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Maybank Hire Purchase Rates — May 2026
New Car
from 2.30% p.a.
≈4.26% EIR
Used Car
from 2.70% p.a.
≈5.00% EIR
EV / Hybrid
from 1.75% p.a.
Green financing
Max Tenure (New)
9 years
108 months
Max Tenure (Used)
7 years
84 months
Max Margin
90%
Subject to credit
Calculate Monthly Instalment
Monthly Instalment
RM 870.75
7 years · 2.30% flat · EIR ≈4.25%
Loan Amount
RM 63,000.00
Total Interest
RM 10,143.00
Total Payment
RM 73,143.00
⚠️ Car Loan Rule Change — June 2026
Under the Consumer Credit Act 2025, car loan interest calculation rules are changing from June 2026. New applications after June 2026 may see different effective rates. Always confirm with Maybank directly before signing.
Maybank vs Other Banks — New Car Rates
| Bank | New Car | Used Car | EV/Hybrid | Max Tenure |
|---|---|---|---|---|
| MaybankBest | 2.30% | 2.70% | 1.75% | 9 years |
| CIMB | 2.55% | 3.20% | 2.00% | 9 years |
| Public Bank | 2.50% | 3.00% | 1.88% | 9 years |
| RHB | 2.60% | 3.18% | 2.10% | 9 years |
| Hong Leong | 2.55% | 3.25% | 2.00% | 9 years |
| AmBank | 2.50% | 3.10% | 1.88% | 9 years |
Rates indicative as of May 2026. Actual rate subject to credit assessment.
Monthly Instalment Examples — Maybank 2.30%, 10% Down
| Car Price | 5 Years | 7 Years | 9 Years |
|---|---|---|---|
| RM 40,000 | RM 711/mo | RM 538/mo | RM 438/mo |
| RM 70,000 | RM 1,245/mo | RM 943/mo | RM 766/mo |
| RM 100,000 | RM 1,778/mo | RM 1,347/mo | RM 1,094/mo |
| RM 150,000 | RM 2,667/mo | RM 2,020/mo | RM 1,641/mo |
Flat rate calculation at 2.30% p.a. Longer tenure = lower monthly but significantly more total interest.
Flat Rate vs EIR — What's the Difference?
Malaysian hire purchase loans use a flat rate — interest is calculated on the original loan amount throughout the entire tenure. The Effective Interest Rate (EIR) reflects the true borrowing cost, as you're still paying interest on the full amount even after partial repayment.
| Flat Rate | EIR (≈ flat × 1.85) |
|---|---|
| 1.75% | 3.24% |
| 2.30% | 4.26% |
| 2.50% | 4.63% |
| 2.70% | 5.00% |
| 3.00% | 5.55% |
RM500/Month for 30 Years = RM1.13M — via S&P 500 at 10% p.a.
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Monthly DCA growth at 10% p.a. (S&P 500 hist avg)
| Monthly | 10 yrs | 20 yrs | 30 yrs |
|---|---|---|---|
| RM300/mo | RM61k | RM228k | RM678k |
| RM500/mo | RM102k | RM380k | RM1.13M |
| RM531/mo | RM109k | RM404k | RM1.2M |
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