Bahagian pinjaman perumahan|pinjaman perumahan|pinjaman. Loan|car loan|loan kereta. Contoh 1: Sebelum refinance ada perancangan nak beli 2 buah rumah dalam tahun ini, lepas refinance cuma beli satu rumah sahaja. Contoh 2: Sebelum refinance perancangan nak settlekan hutang personal loan, selepas refinance pula beli kereta baru tambah hutang. Kita mesti perlu ingat, wang kita dapat dari refinance bukan modal atau simpanan, wang itu adalah hutang kita, selepas refinance rumah hutang kita akan bertambah banyak.
What Is A Car Loan?
As the name implies, car loans in Malaysia is a category of loan taken by a borrower for the specific purpose of buying a car. By taking up a car loan, the borrower is obligated to repay the loan amount plus interest to the lender (i.e. a bank) in instalments over a period of time. Failure to comply may result in the car being repossessed by the lender.
Hire Purchase Vs Car Loans
A car loan is also known as a hire purchase loan. The term hire purchase is derived from the fact that when you take up a car loan, the car technically belongs to the lender (i.e. the bank). You are seen as 'hiring' the car from the lender until you complete your loan repayment, when the ownership of the car is then transferred to you.
How Do Car Loans In Malaysia Work
Most car loans in Malaysia have a maximum margin of financing of 90%, so you should always expect to pay at least 10% upfront to the car dealer. If you can afford it, consider paying a higher percentage upfront, which will in turn lessen your principle loan amount, as well as, your interest. Take note that car loans with margin of financing of 100% do exist, though they are offered only by very few lenders and only to targeted demographics, such as first-time car buyers.
In Malaysia, the maximum repayment period for a car loan is nine (9) years. The longer you stretch the repayment period, the less instalment amount you'll pay per month, though at the expense of incurring more interest over the long run.
Fixed Rate Vs. Variable Rate
There are two major types of car loans: fixed rate and variable rate. The interest on a fixed rate car loan does not fluctuate and it features an unchanging instalment amount throughout the entire repayment period; while a variable rate car loan has interest and instalment amount that fluctuates along with the prevailing Base Lending Rate (BLR). In Malaysia, most car loans are the fixed rate variant.
Car buyers with extra disposable income may wish to consider a flexible type of variable rate car loan that allows them to reduce the interest by depositing extra money into a linked account, much like how a flexi home loan works.
Using A Car Loan Calculator in Malaysia To Find The Best Car Loan
In Malaysia, car loan interest rates differ based on several criteria, which notably include the make and model of the car, the age of the car (new or second-hand), the financial standing of the borrower, the loan amount, the repayment period as well as the entity providing the loan. Generally, it is a good idea to make comparisons between several lenders before signing up for a car loan, and the easiest way to do so is using iMoney's online car loan calculator.
To use our online calculator, simply choose the make and model of your car then drag or key in your preferred loan amount and loan period at the top of this page. Upon completion, the online car loan calculator in Malaysia would generate a list of available car loan packages fitting your requirements, starting with the ones with the best rates at the top. By clicking on 'fixed rate' or 'variable rate' tabs below the calculator, you can switch between the two major categories of car loans. Keep changing the fields until you see a package you like, and then click on the best car loan for you by clicking on the Apply Now button to sign up. Our online application service is FREE and available for all.
Common Car Loan Terms
Margin of financing
This is the loan amount expressed as a percentage of the car's value. For example: if a bank offers a margin of financing of 90% for a car valued at RM100,000, the bank is effectively agreeing to lend 90% x RM100,000 = RM90,000 to the borrower.
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Guarantor
A guarantor is a person who agrees to pay off a loan on a borrower's behalf if the latter defaults on the said loan. In Malaysia, a guarantor may be required for a car loan especially if the borrower does not have stable income, or have opted for a loan amount that goes above a predetermined percentage of his or her income.
Repossession
This is when the lender takes away the car from a borrower when the latter fails to service the car loan instalments in two consecutive months. In Malaysia, a car cannot be repossessed if more than 75% of the car loan has been settled.
Other Products
iMoney Malaysia compares a big variety of financial products. Check out our useful compassion tools such as home loan calculator, housing loan refinancing comparison table, a list of the best credit cards in Malaysia and others.
Personal Financing-i Private Sector (Selected Panel Companies Only) |
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Minimum financing of RM 2,000 to maximum Financing of RM 150,000 to |
Optional Takaful Coverage (Encouraged) |
Minimum income of RM 2,000 depending on employment type and credit score |
From 15 to 25 times salary financing available , the higher your pay, the more you can borrow |
Malaysian citizen 18 years and above only |
Bank Rayat Personal Financing-i Swasta is the personal loan package that is catered for private sector professionals such as doctors, engineer, lawyer and public listed companies employees . This is a personal loan for private sector unlike typical loans from Bank Rakyat which is catered for public sectors. The loan is fully Shariah compliant while it is based on Tawarruq concept.
