Loan Tenure to be restricted to maximum 7 years.
Both the personal loan and housing loan condition has been restricted. So, there’s a great possibility that the car loan tenure would also be restricted to a maximum of 7 years. According to BNM, this is the remedial steps taken to overcome the household debts of Malaysian which has risen to a worrying level.
If this restriction take effect, the low income group would find it difficult to buy cars, as the 30% allowable proportion of income for loan repayment must also be strictly observed. So, I would advise the prospect to consider making purchase as soon as possible when the requirement is still flexible.