With BRED Car Loan, you could be driving your next car sooner than you think.
Low interest rate & flexible terms to fit your budget, low & flexible equity requirements to ease the burden on your savings.
For a limited time, we are offering Car Loans at rates starting as low as 6.25%p.a. and terms up to 7 years. Get an approval in 48 hours and drive away before you know it!
Take advantage of the limited time offer!
ü Low & Flexible Interest Rates
ü Low Equity requirements
ü Quick Turn-Around Time – Loan approval within 48 hours[i]
ü 100% waiver on Loan Approval Fee
Flexible rates and terms to better fit your financial situation!
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Brand New Vehicles
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Unregistered Used Vehicles (2nd Hand Reconditioned Vehicles)
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Flexible equity contribution to ease the burden on savings!
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Brand New Vehicles
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Unregistered Used Vehicles (2nd Hand Reconditioned Vehicles) 1. 0.00% equity for BRED Home Loan Customers 2. 15.00% for others
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Mandatory Conditions
- 12 months in employment
- Vehicle will only be financed for private use
How do I apply?
To help us assess your loan application quicker, we advise you to provide the following information to your Relationship Manager:
SALARY AND STATEMENTS
· Payslips (3 most recent)
· Employment Confirmation (recent employment letter or employment contract)
Account Statements
· Salary and Savings account (s) - 12 months
· Loan statement (s) for all existing loans - 12 months
· Hire Purchase statement - 6 months
VEHICLE DETAILS
· Quotation (Engine Number & Chassis Number is required.)
· Evidence of equity
· Brand New vehicle - 10% contribution Unregistered Used vehicle - 15% contribution
· ACCF (Motor Vehicle Accident Compensation Scheme) (after acceptance of letter of offer)
PERSONAL DETAILS
· Identification
(Original Birth Certificate | Original Marriage Certificate | Joint FNPF/TIN Card | Valid Driver’s Licence | Passport or Voter Card)
If the Bank is not satisfied with the information provided, further documentation may be requested for verification.
Fees & Charges – Customer Banking Services
Fees & Charges – Lending Services
[i] Turn-around time is subject to satisfactory submission of all requirements and documentation for loan assessment.
[ii] Equity from Home Loan - 20% discount will be applied on existing valuation held with BRED consistent with Covid-19 market conditions. Valuation report must be within 3 years from date of issue.
Loan eligibility and approval is subject to the Bank’s credit assessment. Offer valid for new or unregistered used vehicles meant for personal use, applied and approved within the promotion period. Promotion starts 01 Sep, 2021 and ends on 30 Nov, 2021.