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 charged a 1% p.a. late penalty fee on the outstanding amount. Worst, the bank can repossess your vehicle should you skip 2 installments in a row - so please, keep up to date with your monthly instalment.
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