Proton Commerce Sdn Bhd (PCSB), a company under the Proton Group, has announced a campaign that provides fresh graduates an opportunity to own their first car with low Hire Purchase (HP) loan rates.
This unique Fresh Graduate Campaign only requires a letter of employment or a month’s salary slip in order to qualify for a loan, making it very accessible.
Starting at just 2.98%, the rate offered by PCSB is currently one of the lowest in the segment. Basic requirements for a customer include being a graduate (minimum qualification diploma), aged between 18-30 years old, and having a job with a minimum salary of RM1500.
The offer will run until 31 December 2020, coinciding with the sales tax holiday currently being enjoyed by all Proton cars.
According to PCSB, the campaign was designed to help address the issues of mobility for those entering the job market, as a key deterrent for this segment of buyers has often been the ability to obtain a loan without having the proof of income for three months, a common requirement for most HP loans.
“In today’s connected economy, mobility is important for young adults just entering the workforce. It provides a sense of empowerment and autonomy to these graduates. We are confident that this package will assist fresh graduates to own a car, as monthly repayments start from as low as RM239 per month” said Mooi Fi Phang, Chief Executive Officer of PCSB.
According to Mooi, the hire purchase industry is projected to experience a surge in the near future, as a result of the recent reduction in the Overnight Policy Rate and the exemption of sales tax for passenger vehicles.
Therefore, in addition to the Fresh Graduate Campaign package, PCSB also announced that as of 7 July 2020, it has reduced the overall offering interest rates to as low as 2.22% based on customer creditability and margin of finance.
This means customers would directly benefit as their lower monthly repayment would enable them to use the savings on essentials, and conserve some funds for emergencies.