If you’ve heard of ‘agility’ financing, made popular by premium brands, and wondered if such flexible schemes would one day reach the mass market – here it is. Perodua and Maybank Islamic are partnering up to provide the country’s first Shariah-compliant agility financing plan. Called Perodua Flexiplan, it’s based on Maybank Islamic’s myimpact Drive Financing-i.
A first for both companies (and a commercial bank; Mercedes-Benz and BMW have their own financing arms), this financial plan is described as a ‘highly competitive Murabahah Vehicle Term Financing deal which leads to a more affordable monthly payment over an initial five-year term’. Along with lower downpayment and monthly instalments, there’s the benefit of Perodua buying back the vehicle at ‘at a competitive price compared to market value’ for the purchase of a new Perodua model.
This is like the ‘guaranteed future value’ feature in similar schemes from premium brands. Terms and conditions apply, of course, so expect mileage caps and the car to be returned in fair condition, so keep this in mind if you’re planning to use the car for e-hailing. Perodua will want the car back in decent shape as it will be channeled to the carmaker’s POV used car division.
Speaking of returning the car, upon reaching five years, the customer will be given the option to trade-in his/her car for a new model, with the secured residual value used to offset the downpayment for another five-year term. Want to keep the car instead? Just settle the outstanding balance with cash or extend financing for up to four more years under a revised payment plan.
Eligible models under Perodua Flexiplan are the Myvi, Axia (excluding the ‘Rahmah’ Axia E), Ativa and Aruz. Why no Alza? According to Perodua president and CEO Datuk Seri Zainal Abidin Ahmad, the MPV is not in the list as it still has a waiting list and Perodua is managing deliveries. The Bezza, Malaysia’s best-selling car by far and the most popular model for e-hailing, is also not included for now.
“Today, both Perodua and Maybank Islamic broke new ground as we join forces to offer the best possible financing package with ensures everybody wins. We believe that with the backing of Malaysia’s biggest bank combined with the trust that we have earned from Malaysians; the Perodua Flexiplan will be well accepted,” Zainal added.
“We have always been committed to empowering our customers with flexible, transparent, inclusive, and sustainable financial solutions, and Maybank Islamic myimpact Drive Financing-i is a reflection to our values-based approach to banking. We are proud and excited to provide this innovative approach to all Malaysians alongside Perodua – one that addresses the preferences of modern car buyers and empowering our customers with flexible ownership choices,” said Syed Ahmad Taufik Albar, Group CEO, Community and Financial Services, Maybank.
The two parties say that Perodua Flexiplan further enhances the ecosystem of Shariah-compliant solutions for Perodua vehicle owners, which includes Perodua Total Protect Plus comprehensive takaful underwritten by Etiqa – which comes with an additional RM5,000 special peril coverage – as well as ‘Credit Reducing Term Takaful’ as an added layer of protection for customers.
The companies say that this financing plan enhances car ownership accessibility and creates a structure where ‘customers can change their vehicles conveniently for life’s big moments’. For more info, ask your Perodua sales advisor or visit a Maybank branch.
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