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Maybank is one of the leading banks in the world which offers customisable and innovative solutions for its customers. It is the largest bank of Malaysia and has according to the total assets and market capitalisation it falls under the category of the biggest banks all over South East Asia.
Financial problems can come into your life anytime and they are truly unpredictable and uncertain. No matter how much you keep trying, you cannot prepare for such situations completely. It is very much possible that all your dreams and wishes are not always fulfilled with your earnings alone and, hence, you might as well plan to go for a financial assistance. Although Maybank does not really provide personal loan schemes in Singapore, you can still avail the line of credit that is offered by the bank. This personal line of credit can be used to avail instant cash.
Maybank CreditAble provides a myriad of features and benefits that can prove to be extremely lucrative for the consumers. These include flexible tenures, competitive rates of interest and several other perks. The applicant process for a personal line of credit is also quick, easy and hassle free.
There are certain criteria that an applicant must follow to be eligible for the Personal Line of Credit (Maybank CreditAble). They are as follows.
There are several factors that can affect the eligibility criteria for Maybank’s personal line of credit. Let us understand the factors in details.
Age – Age is a very important factor in this process. Until and unless you are of a certain age, you cannot make an application for the personal line of credit offered by Maybank. The minimum age for being able to apply for this financial service from Maybank is 21 years. This is an age when a person starts planning a career. The maximum age up to which one can still apply for this service is 65 years, when people generally plan about their life after retirement.
Nationality – Maybank cares a lot about all the customers it has in Singapore. This service offered by Maybank is only available for the permanent residents of Singapore and the citizens of Singapore. So, nationality plays a crucial part in as far as eligibility for the personal line of credit is concerned.
Annual Income – Annual income is one of the most important factors when judging the eligibility criteria for Maybank CreditAble. There is a certain amount that you must earn annually. Below this amount, you will not qualify as an applicant for the personal line of credit. Your income reflects your sustainability and consistency towards repaying a debt. No bank would prefer defaulters as their customers. Hence, to avoid all these confusions, Maybank has set a minimum income limit as the eligibility criteria. This minimum income limit is SGD 30000 per annum. One must earn equal to or more than this to be considered for the personal line of credit offered by Maybank.
Employer – Your employer has quite a part to play when it concerns your eligibility towards this particular credit scheme. Your current employer must have enough and substantial goodwill in the market. A bank may ask for documents that prove the existence of your employer. These can be payslips, CPF Contribution History, etc. You must furnish all these documents, if and when required.
Employment - The company that you work for, the tenure for which you have been serving your current company, the designation that you hold in your present company – all of these matter a lot and has substantial effect on your repaying the loan or debt amount without skipping the repayment dates.
Credit Score – You must always maintain a good credit score if you wish to avail a good loan with profitable rates of interest. A good credit score proves that your credit history has been good all this time, meaning, you have been clearing all your monthly credit bills on time. Not just Maybank, any bank would prefer customers who have a good credit score over people with bad scores. Hence, keeping a healthy credit history is of utmost importance for you.
If you see that you are not being able to get a personal loan from Maybank, you must concentrate and analyse the reasons which are stopping you from being eligible. There are several ways by which you can boost your eligibility criteria.
If your annual income is not good enough to get you a personal loan, you must look for ways to increase your earnings. You could look for a new job with a better pay or wait for a hike in your current company. Also, if you find that the reputation of your employer is affecting your eligibility with a bank, you must reconsider your reasons for still being in that company.
Working towards getting a good credit score can also help you effectively. Maybank would like to see that you have maintained a good credit history. To do so, you must pay all your credit bills on time and avoid late payments completely. Even if you are not being able you pay off the entire credit bill, you must, at least, pay the minimum balance that is due on your account. Check your credit report from time to time and keep a track of all your transactions. Keep using your credit card wisely, and get the score that allows you to avail a loan from any bank at ease.
The minimum age for an applicant to be eligible for Maybank CreditAble is 21 years.
The maximum age of an applicant to be eligible for a personal line of credit offered by Maybank is 65 years.
To avail a personal line of credit offered by Maybank, the applicant must have an annual income of SGD 30000 or more than that.
No. Foreigners will not be able to apply for Maybank CreditAble as this scheme is specifically designed for the permanent residents of Singapore and the citizens of Singapore.
Yes. Currently, if your job does not pay you enough to avail a personal line of credit from Maybank, then you could try finding a job that pays you enough for availing the service. Waiting for hike at your present company can also be an option, provided it is convenient for you.