New Car Loan Calculator

Get an instant estimate of your car loan EMI with Zigwheels's user-friendly loan calculator. Simply enter the loan amount, tenure, and interest rate, then hit 'Apply Now' to see your personalized EMIs in seconds.

Loan Tenure
Estimated Monthly EMI
Apply Loan
Down Payment
Loan Amount

*Rate of interest can vary subject to credit profile. Loan approval is at the sole discretion of the finance partner.

*Fees such as insurance, administrative, provision fees, etc. are not included in the simulation.

*The simulation is only a general description and is not the actual amount. The final amount will be determined by the financier.

Eligibility & Documents Required for Car Loan

  • Eligibility
  • Documents
  • Malaysian citizenship with a minimum age of 18 years (not exceeding 60 years at the end of loan tenure)
  • Any salary earning individuals, sole proprietorship, partnership firm, self-employed individuals, public listed companies, private limited companies can apply for a car loan
  • In the case of individuals, min monthly income should be RM 1,500, which is subjected to Debt Service Ratio
  • In the case of foreign applicants, a local guarantor is required
Salary Earning Individual
  • A copy of NRIC (National Registration Identity Card)
  • A copy of the driving licence
  • Passport and employment / Contract Letter in case of foreign applicant
  • Latest salary slips/vouchers (last 1-6 months as per the loan package)
  • Latest EA or EPF Statement or Employment Confirmation or 3 months Bank / Passbook Statement or ASB/ASN.
  • Spouse details (NRIC and latest 2 months' proof of income if to support household income)
  • Local guarantor in case of foreign applicant and guarantor needs to submit NRIC, latest salary slips, and latest EA or EPF Statement
Sole Proprietorship / Partnership / Self Employed
  • A copy of NRIC (National Registration Identity Card)
  • A copy of the driving licence
  • Business registration certificate
  • Latest Borang/BE with the validated receipt of tax payment LHDN
  • Bank statement for the 3 to 6 latest months
  • A relevant business income proof document
Private Limited Companies
  • Certified copies of Memorandum of Association and Articles of Association
  • Latest form 9, 13, 24, and 49
  • Bank statements for the 3-6 recent months
  • Management’s profile
  • Profile of the company’s director
  • A copy of the Certificate of Commencement of Business
Public Listed Companies
  • Latest form 24 and 49
  • Latest audited annual financial statement
Graduate & Young Professionals
  • Ages 18 to 30
  • Valid Malaysian Identification Card (IC)
  • Driving Licence
  • Latest 3 Months' Payslips
  • Job Offer Letter (for applicants working less than 3 months)
  • Copy of Degree or Diploma Certificate

FAQ’s on Car Loan Calculator

How to Use a Car Loan EMI Calculator?

    Using a car loan EMI calculator is relatively simple and straightforward. The following are the steps to use a car loan EMI calculator:
  • Enter the loan amount: The first step is to enter the amount of loan you wish to take for the car.
  • Enter the interest rate: The second step is to enter the interest rate offered on the loan by the lender.
  • Enter the loan tenure: The third step is to enter the tenure or the duration of the loan in months.
  • Click on "Apply Loan": Once you have entered all the required information, click on the "Apply Loan" button to get the EMI.
  • View the EMI: The calculator will then display the EMI that you need to pay every month to repay the loan.

What are the benefits of using an online Car Loan EMI Calculator?

    Online Car Loan EMI calculators are convenient, quick and accurate, they are user-friendly, allow you to compare different loan options, are cost-effective and help you plan your budget and finances. They also do not commit you to take the loan. It's a great tool to have an idea about the EMI you will pay and check if it fits your budget.

What is a car loan?

What types of car loans are offered in Malaysia?

    There are two types of car loans offered in Malaysia - Conventional and Islamic.

What cars can be financed?

    In Malaysia, All car brands can be financed. Zigwheels provides loan for the following brands:

What is a conventional car loan?

    The conventional car loan offers individual funds to buy new or pre-owned cars. It has a flexible repayment tenure with a maximum period of nine years. The margin of financing in the case of conventional car loan is up to 90%.

