Maybank

Maybank Hire Purchase

Easy car loan. Simple Hire Purchase plan from Maybank that offers financing for new, secondhand, and reconditioned motor vehicles

    • Up to 9 years tenure
    • Flexi/Fixed loan
    • Variable/Flat interest rate
    • Up to 90% margin of finance
  • ConditionOriginMaximum YearsMargin of FinanceInterest 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?

Interest Rate for New Cars
from as low as 3.4% p.a., depending on car brand, borrowing amount, and period.
Interest 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
8% p.a. of the outstanding amount

*inclusive of 6% GST

Requirements

Do you qualify for this loan?

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

Frequently Asked Questions about Maybank Hire Purchase

Things you might want to know

Who can apply for Maybank Hire Purchase?

You need to be 18 years of age or older to apply for this car loan.

How much can Maybank lend me?

That totally depends on the type of vehicle that you want to finance. Generally, the bank can lend you up to 90% of the car's market price, and offers you a maximum of nine years to repay your car loan.

What and how do I pay each month?

You can choose either a fixed or variable rate for your monthly installments. The variable rate is tied to the BR. As for paying the money back, well, there are loads of options that make it easy to put cash on your car loan: you can pay over-the-counter at your local Maybank branch, at an ATM, online at Maybank2u, and you can even use Maybank e-Kawanku.

What happens if I miss payments?

Maybank charges you a heavy penalty for defaulting on your repayments - the charge is 8% per year on the total outstanding amount. If the worst comes to the worst Maybank, as the owner of the vehicle, has the right to repossess your car. This can happen if you miss two monthly payments in a row.

Can I choose early settlement of my car loan?

Yes, of course you can. You'll be entitled to a rebate on the unearned interest for early settlement. It's only a partial refund of the term charges, so do not expect a large sum of money to fall into your lap if you pay off your debts early!

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

New vehicle or unregistered reconditioned vehicle:

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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