Cash woes? A personal loan to the rescue!

    Maybank Personal Loan Review: Secure Your Finances With Easy Repayments

    When personal finances become unbalanced and askew, one of the ways to bring back symmetry to them, is to improve the cash flow. Unless you get a new job that pays better, there will usually be only one alternative. Get a personal loan! However, getting the right loan is as important as the idea of getting a personal loan. A loan from Maybank can be one of the options that you may want to consider. Whether you want to borrow on your Maybank card or start a new line of credit to counter your financial emergencies, you may enjoy convenience, low interest rates, and personalised services. A funds transfer scheme, an instalment loan scheme, and a debt consolidation plan are the other options available.

    Personal Loan Options That You Can Choose From

    Maybank offers quite a few options in the personal loan space. Since you have so many options, you may find it easier to spot and choose a loan that you think can serve you best. Here are the options available:

    • Maybank FlexiCash: This is an instalment loan that can be taken on a Maybank card. With interest rate as low as 5.88% p.a. and no processing fee, this could be a great option for you if you want to borrow some additional cash without worrying too much about interest payments. Two loan tenure options are available – 12-month tenure and 24-month tenure.
    • Maybank CreditAble: If you want a standby line of credit for your budgeted and unbudgeted expenses, you may want to get this loan. Enjoy a promotional interest rate of 9% p.a. for the first year. The prevailing interest rate of 19.80% p.a. will become applicable thereafter.
    • Maybank CreditAble Term Loan: Need money to upgrade/repair your home appliances or to renovate your home interiors? You may want to make this loan one of your options because the flat interest rate starts from 6% p.a. and a processing fee of 2% applies. Payments can be stretched up to 5 years.
    • Maybank Debt Consolidation Plan (DCP): If you feel that the outstanding balances on your existing unsecured credit facilities have become unmanageable, you may consider this loan. Payment can be stretched up to 10 years and the flat interest rate starts from 4.20% p.a. You’ll also get a credit card with a credit limit equal to your monthly income.
    • Maybank Fund Transfer: If you have a CreditAble account, you can transfer credit from this account to a line of credit, deposit account, or credit card as per your preference. As per some estimates, you may be able to save up to 89% with this loan. The tenure options available are 6 months and 12 months. Subject to conditions, no flat interest will apply for the 6-month tenure.

    Quick Cash Disbursal, Low Rates of Interest: Can a Maybank Loan Serve Your Purpose?

    Before you decide whether to apply or not, check the following benefits and features that you can expect from Maybank loans:

    • Maximum borrowing limit: With FlexiCash loan, you can borrow up to 80% of the limit available on your Maybank card. With CreditAble term loan, the limit can’t exceed 90% of the credit limit available at the time of processing. If you choose to transfer funds out of your CreditAble Account, you won’t be able to transfer more than 95% of the total credit available to you. If you set up a line of credit, however, you may be able to borrow up to 4 times your monthly earnings. The bank can, however, decide on the loan amount at its absolute discretion. It will also be under no obligation to share its full set of selection criteria with you.
    • Minimum borrowing limit: For the FlexiCash loan from Maybank, the minimum borrowing amount can’t be less than S$2,000. The loan amount has to exceed 12x your monthly income if you apply for a DCP. It could be different for other loans. Check with the bank before you apply.
    • Express cash disbursal: The turnaround time for your application approval and cash disbursal is quick. If your FlexiCash application is approved, for example, cash will be disbursed within 3 working days, in general. If you submit an incomplete application or if the bank requires additional clarifications from you, the turnaround time could shoot up.
    • Competitive rates of interest: Rates for all Maybank personal loans are extremely competitive. While you could get a no-interest loan with some, you could enjoy nominal interest rates as low as 4.20% p.a. with some others. Refer to the individual Maybank loan pages on our website for more information.
    • Adjustable tenures: While the tenure for some loans could be as low as 6 months, tenure for some others could go up to 10 years. Refer to our product-specific loan pages for accurate information on loan tenures.
    • Exclusive promotions: If you apply for a Maybank loan during the qualifying period, you may be lucky enough to enjoy limited-period, promotional interest rates or cashback. With some loans, you may even win tickets to amusement parks or get cash credit/cash rebate.

