Proton launched the enhanced 2022 Proton Iriz a few weeks ago. Prices for the new 2022 Proton Iriz start from RM 40,300 and tops out at RM 54,000 (sans SST, valid until 31-December 2021).

Question is, what’s the minimum salary you need before you can apply for a loan?

How much money do I need to make?

For the purpose of this article, we will take the top-spec Iriz 1.6 Active CVT as a reference.

This variant is priced at RM 54,000. The monthly repayment for this variant is roughly RM 580 a month, after factoring in a 3.2-percent interest rate with a 9-year loan.

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Based on the recommended guideline that you should not be paying more than 20% of your monthly salary on yor car's monthly repayment, that's a minimum net salary of around RM 2,900 a month.

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With the cost of insurance, maintenance, tyres, and other associated running costs factored in, your car-related expenses should not exceed 30 percent of your monthly salary.

Also Read: 2022 Proton Iriz Active: Costs RM 3.6k to maintain over 5 years/100k km, here's the breakdown

Below are the monthly instalments for the new 2022 Proton Iriz for 5-, 7-, and 9-year tenures. These rates have already factored in an interest rate of 3.2%.

The shorter 5-year loan tenure is a wiser choice. That being said, interest rates are always changing. Given our current situation, interest rates are very low but do check with your respective banks for the latest rates.

Also Read: If you need a 9-year loan, you can’t afford the car, and do understand Rule of 78