Maybank Hire Purchase

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

Maybank Hire PurchaseNew Cars only
Tenure
up to 9 years
Loan Type
Flexi/Fixed Financing loan
Interest Type
Variable/Flat
Margin of finance
Up to 90%
Excess Repayment
Not applicable
Early Settlement Rebate
Available

Interest rates

How much the bank charges you based on your loan amount & loan period

ConditionMaximum YearsMargin of FinanceInterest rate
New9 years90%3.4% p.a.
Used9 years85%4.25% p.a.

Fees & Charges

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
Consent Letter
RM50
Early Settlement Fee
 None
Late Penalty Fee
8%  p.a. of the outstanding amount

Requirements

Minimum Annual Income
RM24,000
Minimum Age
  • 18 to 60 years old
Who can apply
  • Malaysians

More Information

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

Used vehicle:

  1. Copy of NRIC
  2. Copy of driving license
  3. Passport/ employment letter for foreigner
  4. Latest 2 months' salary slips
  5. Latest EA/ EPF statement or Employment Confirmation
  6. 3 months bank/passbook statement or ASB/ASN
  7. Spouse details (NRIC and 2 months' salary slips)
  8. VOC(Vehicle Ownership Cerificate)
  9. Pro forma invoice

Guarantor (compulsory for foreigner):

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