In line with the announcements by Bank Negara Malaysia and the Association of Banks in Malaysia on 30th April 2020, customers are now required to officially confirm that they wish to take up the 6-month payment deferment/moratorium for hire purchase loan/financing.
Here are some details you need to be aware of if you wish to take up the deferment/moratorium:
- Your hire purchase payments from 1st April to 30th September 2020 will be deferred.
- Your monthly due date (after the deferment) and instalment amount remains the same.
- During the moratorium, no additional interest/profit will be charged on the deferred instalments.
- If you pay the accumulated 6 months’ deferred instalments together with your October 2020 instalment, you will not be charged any additional interest/profit (i.e. term charges) on your deferred instalments.
- Alternatively, you have the option to extend your loan/financing tenure by 6 months. For conventional hire purchase loan, interest (not compounded) will be charged on the outstanding amount of your deferred instalments based on the contracted rate in your hire purchase agreement. For Islamic hire purchase financing, profit (not compounded) will be calculated based on the principal portion of the deferred instalments at a rate following the contracted rate in your hire purchase agreement.
These options will be made available to you soon to provide your consent:
- Log in to Maybank2u and submit online.
- Visit the nearest Maybank Auto Finance Centre (AFC).
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