybank2u, and payment at any Maybank payment counter.

    Q. What if one decides to settle the entire financing amount before the loan scheme reaches its maturity?

    A. You are allowed to opt for an early settlement of the financing amount any time before the loan maturity.

    Q. If I decide to settle the entire loan amount before the loan’s maturity, will I get any benefit?

    A. Yes. You are eligible to earn a rebate (Ibra’) in such cases. Let’s take a look at the way rebate is calculated:

    Rebate (Ibra’) = TC x [{n x (n+1)} / {N x (N +1)}]

    Where TC = Term charges; n = tenure unutilised in months; N = the original loan tenure in months.

    TC = A x R x T/100

    Where A = Total approved loan amount; R = Profit rate.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.