PRODUCT DISCLOSURE SHEET

CIMB Bank Berhad

(Read this Product Disclosure Sheet before you decide to take up the Hire Purchase Loan. Be sure
to also read the general Terms and Conditions. Seek clarification from your institution if you do not
understand any part of this document or the general terms)

Hire Purchase Loan

1.

Date : _________________

What is this product about?

Hire Purchase loan is provided for the financing of vehicle calculated on fixed or variable rate. The ownership of the vehicle remains with the
Bank until full settlement of the loan. The operation of the Hire Purchase loan is governed by the Hire Purchase Act 1967.

2.

a. What do I get from this product?

Purchase Price

: RM

Total Amount Financed

: RM

Term Charges

: RM

Margin of Finance

Tenure

months

Interest Rate - Fixed

Interest Rate - Variable

+ BLR (%)

Annual Percentage Rate

Current Base Lending Rate (BLR)

% as at

b. When the interest is computed on Variable Rate : The interest is computed based on the scheduled balance and added to the account on monthly basis.
Any payment made which is more than the monthly installment payable will be treated as an advance payment. Such payments do not
in any way reduce the total interest payable and are not redrawable.
3.

What are my obligations?

Monthly Installment
The total amount payable, including the amount financed is

: RM
: RM

Note:
For variable rate financing, monthly installment and total amount payable may vary if BLR changes.
4.

What are the fees and charges I have to pay?

Stamping fee of RM10 for the Hire Purchase Agreement and RM10 for each guarantee, if any.
All postage fees incurred for the delivery of documents and notices, if any.

5.

What if I fail to fulfill my obligations?

Overdue interest of 8% per annum for fixed rate loan or 2% above the prevailing rate of term charges per annum for variable rates loan
will be charged on the amount in arrears.
Bank will exercise the right to repossess the vehicle financed upon two successive defaults of installments.
All expenses incurred during the repossession exercise will be charged to your Hire Purchase account.
Bank will dispose off the vehicle upon expiry of the 5th Schedule Notice (Notice to Hirer under Section 15 of the HP Act 1967) to recover
all outstanding amounts if no redemption is made within the stipulated timeframe.
Any loss after disposal will be demanded from you.
Legal action may be taken against you to recover the amount outstanding under the loan. This will affect your credit standing.
The Bank has the right to set off any credit balance in your account maintained with the Bank against any outstanding balance in this
account.

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PRODUCT DISCLOSURE SHEET

CIMB Bank Berhad

(Read this Product Disclosure Sheet before you decide to take up the Hire Purchase Loan. Be sure
to also read the general Terms and Conditions. Seek clarification from your institution if you do not
understand any part of this document or the general terms)

Hire Purchase Loan

Date : _________________

6.

What if I pay partial payment on my monthly installment?

Acceptance of partial payment of monthly installment at any time shall not constitute a variation or modification on your obligation to pay
the full amount of the monthly installment as stated herein.
The Bank reserves its right to insist on payment of the full amount of each installment at any time subsequently.

7.

What if I fully settle the loan before its maturity?

For Hire Purchase Fixed Rate :
You will be entitled to a rebate which is the refund of the term charges for the unused tenure. The calculation is based on the formula
below as stipulated in the Hire Purchase Act 1967.
Rebate = n (n+1) X TC
N (N+1)

Where :

n
TC
N

= Remaining loan tenure period

= Term charges
= Original loan tenure period

For Hire Purchase Variable Rate :

The settlement amount would be the outstanding amount plus term charges accrued and calculated up to next due date of payment.
8.

Do I need any insurance/takaful coverage?

You are required to take up a comprehensive insurance coverage on the vehicle financed for the entire tenure of the Hire Purchase loan.

9.

What are the major risks?

For the variable rate loan, the interest rate may vary according to the changes in the BLR. An increase in BLR may result in higher monthly
installment and total amount you pay back. If you have problems meeting your loan obligation, please contact us early to discuss repayment
alternatives.

10. Do I need a guarantor or collateral?

Guarantor may be required under specific circumstances as prescribed by the Bank business rules. Collateral is not required.
11. What do I need to do if there are changes to my contact details?
It is important that you inform us of any changes in your contact details to ensure that all correspondences reach you in a timely manner.
12. Where can I get assistance and redress?
If you have difficulties in making repayments, you should contact us earliest possible to discuss repayment alternatives. You may contact
us at :
CIMB Bank Berhad
Automotive Financial Services
Tel
Fax

: +603 2780 3500

: +603 9235 6380

Alternatively, you may seek the services of Agensi Kaunseling dan Pengurusan Kredit (AKPK), an agency established by Bank Negara
Malaysia to provide free services on money management, credit counseling and debt restructuring for individuals. You can contact AKPK
at :
Level 8, Maju Junction Mall
1001, Jalan Sultan Ismail
50250 Kuala Lumpur
Tel
Email

: 1 800 88 2575
: enquiry@akpk.org.my

PRODUCT DISCLOSURE SHEET

CIMB Bank Berhad

(Read this Product Disclosure Sheet before you decide to take up the Hire Purchase Loan. Be sure
to also read the general Terms and Conditions. Seek clarification from your institution if you do not
understand any part of this document or the general terms)

Hire Purchase Loan

Date : _________________

If you wish to complain on the products or services provided by us, you may contact us at :
Customer Resolution Unit
CIMB Bank Berhad
Level 19, Menara Bumiputra Commerce
No. 11, Jalan Raja Laut
50350 Kuala Lumpur

Tel

: +603 6204 7788

Fax
Email

: +603 2691 3248

: CRU@cimb.com

If your query or complaint is not satisfactorily resolved by us, you may contact Bank Negara Malaysia LINK or TELELINK at :
Block D, Bank Negara Malaysia
Jalan Dato' Onn
50480 Kuala Lumpur
Tel

: 1 300 88 5465

Fax
Email

: +603 2174 1515

: bnmtelelink@bnm.gov.my

13. Where can I get further information?

Should you require additional information on taking a Hire Purchase loan, please visit our Auto Finance Centres nationwide and the bank's
website at www.cimb.com. Alternatively. You may contact us at :
Tel

: Call Centre

+603 6204 7788

Fax

: Automotive Financial Services Head Office

+603 2619 3571

14. Other Hire Purchase loan packages available

Not available.
15. Goods and Services Tax
Without prejudice to any other provision herein, [You/Customer/Client/Borrower/Investor] shall be liable to any goods and services tax
payable in connection with or arising out of this Agreement or [the account]/the Facility/the Product or any services in connection therewith.

IMPORTANT NOTE : YOUR VEHICLE MAY BE REPOSSESSED AND LATER DISPOSED OFF IF YOU DO NOT KEEP UP REPAYMENTS
ON YOUR HIRE PURCHASE LOAN.
The information provided in this disclosure sheet is valid as at : 19 /3/2016