• Car Loan BYTES FROM OUR KITCHEN

    Maybank Car Loan Singapore

    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.


    You’re probably eligible for an Maybank Car Loan if you are

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    Maybank Car Loan Minimum Age

    Atleast 21 years old

    Maybank Car Loan Maximum Age

    Above 21 years

    Maybank Car Loan Eligible Employment Type

    Salaried or self-employed with regular income

    Maybank Car Loan Minimum Income

    Earn more than the minimum income required


    Your Maybank Car Loan amount eligibility is based on these factors

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    Maybank Car Loan Minimum Salary

    No Info

    Maybank Car Loan Maximum Loan to Value

    Maximum Loan up to 60%

    Maybank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Maybank Car Loan amount by these steps

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    Maybank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Maybank Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an MayBank Car Loan

    • 1.Sales/Purchase Order
    • 2.Photocopy of your NRIC/Passport
    • 3.One of the following income documents
      • Latest computerised payslip
      • CPF Statement of Account
      • Latest Income Tax Notice of Assessment
    • 4.For used cars
      • Transfer of Vehicle Ownership (Acknowledgement)
      • PARF/COE Rebate Enquiry
      • Your contact number(s)

    Maybank Car Loan DetailsUpdated on 20 Nov 2017

    Maybank Car Loan Details
    Interest Rate 3.25%
    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

    Types of Maybank Car Loans

    There are basically two types of Car Loans that Maybank offers:

    • New Car Loan
    • Used Car Loan

    Maybank New Car Loan:

    Here are some things you should know about Maybank New Car Loan:

    • This loan from Maybank can only be taken for the purchase of a new car.
    • The loan amount that can be taken is dependent on the price of the car and its OMV. Maybank will provide a maximum loan amount of 70% of the entire cost of the vehicle.
    • The Maybank New Car loan allows you to make convenient payments through GIRO.
    • Tenures for the new car loan can go up to 7 years.
    • The loan offers attractive interest rates at a flat-rate scheme which keep your monthly instalments fixed throughout your loan tenure.

    Maybank Used Car Loan

    Here is what you need to know if you’re applying for a used car loan from Maybank.

    • The price of the vehicle and the loan amount is dependent on the vehicle’s Open Market Value.
    • The loan available is dependent on the tenure as well as the age of the car.
    • If the car is less than 10 years old, the maximum tenure available is 7 years provided the age of the car at the end of the tenure does not exceed 10 years.
    • If the car is over 10 years old but not exceeded 20 years, the tenures available are a maximum of 7 years provided the COE has been revalidated for 10 years or maximum of 4 years if the COE has been revalidated for a period of 5 years.

    Maybank Car Loan Features and Benefits

    Choosing Maybank to finance the purchase of your vehicle comes with a host of features and benefits which are as follows:

    • Maybank offers loans for both used and new cars.
    • The tenures for both loans go up to 7 years.
    • The interest rates are attractive and are flat rate giving you fixed monthly instalment to pay in ease.
    • The loan allows for payments to be made through GIRO allowing for greater convenience.
    • The loan offers up to 70% finance of the purchase price of the car.

    Maybank Car Loan Interest Rates:

    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.

    Maybank Car Loan Eligibility Criteria

    In order to apply for a car loan from Maybank, the following eligibility parameters need to be met:

    • The car loan applicant has to be over the age of 21 years.
    • The applicant must meet the minimum income criteria set by the bank in order to qualify for both, used and new car loans.
    • The applicant has to be a Singaporean citizen, a Permanent Resident or a Foreigner.
    • If the applicant is a non-resident individual, then a local guarantor is required.

    How to apply for the Maybank Car Loan?

    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.

    Documents Required for Maybank Car Loan

    The following are the documents that applicants need to submit in order to initiate their car loan application.

    • Your application form fully completed.
    • Proof of identity – front and back copy of your NRIC.
    • Income documents such as latest payslips, IRA8 form, Income Tax (Notice of Assessment).
    • Foreigners are required to submit their relevant documents including the employer letter obtained from the employer, and employment pass. Their guarantors are also required to submit proof of identity and income documents.

    Maybank Car Loan Frequently Asked Questions

    1. How much can one borrow in a Maybank Car loan?
    2. 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.

    3. Does the loan allow for early settlement?
    4. Yes. The loan allows borrowers to settle early but there is a prepayment charge applicable which is 1% of the original loan amount.

    5. Will the hire purchase application be classified under the Hire purchase Act?
    6. 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.

    News About Maybank Car Loan

    • Nissan Navara now comes with improved fuel economy

      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

       
    • Maybank Increase Car Loan Interest Rate, Other Banks to Follow Suit

      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

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