Graduate Scheme : Car Loan Interest Rate 2012

Good news for our young fresh graduates! Our bank panel is now offering lower car loan interest rate for graduate scheme (skim graduasi) starting from June 2012. The interest rates are categorized as follow:

Down Payment Car Model Rates
0% down payment All models 2.98%
10% down payment Local Cars 2.88%
10% down payment Non-Local Cars 2.78%

1. What is graduate scheme?
Graduate scheme is a another type of car loan offered by certain bank to fresh graduates (age less than 30).

2. Why should I take graduate scheme?
There are few reasons why you can’t avoid taking a loan under this scheme. Firstly, you haven’t worked for at least a year. Your net salary does not meet the minimum requirement. Under a normal loan, you are required to provide a guarantor, however by having this scheme, guarantor is not needed unless you are applying for extremely large amount of loan.

3. Why is the interest rate higher?
Bank has their own way of managing risk and how the amount of interest rate was determined shouldn’t be questioned. In their point of view, fresh grads carry a higher financial risk as compared to other older group.

4. What documents should I prepare?
5 important documents should be submitted to the banks. These documents include a copy of your IC, license, 3 months pay slips, and 3 months bank statements. You also need to give us a copy of your degree/diploma slip.

5. I haven’t started working, but I only have the job offer letter?
You are still eligible to apply for the this scheme. You don’t need to provide a copy of your pay slip if you already of your job offer letter.

6. I want to buy a second car, can I apply for Graduate Scheme?
The answer is YES and NO. You cannot apply for this scheme if you have had any previous car loan with any banks.

7. I only have SPM, can I apply for this scheme?
NO you cannot. You need to have at least a diploma/degree.

8. I am still studying at a university, am I eligible?
NO you are not. You need to have a guarantor, preferably your parent.