    Save More With Low Interest Rates

    Interest rates on Maybank credit facilities are known to be quite reasonable. The following are some facts to support this statement:

    Name of Loan Product Flat Interest Rate Effective Interest Rate
    Maybank FlexiCash Between 5.88% p.a. and 6.88% p.a. Between 10.68% p.a. and 12.70% p.a.
    Maybank CreditAble (Line of Credit) Interest applicable only on the amount utilised Promotional interest rate of 9% p.a. for the first year; 19.80% p.a. thereafter
    Maybank CreditAble Term Loan Between 6.00% p.a. and 6.88% p.a. Between 12.96% p.a. and 14.45% p.a.
    Maybank Fund Transfer Starts from 0% p.a. Between 2.96% p.a. and 4.99% p.a., subject to good financial standing
    Maybank Debt Consolidation Plan Starts from 4.20% p.a. Starts from 7.64% p.a.

    What Are the Fees and Charges That Are Most Likely to Apply to Your Loan?

    In general, the following fees and charges may be levied on your loan:

    • A default interest rate may apply on any overdue balance on your loan. The default interest rate will be reverted to the prevailing rate only upon clearance of the dues in full.
    • A late fee may be imposed on late payments.
    • An annual fee may apply on some loans. An annual fee of S$80, for example, would apply on CreditAble Line of Credit. You’ll enjoy a waiver for 2 years.
    • A processing fee may or may not be charged. Usually, a processing fee, if charged, will be deducted from the loan amount approved before disbursal.
    • An early repayment fee may be charged if you wish to repay your loan in full before the end of the repayment period.

    In addition, the following fees may be imposed on your card:

    • Finance charge.
    • Cash advance charge and interest rate.
    • Late fee.
    • Foreign currency transaction fee.
    • Dynamic conversion fee.

    Don’t Forget to Consider: Partial Consolidation of Debt Is Not Possible With Maybank DCP

    Before you start filling up the application form, take some time to consider the following points:

    • Partial consolidation of debt isn’t possible with Maybank DCP. This means that you can’t have multiple DCP loans to consolidate the outstanding balances in your existing unsecured credit accounts.
    • There can be a cap on the amount of credit you can utilise or the amount that you can borrow.
    • You may not get rewards such as cashback or TREATS Points for card transactions related to loan repayments.
    • If you apply for a Maybank FlexiCash loan, the loan amount approved can’t be credited to a Maybank deposit account.
    • You can’t issue cheques that you got with your CreditAble Account to pay for any outstanding balance in the account.
    • In case of default, the prevailing interest rate may come into effect. The bank will continue to levy this interest from the time of default until the time the dues are settled in full.
    • The bank won’t accept your request for a credit limit increase till the time you have an outstanding balance on your DCP loan.
    • The bank may not allow partial prepayment of a personal loan. An early settlement of a loan in full may be subject to fees and conditions.
    • The bank can, at its discretion and without prior notice, vary the rate of interest and the basis of calculation of interest on your loan.
    • The bank can employ any method it deems fit to collect information pertaining to you or your credit profile.

    Do You Satisfy the Eligibility Conditions?

    Apart from product-specific eligibility criteria, you may have to satisfy the following conditions in order to be eligible for a Maybank loan:

    • You’re a Singapore citizen or PR.
    • If you’re a foreigner, you may not be eligible for all the loan options.
    • You’re aged no less than 21 years and no more than 65 years. The age limits may vary slightly depending on the specific products.
    • The minimum income eligibility for most loans is S$30,000. Refer to the individual Maybank loan pages to learn more.

    Want to Learn About the Supporting Documents? Here Is an Outline

    You may have to submit the following for a successful processing of your application:

    • The completed application form.
    • A copy of your NRIC document or your passport, whichever is applicable.
    • A copy of your latest credit report, if asked for.
    • Proof of your mailing address, in case it is different from the one mentioned on your NRIC/passport.
    • Depending on the nature and terms of your employment, you may have to submit the following income documents:
      • If you’re a salaried employee, you may have to provide a copy of your latest electronic payslip or proof of the contributions you have made to your CPF Account over the last 1 year.
      • If you’re a variable earner or a commissioned employee, you may have to provide computerised payslips for the last 3 months or CPF contribution history statement for the last 1 year.
      • If you’re a self-employed professional, you’ll have to submit your Income Tax Notice of Assessment for the last 2 years.

    Some Maybank loans may require additional documents. Please check the specific pages for relevant information on the same.

    What Are the Channels That You May Use to Submit Your Application?

    You may be able to use the following channels to submit your application:

    • Download the relevant form from the bank’s website, complete it and return it to the bank via mail or fax.
    • Visit a branch to complete the process.
    • Leave your contact details with the bank. A representative may contact you at an appropriate time.
    • If you want to apply for a DCP loan, send a text message to the bank. It will get in touch with you.

