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News

Motorcycle Loan Calculator & Motorcycle Rates Malaysia

Motorcycle Loan Calculator & Motorcycle Rates Malaysia
Jay Ooi
May 12, 2023

Loan Motor Calculator Malaysia

The Loan Motor Calculator Malaysia is a handy tool designed to help potential borrowers in Malaysia estimate their monthly repayments for motor loans. By inputting key details such as the loan amount, interest rate, and loan tenure, users can get a clear picture of their potential financial commitment. This calculator is particularly useful for those planning to purchase motorcycles or other motor vehicles, allowing them to plan their finances effectively and avoid any surprises down the line. It’s an essential resource for anyone in Malaysia considering a motor loan.

Motor Loan Calculator Malaysia

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  • About this calculator
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Calculator Information

The Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.

Calculator Assumptions

Length of Month

All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.

Number of Weeks or Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.

Rounding of Amount of Each Repayment

In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.

Rounding of Time Saved

The time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.

Amount of Interest Saved

This amount can only be approximated from the amount of time saved and based on the original loan details.

Calculator Disclaimer

The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.

Motorcycle Loan Calculator Malaysia

RM

**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.

Period Payment Interest Balance
X
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Motorcycle Loan Rates in Malaysia

BankInterest RateLoan TenureDown Payment
Chailease4.5% to 10% flat per annum depends on your credit standingUp to 9 YearsLowest down payment
AEON Credit ServiceAs low as 0.625% per month (for qualified customers only)Up to 84 monthsNot specified
Bank Islam Malaysia Berhad (Only For New Motorcycles)From 4.05% to 5.00% per annumNot specifiedNot specified

Frequently Asked Questions (FAQs) – Motorcycle Loan Malaysia

1. What is a motorcycle loan? A motorcycle loan is a type of personal loan or auto loan provided by banks or financial institutions that allows you to finance the purchase of a motorcycle.

2. What are the requirements to apply for a motorcycle loan in Malaysia? The requirements may vary from bank to bank, but generally, you must be at least 18 years old and above. In employment at least 6months and have a minimum gross income of RM1200. A Malaysian citizen or permanent resident, and have a steady income source. Some banks may require you to have a valid motorcycle license.

3. How much can I borrow for a motorcycle loan? The loan amount depends on the motorcycle’s price and the financing margin offered by the bank, which can range from 70% to 90%.

4. How long can the loan tenure be? Loan tenures typically range from 1 to 7 years, but some banks may offer longer tenures.

5. What is the interest rate for a motorcycle loan? Interest rates vary depending on the bank and your credit score. Generally, they can range from 3% to 10% per annum.

6. Do I need a down payment for a motorcycle loan? Yes, if the bank’s financing margin does not cover 100% of the motorcycle price, you’ll need to pay the remaining percentage as a down payment.

7. What happens if I fail to make my loan repayments on time? Late repayments can incur penalties, negatively affect your credit score, and, in severe cases, lead to repossession of the motorcycle.

8. Can I apply for a motorcycle loan if I have a bad credit score? While it’s possible, it can be challenging. Some banks may reject your application, require a higher down payment, or charge you a higher interest rate.

9. Can I pay off my loan early? Yes, most banks allow early settlement. Some banks will award interest rebates. However, some may charge an early termination fee. It’s best to check with your bank first.

10. Can I apply for a motorcycle loan online? Yes, most banks and financial institutions in Malaysia offer an online application process for motorcycle loans. You’ll need to fill out an application form and provide required documents.

11. What documents do I need to apply for a motorcycle loan? Typically, you’ll need a copy of your NRIC, proof of income (like payslips or bank statements), proof of employment, and, in some cases, a copy of your motorcycle license.

Please note that each bank or financial institution may have different policies and requirements, so it’s best to confirm with your chosen bank or financial institution for the most accurate information.

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May 12, 2023
Jay Ooi

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