Maybank welcomes Tesla, acts as key EV financier in Malaysia

MAYBANK, Malaysia’s largest bank by market capitalisation and total assets, has offered a hearty welcome to Tesla after their recent announcement to enter the electric vehicle (EV) auto market for their Model Y in Malaysia.

Tesla buyers opting for financing with Maybank will enjoy preferential and competitive financing rates as well as flexible repayment options with up to 90% financing through Maybank’s EV Financing.

The banking group’s streamlined application process also provides potential Tesla buyers with an integrated automobile financing that encompasses insurance/takaful coverage and other benefits.

The EV Financing offers a swift one-day approval with a dedicated auto sales team, personally attending to each customer. Upon making the purchase for their Tesla online, buyers can opt for Maybank’s EV financing that ensures seamless and convenient process from start to end.

Furthermore, the first 100 Tesla buyers under Maybank’s integrated auto-financing stand a chance to receive an initial investment worth RM500 through Maybank Islamic’s Gold Account (MIGA-i).

Cognisant of its role to proactively offer holistic sustainable financing solutions to facilitate the national agenda towards a low-carbon economy, Maybank’s group president and CEO Datuk Khairussaleh Ramli commended the synergistic partnership,

“Through Tesla’s cutting-edge innovations that is bolstered by Maybank’s innovative financial solutions, we believe this will contribute to the growth of the EV market in the country while driving sustainable mobility solutions as well as enhance the adoption of clean energy in reducing carbon emission,” he pointed out in a statement.

Pic credit: Paul Tan’s Automotive News

“In 2022, Maybank mobilised about RM310 mil auto financing for EV and hybrid cars in Malaysia. We have since increased our EV and hybrid financing growth to 54% with total mobilisation of almost RM480 mil as of May this year alone.”

As part of the group’s mission to provide a holistic solution for its customers that goes beyond banking, Maybank Islamic has established a partnership with ParkEasy to extend value-add benefits to the EV and hybrid car owners such as access to ParkEasy’s 1,200 EV charging bays nationwide at 30% discounted rates.

Through ParkEasy’s app, InCharge, Maybank Islamic also provides InCharge credits totalling up to RM500 for EV Islamic financing amount of RM250,000 and above.

More broadly, Maybank said it is on target to achieve its RM80 bil mobilisation for sustainable financing throughout ASEAN by 2025.

Upon the launch of the bank’s sustainability product framework, Maybank said it has been making strides in financing various sustainability efforts within various sectors with a cumulated mobilisation of RM35 bil over the past two years.

In the past, the Bank had mobilised green home financing solutions including solar panel financing; preferential rates for EV and hybrid vehicles; introduced the first-of-its-kind insurance and takaful coverage for EV home chargers and a carousel of financing products through its low carbon transition facility to facilitate the transition for sustainable practices by supporting SMEs (small medium enterprises) that are committed to reducing their environmental footprints. – July 21, 2023

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