What is an Islamic car loan?

    The Islamic car loan is based on the Shariah principles of financing. It offers funds to purchase a car, however, the ownership of the vehicle gets transferred to the borrower only when the repayment of the loan is done. In this case, the margin of financing can be as high as 90% or 100% of the vehicle’s price.

What is the eligibility criteria to apply for a car loan?

    To apply for a car loan, one must need to fulfil the following eligibility criteria -
  • Malaysian citizenship
  • 18 years old and above
  • Employed or self-employed at any private/public listed company
  • Partnership/Sole proprietor can also apply for a loan
  • A local guarantor in case of the foreign applicant

What documents are required for a car loan application?

    Following documents are required to submit with a car loan application -
  • A copy of NRIC
  • A copy of the driving licence
  • Bank/passbook statement (for the last 1-6 months)
  • Salary slips/latest EPF or EA statement/Business registration certificate, as per the applicant’s category
  • Latest Borang/BE and the tax payment receipt, as per the applicant’s category

What are the important things to keep in mind before taking a car loan?

    One should know the following things before taking a car loan -
  • Credit score
  • Rate of interests charged by different banks
  • Loan tenure
  • Down payment
  • Payment options
  • Other charges

What is the interest rate on a car loan?

    The interest rates of car loans in Malaysia are determined as per the bank rates regulated by the central bank (Bank Negara).

Which Malaysian bank offers the best car loan?

    Different banks offer a competitive car loan interest rate ranging from 2%-6% per annum, depending on the applicant category and type of car. You can compare deals offered by different banks and opt the one that suits you best.

How long does the car loan application procedure take?

    The car loan application usually takes 1 to 2 days to process.

How can I apply for a car loan?

    At the time of buying a car, the company or agent offers you the best bank options to apply for a car loan.

What is the margin of finance?

    It is a percentage of the car's value that the bank or financial institution offers you as a loan amount. Banks usually offer car loans at a maximum margin of financing of 90% in Malaysia, which means applicants need to pay at least a 10% down payment to the car dealer.

How much down payment do I need to pay?

    According to the Hire Purchase Act (1967), the down payment is paid at 10% of the car’s on-the-road price.

Can I pay more than 10% down payment?

    Yes, you can pay more than a 10% down payment. It will reduce your principal loan amount as well as interest.

What is the maximum repayment period for a car loan?

    The maximum repayment period for a car loan is 9 years. Longer the repayment period, less the instalment amount you will need to pay per month. However, the interest amount will be higher in the long run.

What factors determine my car loan eligibility?

    Your car loan eligibility is determined by a few crucial factors, comprising your income and debt servicing ratio.

Why did my car loan application form get rejected?

    Some of the reasons that can lead to a car loan application rejection are - non-fulfillment of minimum salary requirement, poor or no credit score, or unhealthy debt service ratio.

What can I do if my application for a car loan gets rejected?

    If your initial car loan application gets rejected, you can take the following actions -
  • Approach another bank or financial institution for the loan
  • Choose a lower-priced car model
  • Pay a higher down payment amount
  • Settle your existing loans, if possible.

Can I take a car loan, if I already have taken another loan?

    Yes, you can take a car loan, if you already have a loan. Multiple loans can be taken as long as it does not impact your credit score and credit health.

Which cars can be purchased on loan?

    All cars can be purchased on loan. Zigwheels Malaysia offers credit services for the brands below -
  • Perodua Car Loans
  • Proton Car Loans
  • Toyota Car Loans
  • Honda Car Loans
  • Mitsubishi Car Loans
  • Hyundai Car Loans
  • Volkswagen Car Loans

How can I increase my chances of getting a car loan approval?

    By keeping your credit score and credit health good, you can increase your chances of getting your car loan application approved.

Can Zigwheels help me with my application for a car loan?

    With the help of Zigwheels’s Car Loan calculator, you can calculate the estimated monthly amounts you will be required to pay for your car loan. You can also fill out the application form available on the Zigwheels website to start processing your car loan. However, the approval of the loan solely depends on the lending institution and Zigwheels has no influence over this decision.
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