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Hire Purchase - Individual and Corporate Customer

Purchase passenger vehicles, the hassle-free way.


Overview

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 For Individual Applicants:
Individuals who are  salaried earners employed by Multinational Companies (MNC), Public Listed Corporations)
  • Photocopy of identity card (both sides) of applicant and guarantor(s) (if any).  
  • Photocopy of applicant’s driving license
  • The following income documents:
    • Latest ONE(1) month salary slip; OR
    • Latest ONE(1) month credit bank statement; OR
    • Latest interim EPF statement

Individuals who are  salaried earners employed by non- MNC, Small and Medium Enterprises (SME)

  • Photocopy of identity card (both sides) of applicant and guarantor(s) (if any).  
  • Photocopy of applicant’s driving license
  • The following income documents:
    • Latest one (1) month salary slip AND one (1) month crediting bank statement; OR
    • Latest interim EPF statement

Individuals who are employed by Government / Government Agencies*

  • Photocopy of identity card (both sides) of applicant and guarantor(s) (if any).  
  • Photocopy of applicant’s driving license
  • The following income documents:
    • Latest one (1) month salary slip OR
    • Latest one (1) month crediting bank statement

Note :
* Government Agencies = RISDA, FELDA, SIRIM and etc

Individuals who are Self-employed (Sole Proprietor/Partners/Company Directors)

  • Business Registration Form A/B (for Sole Proprietor/Partnership); OR Trading License (for East Malaysia); OR Current and valid professional practice certificate issued by relevant competent body (for Professional practices); OR Borang 24 and Borang 49 (for Sdn Bhd); AND

  • Latest six (6) months Personal or Company’s bank statement; OR Latest Borang B/BE (validated payment receipt of payment to LHDN)

Commision Earners (Insurance Agents,Multi-Level Marketers,Broker,Remisier, General Commission Agents) 

  • Latest six (6) months salary slip; AND
  • Latest six (6) months crediting bank statements; OR
  • Latest Borang BE (validated payment receipt of payment to LHDN);

Note: 6 months salary slips and bank statement are required if you want to include variable income such as overtime, commissions etc  in addition to  fixed salary

For Corporate Applicants
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 OR
  • Bankers’ references (latest six 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)

  • Photocopies of the Certificate of Business Registration and Borang D
  • Partnership Agreement (if any)
  • Latest copies of the Financial Accounts OR
  • Bankers’ references (latest six months’ bank statements)
  • Brief comments on sole proprietor or partners’ experience, exposure and financial standing and
  • Photocopies of sole proprietor or partners’ identity cards (both sides).

NOTE: All applicants are required to declare any Non-Bank Debt Repayment  Obligations.

MAJOR RISK ON THIS PRODUCT The interest rate on this loan is fixed and remains unchanged for the whole tenure of the loan
PREFERRED INSURANCE COMPANY RHB Insurance Bhd
CONVENIENT PAYMENT CHANNELS
  • Extensive Branch Network
  • RHB Bank Cash Deposit Machines
  • RHB Bank Cheque Deposit Terminals
  • RHB Bank Internet Banking
  • Interbank GIRO
  • Bank Standing Instruction
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