KUALA LUMPUR (Aug 3): DRB-Hicom Bhd’s 50.1%-owned unit Proton Holdings Bhd has announced a campaign that provides fresh graduates an opportunity to own their first car with low hire purchase loan rates.

In a statement today, Proton said the campaign, launched by its unit Proton Commerce Sdn Bhd, 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 Proton Commerce is currently one of the lowest in the segment. Basic requirements for a customer include being a graduate (minimum qualification diploma), aged 18-30 years and having a job with a minimum salary of RM1500.

“The offer will run until Dec 31, coinciding with the sales tax holiday currently being enjoyed by all Proton cars. The campaign is designed to help address the issues of mobility for those entering the job market,” it added.

According to Proton, a key deterrent for this segment of buyers has often been the ability to obtain a hire purchase loan without having the proof of income for three months, which is a common requirement for such loans.

Proton Commerce chief executive officer Mooi Fi Phang said the national carmaker is confident that this package will assist fresh graduates to own a car, as monthly repayments start from as low as RM239 per month.

The hire purchase industry, she said, is projected to experience a surge in the near future, as a result of recent reduction in the reduction of the Overnight Policy Rate and the exemption of sales tax for passenger vehicles.

“Therefore, in addition to the Fresh Graduate Campaign package, Proton Commerce also announced that as of July 7, 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,” she added.