• 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.


    Maybank Car Loan DetailsUpdated on 24 Jan 2019

    Maybank Car Loan Interest Rate 2019:

    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.


    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 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.

    Documentation needed to apply for an MayBank Car Loan

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

    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.


    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.

    FAQ's

    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.

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