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.
Atleast 21 years old
Above 21 years
Salaried or self-employed with regular income
Earn more than the minimum income required
Maximum Loan up to 60%
EMIs of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|Margin of Finance||up to 60% of the purchase or valuation price|
|Loan Tenure||1 year to 5 years|
|Guarantor Requirement||Foreigners with Employment Pass must appoint a local guarantor|
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.
Choosing Maybank to finance the purchase of your vehicle comes with a host of features and benefits which are as follows:
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.
In order to apply for a car loan from Maybank, the following eligibility parameters need to be met:
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.
The following are the documents that applicants need to submit in order to initiate their car loan application.
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.
Yes. The loan allows borrowers to settle early but there is a prepayment charge applicable which is 1% of the original loan amount.
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.
Nissan Navara has already won the International Pickup Awards 2016 for its robust performance and tough attitude and now, the whole range has switched to a very advanced, eco-friendly Euro 6 engine. This comes as another great reason for pickup drivers to choose this car.The upgrade includes both the 187 bhp twin-turbo and 159bhp single turbo versions of the Navara's 2.3-litre dCi diesel engine.The upgrade to the Navara clearly indicate Nissan’s intention to introduce advanced technologies that make driving more safer and convenient for the Nissan owners.
22nd August 2016
Following the speculation, Maybank is finally putting all of it to rest and gearing up to increase their 5 year car loan interest rate to a likely 2.78%. This is a rise of 50 basis points since the last interest rate was changed to 2.28% 2 years ago. Maybank has set the standard for the change. Other financial institutions are most likely to follow in their footsteps to make revisions to their interest rates themselves.
Some dealers are of the notion that since the car prices are likely to remain unchanged, the impact of the increasing rates of interest on new car buyers is mostly psychological, because even though paying for your new car may seem like it costs a lot more now, the increase in reality is significantly lesser. The revision of Maybank’s interest rates are due to the recent increase in Sibor and Singapore Interbank Offered Rate.
In the present financial market, DBS and OCBC are the car financing’s biggest players and according to sources, their interest rates are also likely to go up as well sometime in the future if not immediately mainly because of the significant increase in the cost of funds.
In February 2013, Monetary Authority of Singapore (MAS) had imposed financing restrictions on vehicles wherein the tenure for a car loan cannot exceed 5 years and the quantum capped to a maximum of 50% to 60% based on the Open Market Value (OMV) of the vehicle.
Lastly, there are still those individuals who can afford to pay for their new cars in full. They range between 10% to 30%, but due to the recent revision in interest rates from Maybank and mostly likely to be followed suit from other financial institutions, this number may see an increase as many people take loans to avail the attractive incentives offered but now they may not want to pay the additional costs. Dealers offer financial packages with high incentives because of the commission involved. So far this commission has not changed, but in case of a change, there will likely be a change on car prices as well.
01st October 2015