Malayan Banking Bhd (Maybank) has launched what it calls a first-of-its-kind auto financing package for buyers of electric and hybrid vehicles. It bundles the loan with insurance or takaful cover and charging privileges, the bank said in a statement.
The bank tied the product to its own targets. It has raised its sustainable financing goal to RM80 billion by 2025 and aims to be carbon neutral by 2030. Datuk John Chong, chief executive of the community financial services group, said the package also supports the government’s aim of lifting the EV share of the market to 38 per cent by 2040, a goal set out in the National Energy Policy 2022-2040.
Charging
Maybank Islamic says it will be the first financial provider in Malaysia to move into EV charging infrastructure. It has already installed chargers at Dataran Maybank, the Kuala Lumpur Golf and Country Club and the Mandarin Oriental Hotel Kuala Lumpur. It plans to add more in the Klang Valley and other states in West Malaysia by December 2024.
Its chief executive, Datuk Mohamed Rafique Merican, said the InCharge membership programme for EV financing customers gives rebates at Maybank Islamic chargers. The same rebates apply at other charging stations through the ParkEasy app.
Insurance
Etiqa began covering home EV chargers under insurance and takaful products in October last year. The cover comes free with an Etiqa private car policy or certificate for newly registered battery-powered electric vehicles and plug-in hybrids.
