• Maybank Car Loan

    Car Loan BYTES FROM OUR KITCHEN

    Maybank Car Loan

    Maybank commenced its banking operations in December 1960 and has aggressively expanded across Singapore with 27 branches. The bank is committed to provide easy and seamless banking to both individual and corporate customers using state of the art technology. Maybank offers a wide variety of innovative financial solutions to customers, understanding the need and demand of the hour. Maybank became the first and the only bank to receive triple certifications for Singapore Quality Class, Singapore Service Class and People Developer from SPRING Singapore in 2009.


    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 27 May 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

    About Maybank Car Loans

    Drive home your dream car with Maybank’s excellent car loan offers with competitive interest rates and easy monthly repayment options. Maybank strives to take you a step closer to owning the car of your choice with its affordable car loan schemes.

    Why choose Maybank Car Loan?

    Maybank has its presence in the Singapore for over 50 years and aspires to provide excellent banking services. It has strategically placed its branches and ATMs in the business districts and suburban estates to serve a wide range of customers. Maybank Car Loan makes purchasing the car you want possible and easier by providing you with low interest rates and high financing. It lures customers with attractive benefits.

    Features and benefits of Maybank Car Loan

    • A Maybank car loan covers financing up to 60% of the purchase or based on the Open Market Valuation (OMV) of the financing vehicle, whichever is lower.
    • The loan tenure is generally up to 5 years.
    • The bank follows a flat rate scheme when it comes to interest rates and offers rates starting from 3.25% per annum.
    • Throughout the loan repayment period, the monthly payment remains fixed.
    • GIRO transfers are also available for Maybank car loan customers.
    • Maybank does not allow for partial redemption of the loan but customers can opt for an early settlement.
    • For pre closing a car loan, customers will be charged 20% of the total term charges payable under the Hire Purchase Agreement on a pro-rata basis.
    • The customer is required to serve a 30-day notice before the settlement date and a prepayment fee of 1% of the original loan amount will also be levied.
    • For vehicles used for less than 10 years, the bank provides a loan margin of up to 60% and the loan tenure is up to a maximum of 5 years. The age of the car and the loan tenure should not exceed 10 years
    • For vehicles used for more than 10 years (not exceeding 20 years), the loan margin is up to 60%. The loan tenure is up to a maximum of 5 years with a revalidated Certificate of Entitlement of 10 years and up to a maximum of 4 years with a revalidated Certificate of Entitlement of 5 years

    The interest rates start as low as 3.25% p.a.

    Auto Finance-i - Islamic Auto Finance

    Maybank offers Islamic Auto Finance through its Auto Finance-i scheme adhering to the the Sharia concept of Al Ijarah Thumma Al Bai (AITAB). The bank offers attractive profit rates via a flat rate scheme. The Islamic Auto Finance involves a leasing contract, Ijarah and a purchasing contract, Bai. Under the AITAB, a customer leases the vehicle for an agreed rental payment over a specific period of time. When the lease period is over the customer can purchase the leased vehicle from the bank at an agreed price.

    Features of Islamic Auto Financing:
    • Islamic Auto Finance is available to all types of customers regardless of their religious backgrounds
    • The financing amount is dependent on the Open Market Valuation (OMV) of the financing vehicle
    • No partial early settlement is allowed but a complete pre closure option is available
    • Customers need to sign an Aqad along with the Hire Purchase agreement for availing Islamic auto finance
    • Individuals above the age of 21
    • Singapore Citizens / Permanent Residents
    • Foreigners with Employment Pass require a local guarantor

    Maybank Car Loan FAQs

    To calculate interest payable = Principal amount of loan X Interest rate X Tenure.

    Total amount payable = Interest payable + Principal amount.

    EMIs = Total amount payable / tenure.

    You could also use the EMI calculator available on BankBazaar.com

    It will be classified under the Hire Purchase Act only if the purchase price (less COE) of your car does not exceed $55,000. If the purchase price (less COE) of your car exceeds $55,000 it will be subject to Common Law and will not be classified under the Hire Purchase Act.

    No. Islamic Banking is available to all eligible customers, and is not subject to religious background.

    An Aqad is an additional contract required for Islamic Auto Finance that integrates the terms of the hire-purchase transaction for the purposes of Shariah compliance.

    No. But you can opt for full early settlement, subject to charges.

    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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