MY CAR LOAN

My Car Loan (“MCL”) is a credit facility provided by the Bank to individual Debtors for the purchase of new 4 (four) wheeled vehicles.
 

FEATURES

Bank Shinhan Indonesia offers 3 main products:

- ADDM (Installment Paid in Advance)

The first installment is paid together with the Down Payment so that the loan tenor will be reduced by one month.

- ADDB (Installment Paid in Arrears)

Lower TDP (Total Down Payment), with a fixed loan tenor and the first installment will be paid in the following month.

- Balloon Payment (Low Installment)

Lower monthly repayments in exchange for lump sum paid at the end of a loan's term.
 

PROFIT

- Competitive interest rates

- Flexible tenor up to 10 years*

- Low DP starts from 15%*

- Low installment 

- Insurance protection for vehicles

Notes:
*) Terms and conditions apply based on Bank policy

Frequently Asked Questions (FAQ) regarding My Car Loan (“MCL”) at Bank Shinhan Indonesia:

1. What types of vehicles can be financed by MCL at Shinhan Bank Indonesia?
MCL is only for the purchasing New Car. New car can be purchased from authorized dealers who cooperate with Bank Shinhan Indonesia network.

2. Is there any down payment (DP) for MCL at Shinhan Bank Indonesia?
Yes, Shinhan Bank Indonesia usually requires a down payment (DP) for MCL applications. The amount varies depending on the type of vehicle and the Bank's policy.

3. How to pay the installments?
Installment payment can be made through the following channel:

• Auto-debit: Automatic installment payments from your Shinhan Bank Indonesia account every month.

4. Can I do early repayment of MCL at Shinhan Bank Indonesia?
Yes, Shinhan Bank Indonesia allows early repayment, but a penalty fee will be charged. You need to contact the Bank to find out more about the early repayment fee.

5. Does Shinhan Bank Indonesia offer insurance for MCL?
Yes, Shinhan Bank Indonesia requires borrowers to take out vehicle insurance. This insurance aims to protect the vehicle in case of risk.

6. What happens if I fail to pay my installments?
If you fail to pay the installment, Shinhan Bank Indonesia will impose a late fee. If the late payment continues, Shinhan Bank Indonesia has the right to take action in accordance with applicable regulations.

7. Can I apply for MCL at Shinhan Bank Indonesia if I am a business owner or self-employed?
Yes, Shinhan Bank Indonesia accepts MCL application from business owner or self-employed. You must attach supporting documents that show financial stability, such as business financial statements and tax identification number.

8. How to apply MCL at Shinhan Bank Indonesia?
You may inquiries regarding MCL through the nearest Shinhan Bank Indonesia branch office or contact our call center at 1500-881 (24-hour service) and info.id@shinhan.com.