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RHB BANK Hire Purchase – Individual and Corporate Customer

The core business of Hire Purchase is to provide financing to customers to purchase passenger vehicles from franchised dealers, authorised dealers and panel used car dealers.

ELIGIBILITY Individual

  • Individuals aged 18 to 55 years old. If an individual is below 21 or above 55 years old, an acceptable Malaysian Guarantor is required unless the approving authority is satisfied that the applicant is financially sound/creditworthy.
  • Malaysian citizen.
  • Monthly income of at least three times from the monthly hire purchase instalment.
  • Proprietorship and partnership registered in Malaysia.

Corporate

  • Place of Incorporation must be in Malaysia.
  • Monthly instalment should not exceed 33% of monthly estimated profit derived from business operation.
  • When extending a hire-purchase facility to a private limited company with a paid-up capital of at least RM2.00, it is compulsory to secure a Director’s personal guarantee and the case has to be referred to next level of approving authority for consideration.
  • Legal business with regular and sufficient income to meet current liabilities.
FINANCING TENURE Up to 9 years
MARGIN OF FINANCE Up to 90%
INTEREST RATE Please refer to our Auto Finance Centres for the latest rates offered
GUARANTOR A third party guarantor is required if :

  • Repayment of the monthly instalment amount is above half of the hirer’s income
  • Hirer does not have stable income (example: student or housewife)
  • The hirer is a corporation, the director(s) or specified director(s) or principal partners must stand as guarantors unless the approving authority is satisfied.
TYPE OF VEHICLE All applications for nine years financing shall be guided by the following criteria:-

  • All models of new vehicles
  • All models of unregistered reconditioned vehicles (aged 1 – 5 years)
  • All models of used vehicles (age 1 – 5 years)
  • Others will be on a case-to-case basis.
DOCUMENTS REQUIRED FOR HIRE PURCHASE APPLICATION Individual:

  • Photocopy of identity card (both sides) if applicant and guarantor(s) (if any).
  • Latest salary slips or
  • Latest EA form or
  • Borang B/BE or
  • Copies of the latest 3 months’ bank statements or updated savings passbook (if any) and
  • Photocopy of applicant’s driving license

Limited Companies :

  • Certified true copy of the Memorandum and Articles of Association
  • Certified true copy of Form 24 (Shares issued and authorised share capital)
  • Certified true copy of Form 49 (Names and details of all directors and company secretary)
  • Certified true copy of the extract of the Director’s Resolution
  • Photocopy of the Certificate of Incorporation (Form 9 and 13 if any)
  • Photocopy of the Certificate of Commencement of Business (Form 23 if any)
  • Latest copies of the Audited Accounts (if applicable)
  • Bankers’ references (latest three months’ bank statements)
  • Brief comments of director’s experience, exposure and financial standing and
  • Photocopy of guarantor’s identity card (both sides)

Partnership and Proprietorships (additional documents are required):

  • Photocopy of the Certificate of Business Registration and Borang D
  • Partnership Agreement (if any)
  • Latest copies of the Financial Accounts (if applicable)
  • Bankers’ references (latest three months’ bank statements)
  • Brief comments on sole proprietor or partners’ experience, exposure and financial standing and
  • Photocopy of sole proprietor or partners’ identity card (both side).
MAJOR RISK ON THIS PRODUCT The interest rate on this loan is fixed and remains unchanged for the whole tenure of the loan
PREFERRED PANEL LAWYERS Our panel lawyers are preferred and available upon request
PREFERRED INSURANCE COMPANY RHB Insurance Bhd

 

 

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