Graduate Scheme – 100% loan for new cars


Below is a compilation of common questions regarding Graduate Scheme loan:

Q1: Is it possible to pay 0% down payment?

A1: Yes, it is possible under graduate scheme loan

Q2: Does it apply to Perodua and Proton only?

A2: No, it applies to all brands.

Q3: What is the term and conditions?

A3: The applicant graduated with a degree/diploma, age less than 30 years old and this is the first car under his/her name.

Q4: What is the interest rate charged under this scheme?

A4: The rate is fixed at 2.98% (local cars) and 2.88% (non-local cars).

Q5: Do I need to pay anything prior to receiving the car?

A5: Yes, you need to pay one month advance payment. Instead of paying your first monthly installment one month upon receiving the car, you have to pay it at the time of signing the loan agreement. Therefore, your second payment should start after 2 months.

Q6: Is there any other additional fees involved?

A6: Yes, there is another one-time insurance payment that you are required to pay. This should depend on the value of the car as it would insure in the event of death and disability.

Q7: What is the benefit of having this scheme?

A7: You are not required to pay any down payment. You don’t need a guarantor in the event that your net salary does not meet the minimum requirement (minimum net salary > RM 1,500).

Q8: Is this an islamic loan?

A8: Yes, it is.

Q9: Is it applicable for a used car?

A9: No, it only applies to a brand new car

Below is an illustrative table of the amount of loan you are able to apply under this scheme. Terms and Condition apply:

Net Salary Loan Amount Monthly Payment (9 years)
RM 1,500 – RM 1,750 Up to RM 50,000 < RM 585
RM 1,750 – RM 2,000 Up to RM 65,000 < RM 760
RM 2,000 – RM 2,500 Up to RM 80,000 < RM 940
RM 2,500 – RM 3,000 Up to RM 100,000 < RM 1,170