Auto Service Financing
How can I access or apply for this Auto Service Financing?
You can access or apply Auto Service Financing by calling MyAssist Team at +603 7664 8088, WhatsApp us at 011-279 58916 or scan the QR code to chat with our service advisor. You can apply for this Auto Service Financing via a unique application link ...
What happens next should I agree to accept the offer?
Should you agree to proceed with this instalment plan, please simply reply to Direct Lending’s WhatsApp or inform MyAssist. A checkout link will be sent to your WhatsApp to complete the online checkout process (see next question for more information) ...
What can I do if my application is rejected?
You are still able to service your car, payment must be made by cash or online payment. Online payment can be made via account number below: Bank Name: RHB BANK BERHAD Account No.: 2121-70000-68536 Account Name: MYEG AUTO ASSIST SDN BHD
Why my application is being rejected?
As a responsible financier, it’s important for us to consider the financial well-being of our customers as we don’t want this application add additional financial burden to our customers, which goes against our commitment to their financial health. ...
What services does MyAssist provide?
MyAssist offers assistance by coordinating and managing car repairs through our panel workshop or utilizing our in-house technicians to service your vehicle until it is fully ready for use.
Who is Direct Lending?
Direct Lending founded in 2016 as a digital financing marketplace which enables borrowers to find, apply and receive financing that best suits them in a safe and affordable manner. It obtained a credit community (moneylending) license from Ministry ...
What is this partnership between MyAssist and Direct Lending about?
MyAssist has partnered with Direct Lending to offer this Auto Service Financing, where MyAssist’s users are able to pay for their car repair or service bill via an instalment plan.
What if I fully settle the financing before its maturity?
You can make an early settlement before the expiry of the Instalment tenure, by giving 1-week prior written notice to Direct Lending. A rebate for early settlement on the remaining deferred profit may be granted to you.
What happens if I am late at my payments?
If you fail to make any monthly instalments or pay any other amount payable when due, you shall pay the late payment charge of 8% per annum (consists of a compensation / Ta’widh (1%) and a penalty / Gharamah (7%) that will be channeled to charitable ...
How do I pay the monthly payment plan?
Prior to signing the financing agreement on Direct Lending’s platform, you will set up the eMandate to allow auto-debit from your bank account from a licensed financial institution in Malaysia. The monthly payment plan will be deducted from this ...
How will the financing be disbursed?
The financier will disburse directly to MyAssist within 3 days after the agreement being signed to pay for your car service or repair bill. In the event the financing amount is insufficient to cover your entire bill, you are required to pay the ...
Do I need a guarantor or collateral?
The facility does not require any guarantor or collateral.
Do I need to go to the financier’s office to sign the contract?
No, it will be done digitally through your mobile phone after the service is completed and when you decided to use the pre-approved facility.
What are the fees and charges do I have to pay?
A once-off RM30 Wakalah Fee will be charged and added to your first instalment payment amount, payable by you during online checkout process
What do I get from this product?
Financing Amount: RM300 –RM5,000 Instalment Period: 3 / 6 / 9 / 12 months Profit Rate: Up to 1.5% per month *¹ depending on customer’s credit profit
When can I get the car repair or service after my financing application has been approved?
Once receiving the pre-approval, you could use the facility within 2 weeks. Understanding how much you need to pay through instalment to service your car; you can start planning and book an appointment with MyAssist or visit any MyAssist workshop ...
Who is eligible for this financing?
It is open to Malaysians aged between 18 –65 years old. You must have an online banking account. A credit card is NOT mandatory.
What are the documents required to apply for this financing?
Other than filling in basic personal details, we only require the following two documents: Photos of NRIC (front and back); and Bank statement in the past 3 months (main account that receives income such as salary).
What is the Shariah concept applicable?
Auto Service Financing is based on the Shariah concept of Commodity Murabahah via Tawarruq, which consist of two separate sale and purchase contracts: Sale of a Shariah-compliant commodity by Direct Lending to you (as buyer) on a deferred basis (i.e. ...
What is this Auto Service Financing about?
Auto Service Financing (Service Car Now, Pay Later) is an unsecured financing facility and is Shariah compliant. It is solely for auto service purposes as the approved amount will be disbursed to MyAssist or the workshop panel where you service the ...