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