Maybank Interest Free Installment Payment Plan

All Maybank credit cardholders can make use of the various credit card instalment payment plans offered by this bank. These plans help you make high-priced purchases at once and pay for them later in fixed instalments. The primary goal of these plans is to give you the opportunity to buy what you want, without worrying about paying back immediately.

Some plans can be used only at partner merchants and not at other outlets. Maybank offers three plans: 0% Instalment Payment Plan (IPP), Maybank FlexiPay and the Maybank Posh EzyPay.

Key Features and Benefits

The important details of these plans are given below:

0% Instalment Payment Plans

  • No need to pay interest when you purchase from partner outlets.
  • Choose tenures from 6/12/24/36 months, according to what the merchant offers.
  • You need to make a purchase of at least S$500, subject to your available credit limit.
  • Maybank Visa and Mastercard holders are eligible for this plan.
  • The number of instalments will be mentioned on the charge slip/form. However, this sum depends on your credit limit.
  • You will not earn any TREATS Points or cash rebates for purchases made through the 0% IPP.
  • If you have any issues with the merchant, contact the merchant to resolve your concern instead of involving the bank.
  • In case of cancellation of the plan, you will be liable to pay the outstanding amount to the bank.

Maybank FlexiPay

The Maybank FlexiPay can be used at any store – even outlets that do not accept credit cards or are not partnered with the bank for an IPP. The key features of this plan are:

  • The minimum transaction amount is S$300.
  • Choose to split the amount over a period of 6/12/24 months.
  • No need to pay interest during this period, as long as you pay the instalment amount on time.

Maybank Posh EzyPay

  • Use Maybank Posh EzyPay to pay in instalments of over 3 or 6 months, if you shop from luxury boutiques.
  • The minimum spend amount is S$500 in a single bill.
  • No need to pay any interest for the period. You must, however, pay the processing fee.
  • If you are a Maybank World MasterCard Cardmember, you will not earn the usually applicable 10x TREATS Points, if you use Posh EzyPay for payment.
  • Apply for the plan within 10 days of your card statement date, or the bank will not accept the application.

How It Works

How the Instalments Are Split

To help you understand the the split well, let us look at an example. Suppose you made a purchase of S$1,000 and want to split it into a 6-month IPP. So ideally the instalment amount should be 1,000 divided by 6, which is around S$167.

But the actual amount you have to pay the bank will be slightly more than this amount, as the bank will levy an administrative fee and sometimes an EIR (Effective Interest Rate) if your instalment payments are delayed. The instalment amount can be seen in the monthly credit card statement.

How the Instalments Have to Be Repaid

When you make an instalment purchase, the total transaction amount will be deducted from your credit limit. This means that you must make sure that you have sufficient credit availability on the card to make the purchase. If you do not have sufficient balance, the application for the instalment plan can be rejected by the bank. Or, you may have to pay the over-limit fee.

When you repay the amount in instalments each month, the credit limit is restored up to that amount. For example, let us say your purchase was worth S$2,700 and your credit availability was S$3,000. So after the purchase, your credit availability goes down to S$300. If the instalment you’re required to pay every month is S$300, then after the first payment, your credit availability would go up to S$600, and so on.

Disclaimer: These examples are for the purpose of understanding only. The actual numbers may vary.

Interest Rates

With the 0% IPP, there is no applied interest rate. However, if the instalments are not paid regularly and fully every month, then the retail interest rate or penal interest rate usually charged on a credit card transaction will be applicable.

The interest rates for Maybank FlexiPay are as follows:

Tenure EIR
6 months 10.43% p.a.
12 months 9.50% p.a.
24 months 5.98% p.a.

Fees and Charges

Early cancellation fee: In case of FlexiPay, a termination fee of S$100 is applicable if you terminate the plan before the chosen tenure ends.

Administrative fee: Posh EzyPay charges S$30 per approved application.

Processing fee: Maybank FlexiPay levies a processing fee of 3% to 6%, depending on the tenure and the transaction amount.

How to Apply

0% IPP

  • Get a charge slip from the bank or fill up an order form.
  • Submit the slip or form to the merchant.

Maybank FlexiPay

  • Visit Maybank’s website and navigate to the FlexiPay page. Next, click on the PDF called ‘Apply Now’.
  • Fill in the details in the form and fax it to the bank on 6483 4137.
  • For purchase from partner merchants, wait for your monthly statement and then send the form within 10 days of receiving your statement.
  • For purchase from other merchants, send a copy of the invoice/quotation along with the form. Alternatively, use the Business Reply Service.
  • The bank will issue a Cashier Order which can be used to pay the merchant.

Posh EzyPay

  • Navigate to the Posh EzyPay page on the Maybank website and click on the PDF called ‘Apply Now’.
  • After filling your details on the form, mail it to the Robinson Road branch of the bank.
  • Alternatively, fax it to 6483 4137 along with your monthly credit card statement.
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