The Loan Motor Calculator Malaysia is a handy tool designed to help potential borrowers in Malaysia estimate their monthly repayments for motor loans. By inputting key details such as the loan amount, interest rate, and loan tenure, users can get a clear picture of their potential financial commitment. This calculator is particularly useful for those planning to purchase motorcycles or other motor vehicles, allowing them to plan their finances effectively and avoid any surprises down the line. It’s an essential resource for anyone in Malaysia considering a motor loan.
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| Period | Payment | Interest | Balance |
|---|
| Bank | Interest Rate | Loan Tenure | Down Payment |
|---|---|---|---|
| Chailease | 4.5% to 10% flat per annum depends on your credit standing | Up to 9 Years | Lowest down payment |
| AEON Credit Service | As low as 0.375% per month (for qualified customers only) | Up to 84 months | Not specified |
| Bank Islam Malaysia Berhad (Only For New Motorcycles) | From 4.05% to 5.00% per annum | Not specified | Not specified |
1. What is a motorcycle loan? A motorcycle loan is a type of personal loan or auto loan provided by banks or financial institutions that allows you to finance the purchase of a motorcycle.
2. What are the requirements to apply for a motorcycle loan in Malaysia? The requirements may vary from bank to bank, but generally, you must be at least 18 years old and above. In employment at least 6months and have a minimum gross income of RM1200. A Malaysian citizen or permanent resident, and have a steady income source. Some banks may require you to have a valid motorcycle license.
3. How much can I borrow for a motorcycle loan? The loan amount depends on the motorcycle’s price and the financing margin offered by the bank, which can range from 70% to 90%.
4. How long can the loan tenure be? Loan tenures typically range from 1 to 7 years, but some banks may offer longer tenures.
5. What is the interest rate for a motorcycle loan? Interest rates vary depending on the bank and your credit score. Generally, they can range from 3% to 10% per annum.
6. Do I need a down payment for a motorcycle loan? Yes, if the bank’s financing margin does not cover 100% of the motorcycle price, you’ll need to pay the remaining percentage as a down payment.
7. What happens if I fail to make my loan repayments on time? Late repayments can incur penalties, negatively affect your credit score, and, in severe cases, lead to repossession of the motorcycle.
8. Can I apply for a motorcycle loan if I have a bad credit score? While it’s possible, it can be challenging. Some banks may reject your application, require a higher down payment, or charge you a higher interest rate.
9. Can I pay off my loan early? Yes, most banks allow early settlement. Some banks will award interest rebates. However, some may charge an early termination fee. It’s best to check with your bank first.
10. Can I apply for a motorcycle loan online? Yes, most banks and financial institutions in Malaysia offer an online application process for motorcycle loans. You’ll need to fill out an application form and provide required documents.
11. What documents do I need to apply for a motorcycle loan? Typically, you’ll need a copy of your NRIC, proof of income (like payslips or bank statements), proof of employment, and, in some cases, a copy of your motorcycle license.
Please note that each bank or financial institution may have different policies and requirements, so it’s best to confirm with your chosen bank or financial institution for the most accurate information.