Q: What is the Hire Purchase (HP) loan eligibility?
A: Individual customer with minimum age of 18 years old, Sole proprietorship, Partnerships, Associations and Cooperatives Private Limited and Public Listed companies.
Q: What are the documents required when applying for a HP loan?
A:For an individual application, the followings are required:

MyKad / Valid Temporary IC / Armed Forces ID / Police ID Valid driving license Latest income tax returns (J form or EA) Latest 3/6 months salary slips / payment vouchers Last 3/6 months bank statements Saving / ASB / ASN / Tabung Haji –    For Sole proprietorship / Partnership, the followings are required:

Copy of NRIC of sole proprietor / partner(s) who sign the HP documents Copy of guarantor(s) NRIC, if guarantor(s) is / are required Copy of Business Registration (A form) Copy of latest Business Registration Renewal (D form) Last 6 months bank statements Saving / ASB / ASN / Tabung Haji

–     For Private / Public Companies, the followings are required:

Copy of NRIC of directors who sign the HP documents Copy of guarantor(s) NRIC Copy of Certificate of Incorporation (form 9) Copy of Memorandum & Articles (duly certified by Company Secretary) Copy of Form 13 for change of the company (if applicable) Copy of Form 24,44 and 49 (duly certified by Company Secretary) Board of Directors’ Resolution for Acceptance – to be submitted prior to disbursement Last 6 months bank statements –     For Associations / Cooperatives, the followings are required:

Copy of NRIC of office bearers who sign the HP documents Copy of guarantor(s) NRIC Copy of Certificate of Registration Copy of Certificate of Rules & Regulations Empowerment to the office bearers or appointed committee to borrow and incorporating the authorized office bearers to execute all HP documents Last 6 months bank statements Saving / ASB / ASN / Tabung Haji

Q: How much HP loan can I borrow?
A: Up to a maximum of 90% of the purchase price of the car
Q: What is the term tenure offered?
A: Up to a maximum of 9 years  
Q:  How to calculate the loan monthly installment?
A: Loan Amount + ( Loan Amount x Interest Rate x Loan Period in Years ) / Loan Period in Months  
Q: Is monthly installment for the loan fixed throughout the tenure?
A: Yes, the monthly installment is fixed  
Q: Can an unemployed person such as housewife and student apply for a HP loan?
A: Yes, provided that the loan to be guaranteed by spouse or parent who is gainfully employed
Q:  Do I have to provide a guarantor?
A: It will depend on your credit assessment by the financier  
Q:  Who can stand as a guarantor?
A: Anybody can be a guarantor as long as the person is more than 23 years of age, of sound mind, not a bankrupt and gainfully employed.