Electric vehicles (EVs) are the talk of the town and the top priority of product planners at carmakers across the globe.
While it will be some time more before EVs replace internal combustion engine (ICE) powered vehicles on our roads, sales of battery powered cars are on the up, thanks to duty waivers and other perks (such as zero road tax) by the government to kickstart sales and incentivise early adopters. From the zero tailpipe emissions to the strong electric motor torque and silent operation, it’s likely that once you go electric, you’ll never turn back.
Free EV charging credits, free home charger coverage, preferential rates and more!
More than just a regular hire purchase loan, Maybank Electric Vehicle Financing serves up perks that electrify your life with an EV. Charging is a major part of living with an EV, and here, Maybank is offering exclusive privileges such as 30% discount at charging stations on the ParkEasy app (under InCharge), an EV charging membership programme by Maybank Islamic.
This 30% discount is thrown in with complimentary RM500 InCharge credits when you opt for EV financing of RM250,000 and above, or RM200 InCharge credits for minimum EV financing of RM120,000. To give you an idea of how far RM500 can go, with the 30% discount, the free credits should allow you to use ParkEasy’s 7 kW AC chargers for up to 238 hours, charging the BYD Atto 3’s batteries to full 26 times over. Taking a conservative average of 400 km range per charge, that can mean up to 10,500 km of free mileage.
An interesting benefit of Maybank Electric Vehicle Financing is the complimentary insurance coverage for your EV home charger, free for newly-registered EVs insured by Etiqa motor insurance or takaful. This is a first-of-its-kind product in Malaysia, and your EV is not just protected, but its “lifeline” will be too.
Tax-free temptations
Admittedly, petrol is heavily subsidised in Malaysia, which negates any big cost savings one might get by switching from ICE to EV, reserving assistance for the truly needy. It’s a matter of when, not if, it will be implemented.
Since the introduction of EV incentives for Complete Build Up (CBU) imports, carmakers have responded by bringing in their latest battery-powered cars to take advantage of this tax-free window. As such, Malaysians are now blessed with a much larger range of EVs to choose from, compared to just two or three years ago.
Premium brands such as Mercedes-Benz, BMW and Volvo have a fleet of EV alternatives to their popular ICE models. Hyundai and Kia are active in the scene, and there are even new EV-only brands, with established EV makers from China (the world’s biggest EV market) setting up shop here. Even as we speak, more EVs are being planned – crucially, some will break new ground in terms of affordability.
Growing options, lower barriers
Speaking of affordability, we’re currently looking at around RM140k (Ora Good Cat) to RM150k (BYD Atto 3, Hyundai Kona Electric) for the most affordable EVs in Malaysia. Prices for the Honda HR-V and Toyota Corolla Cross, two popular midsize SUVs, currently top out at around RM140k for hybrid variants, so the tax-free EVs are currently viable options that are definitely within reach.
As of now, there’s no truly mass market EV to rival the likes of B-segment ICE giants such as the Honda City and Toyota Vios. Yet, because BYD has announced plans to bring in the Dolphin EV later this year, and that model has potential to be priced below RM100k. In Thailand, consumers already have a couple of options below THB one million (about RM130,000) and we should expect the EV price floor to continue to decline as more players join the fray here.
Inadequate public charging infrastructure is often cited as a barrier to EV adoption. On this front, great strides have been made in recent times and the government has declared a target of 10,000 public charging stations by 2025. As of end Q1 2023, there are 978 Alternating Current (AC) and Direct Current (DC) public chargers in Malaysia, according to the Malaysian Electric Vehicle Owners Club (MyEVOC).
While DC fast chargers are popping up across cities and on Malaysia’s highway network, the availability of home charging is actually more important in electric motoring. If you reside in a landed property or have access to overnight charging, there should be no reason that you can’t charge an EV daily. If you reside in a condominium, unfortunately it’s now illegal to install private chargers in strata building parking lots, but residents can petition the Joint Management Body (JMB) to install shared chargers within the building’s compound.
Ready to switch to EV?
Consider Maybank Electric Vehicle Financing, a first-of-its-kind integrated car financing solution that covers various aspects of owning an EV, to complement your green lifestyle. Maybank is The Asian Banker’s Best Automobile Financing award winner in 2022, and is offering attractive financing rates, EV charging privileges and even complimentary insurance/takaful coverage for your EV home charger.
Maybank Electric Vehicle Financing offers preferential and competitive rates for EV financing, with up to 90% margin of financing for tenures of up to 108 months. The bank promises fast approval, and with Maybank’s unrivalled network of over 300 branches nationwide, payments can be made easily, whether physically or online via Maybank2u.
Think EV, Think Maybank
With competitive financing rates, charging discounts and complimentary protection for your home charger, Maybank Electric Vehicle Financing is the holistic financing solution for your EV. Take up Maybank’s EV financing and you’ll stand a chance to win gold or the latest gadgets, from 1 March 2023 till August 31, 2023.
For more details on Maybank Electric Vehicle Financing, read more here or follow the hashtag #MaybankAutoFinance on social media channels.
