Who is eligible to apply for this loan?
Anyone between the ages of 18 and 55 can apply for this car loan. If you're younger than 21 it is likely that you'll be asked to provide a guarantor.
What do I pay on my car loan each month?
You will pay a fixed monthly installment calculated using a flat interest rate. The interest rate on this loan is fixed and will remain unchanged for the whole tenure of the loan. If you like the security of knowing what your repayments will be every month this is a great choice.
What are the consequences if I do not pay my debts?
If you are late making a payment you will pay a penalty of 1% interest on the amount outstanding. If you fail to pay for two consecutive months the bank has the right to repossess your car.
Can I pay off my car loan early?
Yes of course you can. For early settlement you will be given a rebate based on the unearned interest on the remaining installment payments.
Great, let me gather my documents. What do I need?
Salaried applicants:
Photocopy of identity card
Photocopy of driving license
Latest ONE(1) month salary slip; or
Latest ONE(1) month credit bank statement; or
Latest EPF statement
Government employed applicant:
Photocopy of identity card
Photocopy of driving license
Latest one (1) month salary slip or
Latest one (1) month crediting bank statement
Self-employed applicant:
Business Registration Form A/B (for Sole Proprietor/Partnership); or Current and valid professional practice certificate
Latest six (6) months Personal or Company’s bank statement; or
Latest Borang B/BE
Commission earner applicant:
Latest six (6) months salary slip; and
Latest six (6) months crediting bank statements; or
Latest Borang BE (validated payment receipt of payment to LHDN)