Maybank Rolls Out Integrated Automobile Financing Solution For EV, Hybrid Car Users

Alex Cheong Pui Yin

15th March 2023 - 3 min read

Maybank has introduced an integrated automobile financing solution that is targeted at helping electric vehicle (EV) and hybrid car users. Said to be the first of its kind, the solution will cover various aspects of owning such vehicles – including holistic financing solutions, insurance, as well as takaful coverage and EV charging privileges – and is currently offered until the end of this year.

According to the bank, eligible customers will be able to get up to 90% margin of financing for their cars, with up to 108 months of financing tenure and preferential rates. They will also enjoy various EV charging privileges via InCharge – an EV charging membership by Maybank Islamic – including a 30% discount when using charging stations that are listed on the ParkEasy app. This is in addition to being awarded bonus InCharge credit of up to RM500 when they apply for EV financing solutions (with a minimum disbursement of RM120,000).

On top of that, Maybank is offering a complimentary EV home charger coverage for newly registered battery-powered electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) aged below one year. These vehicles must, however, be covered by Maybank’s insurance arm, Etiqa.

In a statement, Maybank said that the launch of this new solution is in line with its aspiration to become the sustainability leader in the region, and will help the bank meet its recently revised target of achieving RM80 billion worth of sustainable financing by 2025. It also hopes to achieve a carbon-neutral position by 2030.

The new solution also complements Maybank’s and Maybank Islamic’s ongoing sustainability efforts that have been rolled out thus far. For instance, Maybank Islamic became Malaysia’s first financial provider to embark on the EV charging infrastructure landscape, following its move to install EV charging stations at Dataran Maybank, the Kuala Lumpur Golf and Country Club, and the Mandarin Oriental Hotel (KL). It also aims to install several more EV charging stations within the Klang Valley and other states in Peninsular Malaysia by the end of 2024.

Maybank had also mobilised its insurance arm, Etiqa, to introduce insurance and takaful coverage for EV home chargers last year. It offers up to RM12,000 coverage to repair customers’ EV home charger in the event of misfortunes, including theft, fire, and floods.

Group chief executive officer of Maybank’s community financial services, Dato’ John Chong further commented that Maybank hopes to support the government’s sustainability aims with these efforts as well. “Our initiative is also in support of the government’s vision of growing the EV market share to 38% by 2040 through the Low Carbon Nation Aspiration under the National Energy Policy 2022-2040,” he said.

The chief executive officer of Maybank Islamic, Datuk Mohamed Rafique Merican concurred, adding that this is another initiative made to contribute to the public and the environment. “Our ultimate goal is to create a positive impact to the environment and society, and in line with the group’s mission to humanise financial services, Maybank Islamic will allocate proceeds collected from the usage of the EV charging stations to fund identified social impact initiatives,” he stated.

(Source: Maybank [1, 2])

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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