Who is eligible for CIMB Hire Purchase-i?
You need to be at least 18 years of age and earning a minimum of RM2,000 a month to apply for this loan. If you're over 18 years old but under 21 years old, you may be asked to provide a guarantor.
I plan to get a used car, will this loan be suitable?
Yes! You will be able to finance the purchase of new or used passenger cars, and also unregistered reconditioned cars.
What are my monthly repayments?
CIMB Hire Purchase-i adheres to CIMB's own Shariah standards. Your lease payments will be predetermined by the bank using a flat interest rate, leaving you no room for principal reduction or lowering interest rate charges.
Otherwise, you can also choose a variable rate for your monthly instalments - that means your monthly repayments may go lower or higher throughout your loan tenure.
What is the worst that could happen if I do not make payments?
The worst scenario would be repossession of your vehicle by the bank. This will happen if you miss payments for two months in a row. Other than that, if you're a little late making payment onto your car loan expect to be charged 1% interest on the overdue amount.
Can I pay my car loan off early?
Want to pay off your loan early? Your wish shall be granted! There is even a rebate on the remaining unearned bank profit.
Great, what documents are needed for application?
Salaried Applicant:
- Copy of NRIC & valid driving license
- Latest 3-months salary slips, or
- Latest 3-months Savings/Current account statements
- Latest form B / EA or EPF statement
Self-Employed:
- Copy of NRIC & valid driving license
- Business Registration Certificate for sole Proprietor / Partnership
- Copy of BR Renewal (Borang D/E)
- Latest 3-months Savings/Current/ASB/ASN/Tabung Haji statement
- Latest form B / EA or EPF statement