Maybank offers comprehensive banking services in Singapore. Some of the products services offered by the bank include deposits, credit cards, debit cards, insurance, loans, and much more! Maybank provides a wide array of options under the personal loan category. The Maybank personal loans are broadly divided into Personal Line of Credit and Personal Credit.
Atleast 21 years
Less than 65 Years
Salaried or self-employed with regular income
Earn more than the minimum income required
Minimum income required S$30,000 per annum
Max Loan amount - up to 4X your monthly income
EMIs of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan
|Interest Rate||19.8% p.a|
|Minimum Income||S$30,000 pa|
|Max Loan Amount||up to 4 times your monthly income|
|Annual fee||S$80 (2-year fee waiver)|
|Guarantor Requirement||No guarantee required|
There are predominantly three types of personal loans that Maybank Singapore offers:
Maybank FlexiCash is an instalment loan that is given to Maybank principal credit cardmembers. FlexiCash gives you the benefit of enjoying a loan on your credit card at low interest rates. Once you submit your request for the FlexiCash instalment loan, you can expect a fast approval within 3 working days.
The CreditAble is a Personal Line of Credit that works more or less like a personal loan only that under the provision, you pay interest only for the amount you use against your available credit limit. Maybank provides you with a credit limit of up to 4 times your monthly income. You will also receive an ATM card and a complimentary chequebook.
The CreditAble Term Loan from Maybank is one of the best personal loans with low interest rates and planned repayment options. You can repay the loan amount in fixed monthly instalments and choose a tenure of up to 60 months. This personal loan has a processing fee of 2%.
The Maybank Debt Consolidation Plan lets you consolidate your existing debt and make repayments over a 10-year period after transferring your debt to a single source. Your annual income should be between S$30,000 and S$120,000 if you wish to apply for the Maybank Debt Consolidation Plan.
This product will allow you to move money from your Maybank CreditAble account to a credit card, savings account, credit line, or current account of any other bank. You can save cash up to 84%!
This product will give a valid guarantee on behalf of you in order to help you get a tender for large business contracts and projects.
You can use this to fund your education programme entirely. You can repay it in 10 years. You will get the higher amount of S$200,000 or 8 times your monthly salary.
You can use this loan to renovate and remodel your abode. The repayment period is up to 5 years. You will receive an amount of S$30,000 or 6 times your monthly salary, whichever is higher.
Under this option, you will have to pledge any asset and you will get a loan. There is no minimum income criterion for this loan product.
Features and Benefits of the Maybank Personal Loan
The Following are the interest rates for the Maybank Personal Loan:
|Loan Tenure (in months)||Applied Interest Rate (AIR) (% p.a.)||Effective Interest Rate (EIR) (% p.a.)||Processing Fee (%)|
Maybank CreditAble Fees and Charges
|Administrative fee for restructuring of the loan||S$200.|
Note: These fees and charges are applicable to the CreditAble Line of Credit.
These are the interest rates and costs:
|Transfer amount||Tenure||Interest||Processing fee|
|S$10,000||6 months||0% p.a.||1.88% p.a.|
|S$2,000||6 months||0% p.a.||2.50% p.a.|
|S$2,000||12 months||4.99% p.a.||Information not provided|
These are the interest rates and costs:
|Repayment scheme||Loan amount||Interest rate for local study||Interest rate for studying abroad|
|Standard scheme||S$20,000||4.78% p.a.||4.88% p.a.|
The interest rates for this loan start from 4.50% p.a. (Education Loan Board Rate plus 0.50% p.a.)
The interest rates for this loan start from 4.33% p.a. The Renovation Board Rate is less than 4.17% p.a.
The interest rate for this product is low as Maybank’s prime lending rate which is 19.8% p.a. currently.
The interest rate starts from 4.70% p.a. with 8.48% p.a. as the EIR
Besides, foreigners can also make use of this offer. The minimum withdrawal amount which would qualify them for this promotion stands at S$700. For the subsequent times you meet the withdrawal criteria, an S$50 cash amount will be credited to your CreditAble or credit card account. Eligible applicants can only receive one Activation Gift and one Credit Gift for subsequent eligible applications. The promotional offer can be redeemed from 26 February 2018 onwards, and you must claim the Activation gift from the respective merchant within a month of you receiving the redemption letter.
The Term Personal Loan isn’t available to foreigners. Only Singaporean citizens and Permanent Residents can apply for the loan.
If you wish to apply for the Maybank Term Personal Loan, all you’ve got to do is visit the official Maybank Singapore website, navigate to the Personal Loan page and click on the option that lets you apply for the loan (the Apply Now option). You can fill out your details in the online form available on the website, following which a representative from Maybank will get in touch with you and obtain other relevant details to process your application.
You will also need to submit your supporting documents - proof of income, residence, professional details, etc. The application process can also be completed offline by visiting the nearest Maybank branch in Singapore and physically filling out your details in the application form. Alternatively, you can also send an email or request a call-back from the bank.
Q, What is the Effective Rate of Interest?
A.The Effective Rate of Interest, commonly represented as EIR (Effective Interest Rate), is the interest that is levied on the outstanding amount, after taking into account repayments made during the loan tenure. The EIR in case of longer tenures is comparatively lower than the EIR in case of shorter tenures.
Q. Does the term personal loan have a minimum payment?
A.Note that the minimum payment is only applicable to CreditAble Personal Line of Credit and not the CreditAble Term Personal Loan. The minimum payment in the case of the PLC should be made every month by the due date. A minimum payment of 3% of the outstanding amount has to be paid. In the case of the term personal loan, you’ll have to pay the interest amount as well as a percentage of the principal amount of the loan. Repayments will depend on the effective interest rate, which again has a range against each offered loan tenure.
Q. Can I pre-close my personal loan?
A.Yes, you definitely can. Maybank allows you to pre-close your personal loan at a certain charge, depending on your outstanding amount.
Q. What is the default interest rate?
A.The default interest rate is the rate calculated on the second missed monthly payment in a row. If the minimum payment isn’t made for two months, a default interest rate will be calculated. The default interest rate is calculated for the Personal Line of Credit. The default interest rate is currently 25.8% p.a.
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, 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
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
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
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.