MBSB Hire Purchase

Whether you prefer a conventional car loan, or an Islamic option, MBSB Hire Purchase has just the solution!

    • Up to 9 years tenure
    • Flexi Islamic financing
    • Flat profit rate
    • Up to 90% margin of finance
  • ConditionOriginMaximum YearsMargin of FinanceProfit Rate
    NewLocal9 years90%3.2% p.a.
    Foreign9 years90%2.9% p.a.
    UsedLocal9 years90%4.5% p.a.
    Foreign9 years90%3.8% p.a.
View product disclosure sheet.

Fees & Charges

There are always fees but how much are they?

Profit Rate for New Cars
from 2.9% p.a. to 3.2% p.a., depending on car brand, borrowing amount, and period.
Profit Rate for Used Cars
from 3.8% p.a. to 4.5% p.a., depending on car brand, borrowing amount, and period.
Stamp Duty
Photocopy Charges
Consent Letter
Early Settlement Fee
Late Penalty Fee
8% p.a. of the outstanding amount


Do you qualify for this financing?

Minimum annual income
Minimum age
18 years old
Maximum age
60 years old
Who can Apply
  • Malaysians

Frequently Asked Questions about MBSB Hire Purchase

Things you might want to know

Who is eligible for MBSB Hire Purchase?

As car loans go this one is fairly inclusive, Malaysians between the ages of 18 and 60 with a minimum income of RM1500 per month are eligible to apply. For foreigners, and folks below the age of 22, a guarantor is compulsory. Your past credit rating remains the primary measure when considering your loan application however, so do keep in mind that a guarantor will only act as an added security.

How much can I borrow from MBSB?

Depending on your credit record and payment history you will be able to borrow up to 90% of your car's market value, for up to 9 years. This MBSB car loan is available for both national and non-national cars and comes in conventional and Islamic variants, the latter following the concept of Al Ijarah Thumma Al-Bai.

What are my car loan repayments?

Your repayments for the MBSB Hire Purchase are calculated using a flat interest rate. Good news is that you can pay in excess of your monthly installments to reduce your principal borrowing amount which means you pay less interest in the long term. Monthly installments can be repaid over-the-counter at your local MBSB branch.

What if I don't keep up with my repayments?

You'll definitely have to pay a late penalty fee if you miss a payment! If you've opted for the Islamic variant you will only be charged 1% as a penalty, otherwise, you will have to pay 8% per year on the overdue payment. 

If you don't keep up your repayments for two consecutive months the bank has the right to repossess your car. You shouldn't keep it to yourself if you have trouble paying off your loan, it would be best to have a talk with an MBSB representative.

Can I pay off this car loan whenever I want?

Not only can you settle your debts sooner by making an early settlement, but you can also get a rebate on the remaining financing period!

Before I apply, what documents do I need to get together?

Salaried Applicant:

  • Employment Letter / 3 months' pay slip;
  • Name / Call cards of employees from known/established company.
  • EA / J Form / E-filing
  • Minimum of 3 months' salary slips + bank book salary credited.
  • To verify details in salary slip with HR staff.
  • Site visit for loan amount more than RM100000

Self-Employed Applicant:

  • Bank statement or bank book (6 months')
  • Book verification (Trade reference)
  • Site visit (if any)

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