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.
You’re probably eligible for an Maybank Islamic Car Loan if you are
At least 18 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Maybank Islamic Car Loan amount eligibility is based on these factors
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Increase your eligible Maybank Islamic Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 9 years
Documentation needed to apply for Maybank Islamic 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
Maybank Islamic Car Loan Interest RatesUpdated on 05 Dec 2016
|Interest Rate||2.95% - 5.8%|
|Margin of Finance||Up to 90%|
Maybank Islamic Car LoanBeing one of the top three Islamic Banks in the world, Maybank Islamic car loans offer attractive schemes, allowing customers to fulfill their dream of owning a car. The bank has made it easier to purchase a new or used/second hand car of any brand at highly competitive interest rates. Any individual living in Malaysia, either a citizen or non-citizen, aged 18 years or above can apply for this auto financing plan.
Why should I choose Maybank Islamic Car Loan?
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.
What is so special about AITAB or Maybank Islamic Car Financing Package?
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.
Who can apply for this Islamic Car Financing Scheme?
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.
What are the finance margins on the funding of new and used cars?
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.
What are the documents required while applying for the Maybank Islamic Car Loan?
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.
Is a guarantor needed to apply for the AITAB Car Financing Plan?
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.
Can the Car Loan Installments be paid in partial sums?
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.
What methods can I use to pay my Car Loan installments?
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.
Other Products offered by Maybank Islamic:
Apart from offering Car Loan, Maybank Islamic offers other products and services which include:
Maybank Islamic Car Loan FAQ's
Does Maybank Islamic provide car financing? What are the car loan schemes offered by Maybank Islamic?
Yes, Maybank Islamic provides car financing. The bank offers Al-Ijarah Thumma Al-Bai (AITAB).
What is Al-Ijarah Thumma Al-Bai (AITAB) all about?
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.
What is the margin of finance provided by Maybank Islamic?
The bank provides finance up to 90%.
What is the tenure of car financing with Maybank Islamic?
The maximum tenure of car financing with Maybank is 9 years.
Do I need to get Takaful Coverage with Maybank Islamic Car Loan?
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.
What is the minimum entry age required for Maybank Islamic Car Loan?
The minimum entry age required for Maybank Islamic Car Loan is 18 years.
What are main features of Maybank Islamic Car loan?
The main features of Maybank Islamic include:
- It comes with high margin of finance up to 90%
- Easy renewal of road tax.
- Motor takaful coverage
- Get finance for both new as well as used vehicles.
- Long financing term of 9 years.
- Quick processing and fast approval.
What types of vehicles are funded by Maybank Islamic Car Loan?
The bank funds the following types of vehicles:
- New passenger vehicles
- Second hand vehicles
- Foreign vehicles
Who can apply for Maybank Islamic Car Loan?
The following categories can apply for Maybank Islamic Car Loans.
- Individuals falling in the age group of 18 years and above.
- Sole proprietorship/Partnerships firms
- Private and public limited companies.
How do I apply for a Maybank Islamic Car Loan?
You can apply for it manually by visiting your nearest branch of Maybank Islamic or online (if the facility is available).