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Proton offers fresh graduates HP loan with interest rate as low as 2.98% for their first car

Proton Commerce, a joint venture between Proton Edar and CIMB Bank, has announced a new campaign to help fresh graduates own their first car with low Hire Purchase (HP) loan rates. According to the statement, the campaign aims to address the issues of mobility of those entering the job market. Proton says a key deterrent for fresh graduates is the ability to obtain a car loan without having proof of income for three months, which is a requirement for most HP loan applications.

PCSB offers fresh graduates an interest rate as low as 2.98% which is said to be the lowest in the segment. The qualify for a loan, the Fresh Graduate Campaign requires a letter of employment or a month’s salary slip.

Another basic requirement is that the customer must be a graduate with a minimum qualification of a diploma, aged between 18-30 years old and have a job with a minimum salary of RM1,500. This campaign will run until the 31st of December 2020 and customers will also benefit from the sales tax holiday.

With the sales tax exemption, the Proton Saga’s price is slashed by up to RM500, while the Iriz is slashed up to RM800. The Persona is now cheaper by up to RM900 while the X70 SUV gets a cut of up to RM7,000.

According to PCSB CEO Mooi Fi Phang, “In today’s connected economy, mobility is important for young adults just entering the workforce. It provides a sense of empowerment and autonomy to these graduates. We are confident that this package will assist fresh graduates to own a car, as monthly repayments start from as low as RM239 per month.”

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Mooi says the HP industry is expected to experience a surge in the near future as a result of the recent reduction of the Overnight Policy Rate and the exemption of sales tax for passenger vehicles. In addition, PCSB has recently announced that it has reduced its overall offering interest rates to as low as 2.22% based on customer creditability and margin of finance as of 7th July.

For more info, you can visit Proton Commerce’s website.

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Alexander Wong