    A personal loan from Maybank can offer you financial assistance whether it is a question of a simple purchase/investment or it is about debt consolidation to reduce your interest burden. Try a Maybank loan yourself before you draw a conclusion on its effectiveness or lack thereof.


    News About Maybank Personal Loan

    • Maybank appoints new Singapore chief

      Dr John Lee Hin Hock has been appointed the new Chief Executive Officer of the Singapore operations of Maybank. His appointment becomes effective from 1 December 2017. Dr John, who currently serves as the Group Chief Risk Officer, will succeed Datuk Lim Hong Tat.

      In his new role, Dr John will be responsible for further strengthening the bank’s position in the Singapore financial services market. Dr John holds a PhD in Economics from Monash University Australia. Before joining Maybank in 2011, he worked at KPMG Business Advisory as a partner.

      Meanwhile, the bank has also appointed Gilbert Kohnke as the new Group Chief Risk Officer. Gilbert’s appointment comes into effect from 1 November 2017. Prior to this, Gilbert worked as the Group Chief Risk Officer at Denmark-based Danske Bank AS.

      Group President and CEO Datuk Abdul Farid Alias said that the move is part of the bank’s efforts to further strengthen its leadership team with new ideas and energy.

      30th November 2017

    • John Lee to head Maybank Singapore as CEO

      John Lee, the risk manager at Maybank Singapore, has been promoted as CEO, effective from 1 December 2017.

      The current CEO of Maybank Singapore, Datuk Lim Hong Tat, is transferred to Malaysia, one of the home markets of Maybank.

      Lee joined Maybank Singapore in 2011 and has a vibrant work experience with reputed financial institutions like KPMG and Amanah Merchant Bank in his repertoire.

      Lee would focus on all the financial operations of Maybank Singapore to further its standing as a major financial giant in Singapore.

      Meanwhile, the position of risk officer would be filled in by Gilbert Kohnke. His primary challenge will be to bring about a balance in risk practices especially in the rigorous banking conditions.

      Welcoming Kohnke to the bank, Group president and CEO Datuk Abdul Farid Alias said this role change is the bank’s design to bring new ideas to the table and that they will be able to fulfill the responsibilities using their rich experience in banking.

      09th November 2017

    • SingPost Centre set to benefit from technology perks and convenient location: Maybank

      In a recent announcement, Maybank declared that it will maintain its “hold” call on SingPost, and also went on to say that the price will remain unchanged at S$1.22.

      The move entails the launch of the all new SingPost mall. The mall almost doubles the available space to 269,000 square feet, with a net lettable area of 178,000 square feet.

      In a recent report, John Cheong, an analyst, points out that the all new SingPost Centre will enhance the group’s income from rent by an additional S$22 million.

      Through the mall, the group can earn S$3 million in earnings for the financial year ending in 2018, and S$13 million in earnings for the financial year ending in 2019. This is equivalent to 3% and 10% of the total earnings in the respective financial years.

      The move is pending clearer direction from the group’s strategic review of the scenario. As far as the location is concerned, its proximity to Paya Lebar MRT interchange station has also assisted in raising its occupancy to 80.4%. Also, the all new general Post Office at the SingPost Centre will offer automated and highly efficient, round-the-clock services.

      31st October 2017

    • Maybank keeps DBS at “sell” with twenty one percent lower target price

      The “sell” is being maintained on the Development Bank of Singapore (DBS) by Maybank Kim Eng. However, the target price is being cut by twenty one percent to $ 12.68.

      The sharp retracement in recent times has a valuation that is compressed but the capital markets are still distrustful. Also, the aversion of the risk factor is pretty high. This was told by Ng Li Hiang, a financial analyst. The capital markets will be worried about the quality of the asset along with provision adequacy. This is regardless of the total amount that is required for the impairment charges, provided for and taken.

      23rd February 2016

    • Maybank CreditAble Term Loan Promotion

      Runtime – This is an ongoing promotion that started on August 17th, 2015 and valid until the bank decides otherwise.

      Particulars – When you apply for Maybank’s CreditAble Term Loan for a minimum amount of SGD 8000, you will receive an Arbutus Automatic Watch that is worth SGD 369.

      Terms and Conditions

        • CreditAble Term Loan Applicants are only eligible for one gift under this promotion irrespective on the number of approved term loan applications.

        • The complete cost of the gift will be charged to the customer’s CreditAble Term Loan if the loan amount is prepaid or terminated at any point in time during the approved tenure period.

        • For further details on the promotion or more information on the terms and conditions, please contact Maybank or visit their website.

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