Owning a car for some can be out of pure necessity, for others it could be a long term goal of owning a dream car. Regardless of what your reason for purchasing a car is, it is a serious financial commitment and an integral aspect of your life. With Maybank car loans, you’re one step closer to owning your vehicle.
Maybank is one of the largest banks in Singapore and offers a wide array of banking products and services. The bank has over 2,400 offices in across 20 countries. It offers a wide range of banking products and solutions across various verticals such as consumer banking, retail banking, corporate banking, investment banking, Islamic banking, and even wealth management services. Under its consumer banking vertical, Maybank offers credit cards, investment options, savings options and loans among others.
If you are looking for a car loan, Maybank with its affordable interest rates and flexible tenures can be your ideal option to finance the purchase of your new car. Maybank even offers loans for purchasing used cars.
Let us go ahead and look at what you can expect from Maybank as far as applying for your car loan and the interest rates on your loan are concerned.
|Interest Rate||Margin of Finance||Loan Tenure||Guarantor Requirement|
|3.25%||up to 60% of the purchase or valuation price||1 year to 5 years||Foreigners with Employment Pass must appoint a local guarantor|
The loan offers interest rates starting at 3.25% p.a. on a flat rate basis. The loan does not provide for partial redemption. Interest rates when an early settlement has been chosen is calculated using the following formula.
No, partial redemption is allowed. However, you may opt for early settlement whereby interest rebate is calculated using the following formula:
[n (n+1)/ N (N+1)] x Term Charges
Where “n” stands for the unexpired period of hiring while “N” represents the original tenure of finance. Both periods are expressed in months.
For early settlement, a prepayment fee of 1% of the original loan amount is charged.
There are basically two types of Car Loans that Maybank offers:
Here are some things you should know about Maybank New Car Loan:
Here is what you need to know if you’re applying for a used car loan from Maybank.
You can apply for the Maybank car loan by visiting the Maybank website and downloading and filling out the online application form. Once you fill out the online application form, you will also have the provision of uploading your supporting documents. Upon successful submission, the bank will begin processing the application, and if all eligibility criteria and credit norms set by the bank are met, the application will be approved.
Alternatively, you can also click on the request call back option where a Maybank representative will get in touch with you to further carry out the process.
Choosing Maybank to finance the purchase of your vehicle comes with a host of features and benefits which are as follows:
Q. How much can one borrow in a Maybank Car loan?
The loan amount depends on the OMV or open market value of the car. If the OMV is less than or equal to S$20,000, then the maximum loan amount is up to 705 of the purchase price of the car. If the OMV of the car is greater than S$20,000, the maximum loan amount available is 60% of the purchase price of the car.
Q.Does the loan allow for early settlement?
Yes. The loan allows borrowers to settle early but there is a prepayment charge applicable which is 1% of the original loan amount.
Q.Will the hire purchase application be classified under the Hire purchase Act?
Classification under the Hire Purchase Act is subject to the purchase price of the car. Purchase prices under S$55,000 will be classified and anything over S$55,000 will not be classified under the Hire Purchase Act.