CIMB Hire Purchase

Who is eligible for a CIMB Hire Purchase car loan?

If you are hoping to be eligible for this car loan, please make sure that you are at least 18 years of age. With youth comes higher financial risk, so if you're under 21 years of age don't be at all surprised if CIMB asks you to provide a guarantor for your car loan.

Tell me about my monthly instalments.

Your monthly repayments are calculated using a flat interest rate. Using this flat interest rate your payments will stay fixed and stiff as a stick throughout the entire tenure. That is to say, your car loan payments will be the same every month and never vary. 

On the other hand, you can also take up monthly instalments with a variable rate. That means your interest rate may fluctuate up or down throughout your loan period. 

What kind of vehicles can this loan be used for?

You will be able to finance the purchase of new or used passenger cars, and also unregistered reconditioned cars.

Okay, and if I miss paying an instalment?

Then you'll be missing out on your car as well, as the bank is given permission to repossess your car in the event that you fail to pay for two months in a row. If you pay a little late you will be penalised with a charge of 8% interest per annum on the overdue amount.

Do I have the option to settle the loan earlier?

Yes, a CIMB Hire Purchase car loan allows for early settlement. You will also get a rebate based on the bank's unearned interest for the remaining period. You can check out the Product Disclosure Sheet to find more details and the calculations as well.

Great, what documents are needed for the application?

Salaried Applicant:

• Copy of NRIC & valid driving license
• Latest 3-months salary slips, or
• Latest 3-months Savings/Current account statements
• Latest EPF statement or Income Tax payment with a valid receipt

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

Tell me more about CIMB InstaApproval!

With CIMB InstaApproval, it only takes 1 minute to secure your dream car. The approval will be given upon submission of complete documents with a stable internet connection. Your car dealer will also be notified upon approval. Application is simple and paperless as you only need to apply using your NRIC.

Am I eligible to apply for CIMB InstaApproval?

As long as you are a salaried employee with a payslip and/or EPF statement, you are eligible.

Regardless, do ensure that there isn't any form of misrepresentation on the information and documentation you've provided to the bank to avoid your auto financing being withdrawn and/or cancelled.