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 Maybank Hire Purchase loan, WTA about the HP

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TSmaymay88
post Mar 29 2017, 10:23 PM, updated 7y ago

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Hi all master, MBB approved my HP loan, but when i go to sign the agreement, they need me to buy a insurance that if anyhting happen to me, it will cover my loan. Is this insurance compulsory ? Because they inssist need me to buy that insurance. ( That's not insurance to coever for my car ).

Please Help me on this !
cedyy
post Mar 29 2017, 10:27 PM

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first time heard of having to purchase insurance for hire purchase loan. my car loan is with MBB

This post has been edited by cedyy: Mar 29 2017, 10:28 PM
TSmaymay88
post Mar 29 2017, 10:29 PM

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QUOTE(cedyy @ Mar 29 2017, 10:27 PM)
first time heard of having to purchase insurance for hire purchase loan. my car loan is with MBB
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ya man..they told me sth like MRTA for mortgage...hopefully someone can share more about this...it cost me rm 800+
cedyy
post Mar 29 2017, 10:30 PM

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QUOTE(maymay88 @ Mar 29 2017, 10:29 PM)
ya man..they told me sth like MRTA for mortgage...hopefully someone can share more about this...it cost me rm 800+
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you didn't apply with other banks?
TSmaymay88
post Mar 29 2017, 10:32 PM

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QUOTE(cedyy @ Mar 29 2017, 10:30 PM)
you didn't apply with other banks?
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nope, because im buying a used car which the owner having the laon with mbb...thay why easier to settle, if i getting loan from another bank, the onwer has to settle the car first...aiskss
cedyy
post Mar 29 2017, 10:39 PM

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QUOTE(maymay88 @ Mar 29 2017, 10:32 PM)
nope, because im buying a used car which the owner having the laon with mbb...thay why easier to settle, if i getting loan from another bank, the onwer has to settle the car first...aiskss
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try other banks loh, then tell maybank you have other options. or u signed already?
gahpadu
post Mar 29 2017, 10:40 PM

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not compulsory. i also been offered while sign the agrement with MBB..

rm800 for the lenght if ur loan tenure is ok laa.
hustlerism
post Mar 29 2017, 10:43 PM

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QUOTE(gahpadu @ Mar 29 2017, 10:40 PM)
not compulsory. i also been  offered  while sign the agrement  with MBB..

rm800 for the lenght if ur loan tenure is ok laa.
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Did you take it? What will happen to the HP if you didnt take it and something happens to you?

Just curious.
gahpadu
post Mar 29 2017, 10:45 PM

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QUOTE(hustlerism @ Mar 29 2017, 10:43 PM)
Did you take it? What will happen to the HP if you didnt take it and something happens to you?

Just curious.
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i dont take it.

but u can take it anytime within ur loan tenure.

good if u got guarentoo . if anything happen ..good for them
TSmaymay88
post Mar 29 2017, 11:12 PM

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QUOTE(gahpadu @ Mar 29 2017, 10:45 PM)
i dont take it.

but u can take it anytime within ur loan tenure.

good if u got guarentoo . if anything happen ..good for them
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thanks for ur help !!
dark-venus
post Mar 30 2017, 01:04 AM

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dont think its compulsory..i think the staff wanan earn comm from there lol
TSmaymay88
post Mar 30 2017, 11:03 AM

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went there...they inssist me to sign..aiskkkk
adamhzm90
post Mar 30 2017, 11:18 AM

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it's included in the loan itself right.

so the difference is not that noticeable. just take it la..
yshiuan
post Mar 30 2017, 11:21 AM

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if gt life insurance den shudn't be a pb
zenockl85
post Apr 4 2017, 05:23 PM

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CHECK THE CONDITION OF UR letter of undertaking 1st, if there have condition need u get the insurance then u have to lo, if not u can reject it
isr25
post Apr 4 2017, 05:28 PM

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QUOTE(maymay88 @ Mar 29 2017, 10:23 PM)
Hi all master, MBB approved my HP loan, but when i go to sign the agreement, they need me to buy a insurance that if anyhting happen to me, it will cover my loan. Is this insurance compulsory ? Because they inssist need me to buy that insurance.  ( That's not insurance to coever for my car ).

Please Help me on this !
*
The insurance is not compulsory. It is an option - and you can refuse to sign it. If they still insist, you can threaten them to lodge a formal complaint against them. HP no need this kind of things... They get extra commission/KPI if they get you to sign up of course, that's why they insist for you to sign up.
backislander
post Apr 4 2017, 09:32 PM

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I was also offered to sign up for that too with MBB. Rejected the offer. The loan officer explained clearly it is optional.
bobadlin
post Apr 5 2017, 10:12 AM

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QUOTE(maymay88 @ Mar 29 2017, 10:23 PM)
Hi all master, MBB approved my HP loan, but when i go to sign the agreement, they need me to buy a insurance that if anyhting happen to me, it will cover my loan. Is this insurance compulsory ? Because they inssist need me to buy that insurance.  ( That's not insurance to coever for my car ).

Please Help me on this !
*
i had similar case... but mine with cimb..
they are now requested us to sign-up COMPULSORY "snatch thief" insurance... and this is WAJIB for the 1st year..
2nd yr onwards up to you to buy or not...
this insurance is under Allianz... sigh...
i tried to refuse.. but they said cannot, otherwise my loan will not proceed...
so end up.. we took the lowest package RM299... there were RM 399 and RM 499 respectively.. depending how much coverage for the insurance...

erghhh bloody hell.... bank nowadays... bangwall.gif
Kelefei
post Apr 5 2017, 03:41 PM

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Hi guys, can share with me any nice HP, coz Im directly deal with the owner, so... looking HP to help me apply loan~

 

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