Motorcycle Shop Loan, is also known in Bahasa Malaysia as Kedai Loan.
This method of loan is usually given when the Applicant for a motorcycle loan failed the test of CTOS, and Kedai Loan is given out as last resort from the Motorcycle Shop.
Down payment requirement is quite high, sometimes you are required to pay up to 50% down payment of the total cost of purchasing the motorbike.
Here are the details in summary:
Kedai Loan Interest: 10-15% per annum
Repayment Method: Monthly
Processing Fee: RM 50 - 200 depending on shop
Late Payment Fee: Chargeable
Repossession Fee: RM 400 and above
Loan Settlement: Anytime
Please bear in mind that even though you are granted a Kedai Loan. You are still liable for the loan, and the motorcycle shop has the facility to black list you if you do not pay up. It will appear in your CTOS that will affect your other loan applications.
If you need any help or advice on your motorcycle loans, please contact us and we shall assist you.