What is Tawarruq
Tawarruq is based in Islamic finance concept of buying and selling commodities. This concept allows borrowers to raise a certain amount of money easily without Riba.
Financing-i Swasta is a partially unsecured loan collateral is not needed however a guarantor may be needed when required by bank as a form of security. This loan offers from RM 2,000 up to RM 150,000 of financing. This amount of financing offered would a maximum of 5 times salary for those earning RM 2,000 to RM 4,000 , 15 times salary for those who are earning RM 4,000 to RM 6,000 and 25 times salary for those who are earning above RM 6,000 per month. The payment type also effects the amount that you can borrow from Bank Rakyat. As a rule of thumb, reliable constant payment such as Employer Salary deduction scheme will enable you to borrow more. This means that borrower who opted for PGM or Salary Transfer scheme can enjoy higher financing amount.
Payment options
The repayment for the loan can be done via Bureau Angkasa scheme, salary auto deduction or cash. There are various ways to repay the loan. These choices will effect the amount you can borrow and the interest rates you enjoy. On summary, one can enjoy better interest rates with auto salary deduction scheme.
- Electronic Payment
- Biro Perkhidmatan Angkasa
- Auto Salary Deduction
- Auto Salary transfer
Employment Status | Length | Interest Rates |
---|---|---|
Selected Companies | 1 to 3 years | BaseRate + 16.28% |
Salary from RM 1,000 to RM 1,999 | 4 to 7 years | BaseRate + 16.53% |
Selected Companies | 1 to 3 years | BaseRate + 5.37% |
Salary from RM 2,000 and more | 3 years and more | BaseRate + 5.52% |
Not in Bank Rakyat’s Company list | 1- 3 years | BaseRate + 7.52% |
Salary from RM 2,000 and more | 3 years and more | BaseRate + 7.67% |
Interest Rates
Interest rates of this loan would vary depending on loan amount. At the moment of writing, the interest rates provided by this loan is quite competitive among other private loans in Malaysia. You can also enjoy better rate if you pay via Bank Rakyat’s saving account and Takaful package while having higher salary and stable employement. The table above summarizes the interest rates for Bank Rakyat Personal Loan. The rates are tied with Base Rate from Bank Rakyat. Interest Rates are negotiable based on profile of the private company one is attached to.
At the time of writing Bank Rakyat’s base rate is 3.85%
Fees
This loan subjected to 0.5% stamp duty which is based on the financing amount based on Stamp Duty Act 1949. This fee will be deducted from the amount borrowed. Borrower is advised to purchase Takaful insurance although it is optional. There is a 1% p.a penalty for any late payment. There is a compulsory RM 30 Wakalah fees. All service charges are subjected to GST charges.
Eligibility
This loan if available for Malaysian Citizens from 18 years and above while not exceeding your retirement age during the whole loan tenure. This loan has one of the youngest requirement for age. Typically a Malaysian personal loan would start from 20 years and above. You will need to have a minimum monthly income of RM 2,000 to qualify for the loan. Personal Financing-i Swasta is only catered for professionals from private sectors. Fixed employment is required while contractual employees are required to have a minimum monthly salary of RM 8,000.
Permanent employee from manufacturing sector that is from Bank Rakyat’s company list with minimum salary of RM 1,000 can also apply for the loan. This loan is factory worker’s friendly. However borrowers are advised to check with Bank Rakyat on the private company panel list. Bank rakyat as a list of GLC who are eligible to apply for the loan.
Repayment
There are various ways repayment methods for the loan.
- Cash
- Bank transfer to Bank Rakyat
- Bureau Perkhidmatan Angkasa (BPA)
- Direct Salary Deduction
- Electronic payment
Documents needed
- Photocopy IC on both sides /Army IC or Police IC
- Latest 3 months payslip
- Latest 6 months EPF statement
- Confirmation employment letter
- Most Recent BE form / LHDN Tax return form
Pros
- Very low interest rates
- Auto salary deduction (BPA available)
- Manufacturing sector friendly. If applicant with income RM 1,000 monthly can also apply if they are working on Bank Rakyat’s company list
Cons
- Only panel companies listed by Bank Rakyat are eligible. There are limited number of companies and GLCs in the list at the moment
If you are keen, Financing-i Swasta repayment table without Takaful is available below.
Branches
Bank Rakyat has branches spread across states in Malaysia and peninsular Malaysia