Motorcyle Loan Calculator Malaysia

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.

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.

The loan amount depends on the motorcycle’s price and the financing margin offered by the bank, which can range from 70% to 90%.

Loan tenures typically range from 1 to 7 years, but some banks may offer longer tenures.

Interest rates vary depending on the bank and your credit score. Generally, they can range from 3% to 10% per annum.

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.

Late repayments can incur penalties, negatively affect your credit score, and, in severe cases, lead to repossession of the motorcycle.

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.

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.

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.

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.