Maybank has announced that it is offering Malaysia’s first-of-its-kind integrated automobile financing solution for electric vehicle (EV) and hybrid customers which covers holistic financing solutions, insurance and takaful coverage and EV charging privileges. It added that this is in line with the Group’s aspiration to become the sustainability leader in the region by fulfilling its commitments of mobilising a revised target of RM80 billion in sustainable financing to customers by 2025. It also aims to achieve a carbon-neutral position by 2030.
Maybank Community Financial Services Group CEO Dato John Chong said the offering is timely and showcases Maybank’s commitment to sustainability and at the same time catering to the evolving needs of customers as they become more environmentally conscious. Their initiatives are aimed at supporting 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 2022-2024.
To support the adoption of EVs and to increase the availability of EV charging infrastructure, Maybank has teamed up with ParkEasy to install EV chargers at various locations. Maybank Islamic is said to be Malaysia’s first financial provider to embark on the EV charging infrastructure landscape by installing EV charging stations at Dataran Maybank, Kuala Lumpur Golf & Country Club and Mandarin Oriental Hotel in Kuala Lumpur. Maybank Islamic aims to install more EV chargers within the Klang Valley as well as other states in Peninsular Malaysia by December 2024 to strengthen the EV ecosystem and promote the usage of EV and hybrid vehicles. These chargers can be reserved and activated via the ParkEasy app which is available on the Apple App Store and Google Play Store.
From 1st October 2022 to 31st December 2023, Maybank is offering approved EV buyers with Maybank Islamic Automobile Financing free InCharge credit for ParkEasy. Customers who obtain a minimum EV financing of RM120,000 will get RM200 InCharge credit while customers with an EV financing amount of at least RM250,000 will get RM500 InCharge credit. On top of that, customers also get to enjoy 30% cashback or discount at ParkEasy charging stations under ParkEasy’s InCharge membership.
Maybank is also offering customers Insurance and Takaful coverage for EV home chargers. This coverage is the first of its kind in Malaysia that was introduced in October last year. It is offered as a complimentary add-on to Eqita private car policy or certificate for newly registered EV or plug-in hybrid electric vehicles. Maybank is also offering standalone coverage for EV home chargers under the All Risk Insurance and Takaful plan for EV owners who purchased the EV home wall charger separately from their new motor insurance and takaful.
You can learn more on Maybank’s EV financing page.