Maybank

Maybank Al-Ijarah Thumma Al-Bai

Shariah-compliant car loan package from Maybank, based on the principle of Ijarah Thumma Al-Bai, offers competitive rates and fast approval

    • Up to 9 years tenure
    • Flexi/Fixed Islamic financing
    • Variable/Flat profit rate
    • Up to 90% margin of finance
  • ConditionOriginMaximum YearsMargin of FinanceProfit Rate
    NewLocal9 years90%3.4% p.a.
    Foreign9 years90%3.4% p.a.
    UsedLocal9 years85%4.25% p.a.
    Foreign9 years85%4.25% p.a.

Fees & Charges

There are always fees but how much are they?

Profit Rate for New Cars
from as low as 3.4% p.a., depending on car brand, borrowing amount, and period.
Profit Rate for Used Cars
from as low as 4.25% p.a., depending on car brand, borrowing amount, and period.
Stamp Duty
RM20
Photocopy Charges
RM10.60
Consent Letter
RM53.00
Early Settlement Fee
depends on agreed terms with the bank
Late Penalty Fee
1% p.a. of the outstanding amount

*inclusive of 6% GST

Requirements

Do you qualify for this financing?

Minimum annual income
RM24000
Minimum age
18 years old
Maximum age
60 years old
Who can Apply
  • Malaysians

Frequently Asked Questions about Maybank Al-Ijarah Thumma Al-Bai

Things you might want to know

Who can apply for Maybank Al-Ijarah Thumma Ai-Bai?

Only grown-ups! You need to be at least 18 years of age to apply for this hire purchase car loan.

How much can Maybank lend out?

Subject to the usual credit checks and approval Maybank is happy to lend borrowers up to 90% of the value of a car. Depending on that all important credit check you'll be able to take up to nine years to pay back your car loan.

What and how do I pay each month?

It's your choice - you can accept either a fixed or variable interest rate for your monthly installments. If you go for the variable rate that's fixed to the IBR your monthly payments might vary if the IBR goes up or down.

There are loads of options to actually pay your monthly car loan bill. You can pay over-the-counter at a Maybank branch, through and ATM, online via Maybank2u, or Maybank e-Kawanku.

What will happen if I don't pay my installments?

OK, if you miss an installment you'll be paying 8% APR interest on the outstanding amount. That's not good. Even worse, if you miss two installments in a row, you could get a visit from the repo men coming to take your car away. So please, keep up to date with your car loan payments.

Can I pay off my car loan early?

Of course you can. And you'll be entitled to a rebate on the unpaid interest if you do.

Fair enough, what are the documents I need to apply?

New vehicle/unregistered reconditioned:

Copy of driving license
Passport/ employment letter for foreigner
Latest 2 months' salary slips
Latest EA/ EPF statement
3 months bank/passbook statement or ASB/ASN
Spouse details (NRIC and 2 months' salary slips)

Used vehicle:

Copy of NRIC
Copy of driving license
Passport/ employment letter for foreigner
Latest 2 months' salary slips
Latest EA/ EPF statement
3 months bank/passbook statement or ASB/ASN
Spouse details (NRIC and 2 months' salary slips)
NRIC and driving license of seller
Registration card
Proforma invoice

Guarantor (compulsory for foreigner):

Copy of NRIC
Latest 2 months' salary slips
Latest EA/ EPF statement

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