Goodwill Discount

Goodwill Discount for Early Settlement of Hire Purchase Vehicle Financing-i, Vehicle Financing-i and Other Financing-i Using the Rule of 78 Method

(Effective Upon Enforcement of the Hire-Purchase (Amendment) Act)

Dear Valued Customer,

In line with the enforcement of the Hire-Purchase (Amendment) Act (HPAA), the Bank will introduce a Goodwill Discount Programme for eligible customers who opt for early settlement of their existing fixed-rate financing-i namely the Hire-Purchase Vehicle Financing-i, Vehicle Financing-i or other Financing-i facilities under the Rule of 78.

Eligibility

The programme is open to customers (individuals, micro or small and medium enterprises) with existing fixed-rate Hire-Purchase Vehicle Financing-i, Vehicle Financing-i, and other Financing-i that were:

• Executed before the enforcement of the HPAA; or
• Executed within the 18-month grace period following HPAA’s enforcement and chooses to settle the financing early before the maturity period

Settlement Requirements

• Account is not in arrears exceeding 90 days.
• Account is not under legal action.
• Account is not under a repossession order.
• Account is not part of a Rescheduled & Restructured (R&R) programme.
• Account is not under an AKPK program or any formal debt management programme.

Goodwill Discount Calculation

• Calculated based on the existing agreement’s terms (e.g., settlement timing, flat-rate structure).
• Applied to the net balance due.

Effective Date

The programme will commence once the HPAA officially comes into force (expected Q1 2026). A further announcement on this matter will be made in due course.

Duration of the Programme

The programme will remain available until all affected fixed-rate Rule of 78 Hire-Purchase Vehicle Financing-i, Vehicle Financing-i, or other Financing-i Using the Rule of 78 Method are fully settled or matured (estimated up to 9 years).

How to Proceed with early settlement

Customers who wish to make an early settlement may request a redemption letter via Branches, Auto Financing Centre (AFC), call our 24-hour Customer Careline at 1300-80-5454, or through other official channels once the HPAA is in effect.

Customers who continue paying instalments until maturity will not be affected.

We value your continued support and look forward to serving you.

Thank you.