1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. For car loans, EMI payments include both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (MYR)
• \( R \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified period.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their monthly financial commitment, compare loan offers, and plan their budgets effectively before taking a car loan.

4. Using the Calculator

Tips: Enter the principal loan amount in MYR, annual interest rate (as offered by Maybank), and loan tenure in months (typically 12-120 months for car loans).

5. Frequently Asked Questions (FAQ)

Q1: What is Maybank's typical car loan interest rate?
A: Rates vary (usually 2.5%-4.5% p.a.) depending on loan tenure, vehicle type, and customer profile.

Q2: Are there other charges besides interest?
A: Maybank may charge processing fees (typically 1% of loan amount) and insurance (usually mandatory).

Q3: Can I prepay my Maybank car loan?
A: Yes, but early settlement may incur a penalty (usually 1-3% of outstanding amount).

Q4: How does tenure affect my EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures mean higher EMI but lower total cost.

Q5: What is the maximum loan tenure Maybank offers?
A: Typically up to 9 years (108 months) for new cars, shorter for used cars.