Having your own transport can certainly make life a lot easier – no need to get up earlier to catch public transport, more flexibility in daily movements and these days, less worry about crowded buses or coaches where there is a risk of getting infected with COVID-19. For graduates who are just starting to work, getting a loan to buy a car can sometimes be difficult as they don’t have a past record. Many loan applications require at least 3 months of prior employment and furthermore, they may also charge high interest rates initially.
Proton Commerce Sdn. Bhd. (PCSB), a unit of the Proton Group, understands this situation and has a campaign that provides fresh graduates with an opportunity to own their first car with low Hire-Purchase (H-P) loan rates. The campaign is on until December 31, 2020, coinciding with the sales tax holiday currently being offered for all Proton models.
Easier to qualify
This campaign only requires a letter of employment or a month’s salary slip in order to qualify for a loan. Starting at just 2.98% per annum, the rate offered by PCSB is currently one of the lowest in the segment. Basic requirements for a customer include being a graduate (minimum qualification diploma), be aged between 18-30 years, and have a job with a minimum salary of RM1,500.
“In today’s connected economy, mobility is important for young adults just entering the workforce. It provides a sense of empowerment and autonomy to these graduates. We are confident that this package will assist fresh graduates to own a car, as monthly repayments start from as low as RM239 per month,” said Mooi Fi Phang, Chief Executive Officer of PCSB.
Lower interest rates
According to Mr. Mooi, the H-P loan industry is projected to experience a surge in the near future, as a result of recent reduction in the reduction of the Overnight Policy Rate and the exemption of sales tax for passenger vehicles. Therefore, in addition to the Fresh Graduate Campaign package, PCSB reduced the overall offering interest rates to as low as 2.22% based on customer creditability and margin of finance. This means customers would directly benefit as their lower monthly repayment would enable them to use the savings on essentials, and conserve some funds for emergencies.