Under the grand banking strategy of MBSB, highly uniform auto loans are offered to citizens who want to buy their own car or a superbike. These auto loan packages could be sought to finance the purchase of new as well as old/used vehicles. MBSB Car Loans are designed to be in compliance with Shariah concepts but could be applied for by Non-Muslim applicants too. Those who have always dreamt of owning a vehicle without suffering a hole in their pockets can go for the MBSB car financing plans.
You’re probably eligible for an MBSB Bank Car Loan if you are
At least 18 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your MBSB Bank 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 MBSB Bank 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 MBSB Car Loan
- 1. Photocopy of Valid Driving License
- 2. Photocopy of NRIC
- 3. Passport and employment / Contract Letter for foreigner
- 4. Documentation for Salaried Employee:
- Latest 3 months pay slips/ salary vouchers
- Latest 3 months Savings/ Current account statements.
- Latest Form B/ EA or EPF Statement.
- 5. Documentation for Self Employed:
- Business Registration Certificate for Sole Proprietor/ Partnership.
- Latest 6 months bank statement account
- 6. Documentation for Company :
- Form 9,13, 24 & 49
- Latest Company's Directors and Management profile
- Latest 6 months' company account Bank Statement
- Guarantor(s) NRIC (if applicable)
MBSB Bank Car Loan Interest RatesUpdated on 24 Oct 2016
|Margin of Finance||Up to 90%|
Why choose MBSB Car Loans?
The automobile loans offered by the Malaysia Building Society Berhad come with competitively low interest rates and high finance margins which go up to 90%. Moreover, if the applicant does not have a Malaysian citizenship, he or she can still apply for this car finance via a Malaysian guarantor. Any car, new, old, used or reconditioned, can be funded with the help of these packages which make it ideal for college going students as well working employees.
What are different MBSB Auto Financing Packages?
Currently the foundation is offering two automobile funding schemes to suit the different requirements of customers from all walks of life.
MBSB Vehicle Financing/Hire Purchase: This Islamic car loan works on the principle of traditional loaning where the customer enters a hire & purchase agreement as a hirer with the MBSB who is the owner of the vehicle until all the installments are paid off. Any Malaysian individual aged between 18 to 60 years and earning a minimum income of RM1500 per month is eligible to apply. Foreigners are also welcome to apply via a Malaysian guarantor. The margin of finance available is up to 90% with the maximum loan tenure being 9 years.
MBSB Superbike Financing: Any Malaysian individual aged between 18 to 60 years earning a minimum monthly income of RM7,000 is eligible for the MBSB superbike funding plan. This Islamic funding package offers a finance margin of up to 75% with the maximum period to repay the loan as 7 years. The working applicants must be employed in a public listed company or a corporation or could be self-employed professionals.
Are the monthly installments flexible on the MBSB Car Loans?
The customers who have applied for the MBSB vehicle financing or hire purchase have an option of paying more than the fixed monthly installments if they can afford to do so. This reduces their principal sum of loan which means lower payment on interest rates. As for the Superbike Financing installments, they are fixed installments and shall be paid as decided at the time of agreement. It comes with a flat interest rate totally dependent on the customer’s preference of loan tenure. MBSB charges absolutely no processing or handling fees on the installment payments.
How to apply for the MBSB Auto Financing Packages?
The interested applicants may visit the official website of MBSB where they can fill in the relevant contact details at the 24x7 active registration centers and the bank executives shall contact at the earliest opportunity. Other than that, the nearest branch of MBSB can also be contacted for any queries and application proceedings.
What are the documents required while applying for the MBSB Auto Funding?
Along with a complete application form, the customers need to present copy of MyKad, valid driving license, salary slip of past 3 months, bank statements of past 6 months, current or savings account statements of last 3 months, Business Registration Certificate, etc.
Are there any penalty charges on the delay or complete omission of MBSB Car Loan Installments?
In case there has been a delay in the payment of the monthly installments, a penalty charge of 1% of the overdue amount shall be paid by the customers. In case the customer fails to pay the installments for two consecutive months, the bank has the right to repossess the vehicle and all repossession charges are to be borne by the customer.
Can the MBSB Auto Loan be settled earlier than maturity?
The customers are free to pay off their loans earlier than the decided duration without paying any Early Settlement Charge; moreover, they are also offered a rebate on the remaining financial tenure.
What are the methods to pay the installments?
There are various options available to make repayments such as online banking, standing instruction, cash deposit, cheques and phone banking in order to make the overall customer experience more comfortable and hassle-free.
How to calculate MBSB Car Loan installment 2016?
The Car Loan Calculator available at bbazaar.my can be used to calculate installments on your MBSB car loan. MBSB provides both conventional and Islamic financing for car loans at competitive profit rates. MBSB provides car loans not only for new cars but also used and reconditioned cars. Input basic details viz. the loan amount, tenure period, interest rate and applicable processing fees and hit calculate. The Car Loan Calculator will instantly provide details on installments payable, total amount payable and amortization schedules.
Other Products offered by MBSB:
Apart from offering Car Loan, MBSB offers other products and services which include:
MBSB Car Loan FAQ's
What are the car loan schemes offered by MBSB?
MBSB offers the following car loan schemes:
- Hire Purchase
- Product Features for Superbike Financing
How does MBSB operate?
MBSB Hire Purchases is an Islamic car loan that provides you finance for a tenure of 9 years. You can avail finance up to 90% under this scheme.
What is minimum age required for availing a MBSB Car Loan?
The minimum age required is 18 years.
What if my total age is 60 years? Will I be eligible for a MBSB Car Loan?
Yes, you are still eligible for a MBSB Car Loan. However, your age should not be more than 60 years.
Does MBSB provide car finance for used cars?
Yes, the bank provides car finance for used cars along with providing finance for new cars.
What is the margin of finance offered by MBSB?
MBSB offers finance up to 90% of your car value.
What are the different types of financing offered by MBSB?
The bank offers Islamic financing as well as conventional financing.
Do I need a guarantor to avail a MBSB Car Loan?
Yes, you need a guarantor under to avail MBSB Hire Purchase the following circumstances:
- Your age is less than 22 years.
- If it is a company application.
- Applicant is a foreigner.
- Your age is more than 55 years.
How many guarantors are allowed for a single car loan application?
Two guarantors are allowed per single application.
What is HPRTT? It is compulsory?
It stands for Hire Purchase Reducing Term Takaful. Yes, it is compulsory.
What if I fail to repay my MBSB Car Loan on time?
If you fail to repay your MBSB Car Loan ON time, MBSB may repossess your car. It may happen if you miss your payments for 2 times uninterruptedly.
How do I repay my MBSB Car Loan?
You can repay your MBSB Car Loan by paying in installments.
What is the margin of finance of offered by MBSB Superbike Financing?
It is 75% of the car value.
What is the maximum loan repayment tenure under Superbike Financing?
It is 7 years.
What are the key documents need for MBSB Car Loans?
- Employment letter
- EA / J Form / E-filing
- Latest salary slips
Who can apply for MBSB Car Loans?
Both salaried and self-employed can apply for this car loan.