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    Maybank CreditAble Term Loan Review: Enjoy Low Monthly Instalments


    A personal loan may not always be expensive. Let’s take Maybank CreditAble Term Loan as an example to see if it fits the bill. With a flat rate of interest as low as 6% p.a. and a one-time processing fee as low as 2%, you could save provided you make full payments on time. You could borrow up to 2x your monthly income. The loan tenure can go up to 5 years. To learn more about the features of this loan in detail, please read the following section.

    High Savings, Cash Credit: Should This Loan Feature on Your List of Possible Options?

    Do you think that fixed monthly payments are easier to manage and plan for? May be that could be a reason why you may want to consider this instalment loan. In addition, you may also like the following features:

    High Ceiling for Borrowing

    The bank may grant a loan amount up to 90% of the credit limit available to you under the CreditAble account.

    Low Minimum Loan Amount

    You can borrow an amount starting from S$1,000. This means that this loan could be a great option irrespective of whether you need a small or a large loan amount.

    Long Loan Tenure

    The tenure for this loan can vary from 1 year to 5 years. You can choose a tenure that suits your financial plan and repay the loan by making fixed monthly payments.

    Affordable Interest Charges

    The flat rate of interest on your loan could be as low as 6% p.a. The effective interest rate could be as low as 12.96% p.a.

    Easy to Budget the Loan Expenses

    As the monthly payments remain fixed for the entire loan tenure and you’re informed of your monthly commitment at the beginning, you may find it easier to make an allocation for the loan expenses in your budget. This might even help you reduce the chances of default or being overdue.

    Don’t Miss Out on This Exclusive Promotion

    If you apply for a loan amount of S$9,000 at least and if you’re one of the first 500 successful applicants, you’ll receive a cash credit of S$120. This money will be credited to valid CreditAble accounts of all successful candidates within 1 month from the time of application.

    There are, however, some conditions. They are as follows:

    • You’ll be eligible for one and only one cash credit gift, irrespective of the number of separate and successful term loan applications you make.
    • If you terminate or cancel your loan account any time before the maturity of the loan, you’ll be charged the full value of the gift. This includes prepayment of the loan.
    • This gift can’t be exchanged, transferred, or replaced under any circumstance.
    • The bank reserves the right to vary, add, delete, and alter terms of this offer at any time, at its sole and absolute discretion.

    This is What The Term Loan Will Cost You

    Let us see the nominal and effective interest rates that you’ll be charged depending on your chosen tenure (on a loan amount of S$9,000):

    Loan Tenure Nominal Interest Rate Effective Interest Rate
    1 year 6% p.a. 14.45% p.a.
    2 years 6.38% p.a. 13.58% p.a.
    3 years 6.88% p.a. 13.77% p.a.
    4 years 6.88% p.a. 13.31% p.a.
    5 years 6.88% p.a. 12.96% p.a.

    The following example could help you understand your monthly instalment savings vis-à-vis another debt product which charges higher processing fees and interest rates.

    What Are the Fees and Charges That You Have to Pay for With This Loan?

    The following are some of the fees that may be charged:

    • A one-time processing fee of 2%.
    • An early loan settlement fee of 3%, subject to a minimum of S$200.
    • Other legal, administrative, and service fees, where applicable.

    Consider the Following Points Carefully: Partial Prepayment Is Not Possible

    Without relevant information, choosing a product/service can become difficult. The same is true for this loan. It’s imperative, therefore, that you know, understand, and carefully weigh the following before you proceed with the application:

    • The bank may not allow you to make a partial loan prepayment.
    • The loan amount can’t exceed the credit limit available on your CreditAble account. The credit limit may not exceed 2 times your monthly earnings. If at any point, you overdraw your account, the bank may terminate the loan account or transfer any amount that it deems fit.
    • There is no limit on the number of instalment loans that you could hold simultaneously using your CreditAble account. However, the loans will be subject to the combined credit limit approved.
    • The bank will disburse loan funds after deducting a one-time processing fee from the loan.
    • With every single monthly payment, your credit limit will be restored in a progressive manner.
    • The bank will generally debit the monthly instalment amount from your CreditAble account on the pre-decided statement date. However, if such a date doesn’t fall on a business day, the bank may consider the preceding business day for settlement of the payment.
    • Interest will be computed using the flat-rate method. It shall be fixed for the entire duration. However, failure to repay the instalments on time could attract higher interest charges.
    • Any payment made to your CreditAble account will first be used to settle the loan instalment and interest. Any other outstanding due will be settled thereafter at the prevailing rate of interest.
    • The bank reserves the right to reject your loan application without offering you an explanation.

    Want to Be Sure If You Are Eligible? Find Out Here

    To know if you’re eligible, click here. You could also find out more about the documents that you’ll have to submit for verification purposes.

    Planning to Submit Your Loan Application? Here’s What You Should Do

    You can apply directly on the bank’s website by filling in the mandatory fields and providing some supporting documents. You could also contact the bank by calling the helpline numbers. Else, you could just fill up and submit the contact form. The bank will contact you. You could also visit a branch to complete the process. Use the Locate Your Nearest Branch feature available on the bank’s website to find a branch that’s closest to you.

    Term loans are useful when you wish to know how much you need to aside each month towards to your repayment because the repayments remain fixed throughout the loan tenure. With this loan, you could choose a tenure based on your needs, whether you’re looking for a short-term repayment plan or a long tenure of up to 5 years.

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