A Maybank auto loan in Singapore charges a flat interest rate, and as of October 2026 Maybank no longer lists that rate on its website. Its own hire purchase FAQ works its examples at 2.78% p.a. flat, the same rate UOB publishes for new and used cars. A flat rate looks small, but it roughly doubles once you convert it to an effective interest rate, and the amount you can actually borrow is capped by MAS, not the bank. Before you put down a deposit at the showroom, you want three things straight: what the loan really costs per year, how much Maybank will lend against your car's value, and whether you clear the eligibility bar. This guide walks through the current figures, the fees most buyers miss, and how Maybank stacks up against the rest of the market.
Update, 13 October 2026: Maybank's car loan pages no longer list the 2.78% p.a. flat rate for new cars or the from-1.98% p.a. rate for electric and hybrid cars that this guide quoted, so ask the dealer or Maybank for your rate in writing. Maybank's hire purchase FAQ still works its repayment examples at 2.78% p.a. flat, and its separate package for new electric and plug-in hybrid cars has a lower rate that Maybank does not publish. A flat rate is charged on the full original loan amount for the entire tenure, even as you pay the balance down. That is why the number you should compare is the effective interest rate (EIR), which on most local car loans lands at roughly 1.8 to 1.9 times the flat figure.
UOB, which publishes both figures, shows a 2.78% flat rate as an EIR of 5.19% over seven years and 5.24% over five (UOB, as of October 2026). The same flat rate gives a different EIR at a different tenure, so compare EIRs at the same tenure, alongside the early-settlement terms. Ask Maybank for the EIR in writing before you sign.
| Item | Detail |
|---|---|
| Flat rate (new car) | Not listed; Maybank's FAQ examples use 2.78% p.a. |
| Electric / plug-in hybrid rate | Lower package rate, not listed |
| Effective rate at 2.78% flat (7-yr) | About 5.2% p.a. (UOB discloses 5.19%) |
| Loan tenure | Up to 7 years, or the COE's remaining life if shorter |
| Maximum financing | Up to 60% or 70% (MAS-capped) |
| Minimum monthly income | S$1,500 |
| Minimum age | 21 years |
Here is the part dealers gloss over: the cap on your loan is set by the Monetary Authority of Singapore, not Maybank. The maximum loan-to-value is tied to your car's Open Market Value (OMV), not the price you negotiate. If the OMV is S$20,000 or below, you can borrow up to 70% of the purchase price or the bank's valuation, whichever is lower. If the OMV is above S$20,000, the cap drops to 60% (Ministry of Transport / MAS, current rules). Maybank's FAQ adds that any discounts, rebates or benefits you receive lower the loan amount.
OMV is the car's assessed import value, without the COE or taxes, so ask the dealer for it: above S$20,000, a 40% downpayment in cash is the minimum. A Maybank relationship manager can confirm your exact OMV band, but do not let a showroom promise you '100% financing' through a bank loan; that breaches MAS rules.
Loan tenure is also regulated: a maximum of seven years (MAS). Maybank also caps it at the COE's remaining life, so an older used car shortens the tenure you can take. If you want to map the full cost of ownership beyond the loan, our car cost calculator folds in COE, road tax, insurance and petrol alongside the monthly repayment.
Maybank lists three conditions on its car loan pages: you must be 21 or older, a citizen, PR or Employment Pass holder, and earn at least S$1,500 a month.
Foreigners need an Employment Pass and a local guarantor, and self-employed applicants should expect to show more income history. A clean repayment record matters more than most people assume; lenders pull your file before approving, so it is worth knowing your credit score before you apply.
The interest is only one line in the total. The cost most borrowers forget is early settlement. If you sell the car or refinance partway through, Maybank does not simply stop charging interest, because a flat-rate loan front-loads the charges.
Maybank's own fee schedule sets the early settlement charge as 20% of the interest rebate, a levy of 1% of the original loan amount, and one month's written notice, or a month's interest in lieu of notice (Maybank, as of October 2026). The rebate itself uses the Rule of 78, which hands back less than a straight pro-rata share. In Maybank's own example, a S$50,000 loan at 2.78% flat over five years carries S$6,950 of interest, and settling with 35 months left earns a rebate of S$2,392.62 before the 20% charge. Partial redemption is not allowed, and your loan agreement has the final figures.
This early-settlement maths is exactly why over-borrowing on a long tenure to lower the monthly payment can backfire if you plan to sell within a few years. Run the numbers against the actual car price using our car cost calculator before you commit to seven years.
Car loan flat rates cluster tightly, so the headline rarely decides the winner on its own. As of October 2026 UOB publishes its rates in full: 2.78% p.a. flat for new and used cars up to 10 years old, and 2.48% p.a. flat on its Go Green loan for fully electric cars, an EIR of 5.19% and 4.65% over seven years. Maybank does not list a rate, so you get your quote through the dealer or a Maybank relationship manager.
The bigger swing factors are the EV rate, the early-settlement terms, and any dealer-tie-up promotion running at the time. Maybank does not publish its electric and plug-in hybrid rate, so if your car is fully electric, put UOB's 2.48% beside whatever you are quoted; UOB's Go Green rate does not cover plug-in hybrids, which compare against 2.78%. Compare the EIR and the redemption clause as well as the flat rate.
| Bank | New car flat rate | EV / hybrid rate | Max tenure |
|---|---|---|---|
| Maybank | Not listed (FAQ examples use 2.78% p.a.) | Lower rate for new electric and plug-in hybrid cars, not listed | 7 years |
| UOB | 2.78% p.a. (EIR 5.19% over 7 years) | 2.48% p.a. for fully electric cars (EIR 4.65% over 7 years) | 7 years |
Whichever lender you use, three checks decide what a car loan really costs you: the EIR in writing at your tenure, the early-settlement clause, and how long you expect to keep the car. Selling within two or three years costs more on any flat-rate loan, because the Rule of 78 rebate hands back less than a pro-rata share of the interest.
Whatever bank you pick, borrow against the car you can afford rather than the maximum the loan unlocks. A car is a depreciating asset in Singapore thanks to COE, so the loan should be the smallest sensible slice of a true cost of car ownership that also covers insurance, road tax and parking. Decide your budget first, then shop the loan to it.
As of October 2026 Maybank does not list its car loan rate on its website. Its hire purchase FAQ works its examples at 2.78% p.a. flat, and its package for new electric and plug-in hybrid cars has a lower, unpublished rate. The effective interest rate is roughly 1.8 to 1.9 times the flat rate, so ask Maybank for both in writing before you sign.
The cap is set by MAS, not the bank. If your car's Open Market Value is S$20,000 or below you can borrow up to 70% of the purchase price; above S$20,000 OMV the cap is 60%. Most cars fall in the 60% band, meaning a 40% cash downpayment is the realistic minimum.
Yes, if you hold an Employment Pass and have a local guarantor, Maybank says. You will also need to show proof of income, valid identification, and meet the minimum monthly income of S$1,500 like any other applicant.
Because the loan is flat-rate, early settlement does not cancel all your remaining interest. Maybank keeps 20% of the interest rebate, charges a levy of 1% of the original loan amount, and needs one month's written notice or a month's interest in lieu (Maybank fee schedule, October 2026). Partial redemption is not allowed.
This is general financial information for Singapore, not personal financial advice. Figures change, so verify current rates against the official sources above before acting. See our full disclaimer.
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