Maybank, AmBank Named As Tesla Malaysia's Preferred Financiers, To Offer Special Financing Packages

Alex Cheong Pui Yin

20th July 2023 - 5 min read

Tesla has officially launched in Malaysia today to much fanfare, and its Model Y SUV is also officially unveiled at the starting price of RM199,000. During the event, Tesla Malaysia also revealed that it has selected two banks as its preferred financiers – namely Maybank and AmBank – with both banks set to offer special financing packages to prospective buyers.

Here’s what we know about the financing plans that will be offered by both Maybank and AmBank as of now.

Maybank’s integrated EV automobile financing solution

Prospective Tesla car buyers will be able to tap into Maybank’s integrated automobile financing solution that was launched earlier this year, which includes not only a loan at preferential rates, but also insurance coverage and EV charging privileges.

To start with, here are several key details regarding the hire purchase loan that will be offered to you if you decide to go with Maybank to finance the purchase of your Tesla Model Y (applicable from today until 31 December 2023):

Preferential financing rates from as low as 1.98% under an accelerated repayment package
Up to 90% margin of financing
Financing tenure of up to 108 months (9 years)
Same-day approval (subject to submission of complete documents)
Flexible repayment options

In addition to the loan, you will also be able to enjoy complimentary coverage from Maybank’s insurance arm, Etiqa, for both your Tesla car and home charger. Dubbed the Tesla Ensure package, these are what you can expect to get:

Complimentary EV home charger coverage, with sum insured of up to RM12,000
Personal accident coverage (death and permanent disability) of up to RM18,000 for the insured
One-time special relief allowance of RM1,500 due to total loss (floods/flash floods, overflowing of waterways/rivers, and mud slides) and theft
Compassionate benefit of RM1,000, in the event of accidental death of the insured
Key Care Cover to replace car key due to theft or attempted theft, robberies, or house break-ins
24-hours breakdown assistance (repair onsite) and unlimited 24-hours towing assistance
Up to 30% cash rebate (with “Drive Less Save More” add-on)

And finally, Maybank is also including special EV charging privileges to further sweeten the deal for those who tap into their EV financing solution. Note, though, that these benefits are tied primarily to Maybank’s own EV charging facilities and infrastructure (in collaboration with ParkEasy); Tesla will also have its own supercharger stations throughout Malaysia:

Access to InCharge, an EV charging membership on the ParkEasy app by Maybank Islamic
30% cashback or discount at ParkEasy charging stations
Free RM200 or RM500 InCharge credit (subject to your financing amount)

Aside from these existing benefits under its EV financing solution, Maybank is actually running another exclusive campaign in conjunction with Tesla’s launch in Malaysia today, where prospective Tesla car owners will stand a chance to win RM500 worth of gold. Note, though, that this is only applicable to Maybank Private and Maybank Premier clients, limited to 100 redemptions.

You can find out more about Maybank’s offers on its landing page here.

AmBank auto financing

Meanwhile, not much information has been released on AmBank’s financing package for potential Tesla car buyers as of yet, but we do know – based on its website – that “preferential financing rates will be offered for electric vehicles”.

Additionally, customers who opt for financing with AmBank will also be able to purchase the InsureMyTesla package, offered by Liberty Insurance (which owns AmBank’s insurance arm, AmGeneral Insurance Berhad). Under this package, you’ll be entitled to the following coverage:

All authorised drivers will be covered without compulsory excess
Reimbursement of up to RM12,000 for loss or accidental damage to private electric charger
Reimbursement of up to RM1,000 to repair or replace car key/transmitter
12-month warranty for workmanship repair
24-hour unlimited mileage towing assistance for flat battery, accidents, or breakdowns

If you wish to, you can also opt for add-ons to your insurance for a fee, including special perils, windscreen, legal liability to/of passengers, as well as no-claim discount (NCD) relief. It’s further highlighted that those who choose to finance their new Tesla vehicle with AmBank will enjoy up to 5% discount on basic premium rates for the InsureMyTesla package.

We’ve also reached out to AmBank for more info regarding its available financing options for the newly launched Tesla, and will update once we receive them.

***

If you’re one of those who’ve been keeping a close eye on Tesla’s journey into Malaysia – since its announcement back in March 2023 – you’ll know that although the official launch is scheduled for today, the company’s Tesla Model Y has actually already been made available for booking since last week. The car, widely acknowledged as one of the safest cars in the world, is available in three variations: Rear-wheel drive, Long Range, and Performance.

Interested individuals can place a booking through the Tesla Malaysia website (with a non-refundable fee of RM1,000), but Maybank and AmBank may offer to arrange a booking on behalf of their high-net-worth customers. Maybank, for instance, has explicitly encouraged its Premier and Private customers to connect with their relationship managers or client advisors, respectively, to book their cars.

The Tesla Model Y is expected to be delivered in early 2024.

(Sources: Maybank [1, 2], AmBank [1, 2])

5 1 vote

Article Rating

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.

See all articles