Maybank Presents Malaysia's First Automobile Financing Solution For EV, Hybrid Customers

Malayan Banking Berhad (Maybank) has announced its first integrated automobile financing solution for electric vehicles (EV) as well as hybrid customers. This new enhancement includes various aspects of vehicle ownership like comprehensive financing solutions, insurance, and takaful coverage plus EV charging privileges.

The local bank alleged this is in line with the Group’s aspiration to become the sustainability leader in the state by accomplishing its responsibilities to mobilize a recently revised target of RM80 billion in sustainable financing by 2025 and to achieve a carbon-neutral position by 2030.

According to Maybank’s Community Financial Services Group Chief Executive Officer Datuk John Chong said, he stated this offering is timely and showcases the banking group's strong commitment to sustainability which cater to customers' evolving needs as they become increasingly more environmentally conscious.

"Apart from that, our initiative also supports the government's vision of growing the EV market share to 38% by 2040 through the low carbon nation aspiration under the National Energy Policy 2022-2040," he added.

Given the support and adoption of EVs through increasing EV charging infrastructure, Maybank Islamic collaborate with ParkEasy to install EV chargers at several locations like the one constructed at Dataran Maybank, Kuala Lumpur Golf & Country Club, and Mandarin Oriental Hotel in Kuala Lumpur.

The country’s first financial provider also hopes to add more EV charging stations within the Klang Valley area including other states in Peninsular Malaysia by December 2024 to further bolster the EV ecosystem and boost the usage of hybrid vehicles.

Customers who purchase EV home chargers from Maybank will also receive insurance and Takaful coverage. It is also available as a free add-on to an Etiqa private car policy or as a certificate for newly registered EV or plug-in hybrid electric vehicles.

For those EV owners who purchased the EV home wall charger separately from their new motor insurance and takaful, Maybank added another standalone coverage for EV home chargers under the All-Risk Insurance and Takaful plan.

For further information, you can visit Maybank’s EV financing page.