Maybank FlexiCash Installment Loan

    Maybank is a popular bank in Singapore that offers a wide array of banking and financial services to Singaporean citizens, foreigners and Permanent Residents. Particularly worth mentioning is Maybank’s personal loan product that offers relatively low interest rates when compared to several other banks and financial institutions. Called The Maybank FlexiCash instalment loan, this personal loan can be availed for medical emergencies, home renovations, educational purposes, vacations, dream weddings, or any other event that demands urgent requirement of funds.

    The FlexiCash instalment loan offered by Maybank is an unsecured personal loan that does not require you to provide any form of collateral. Most personal loans in Singapore are unsecured personal loans – secured personal loans also exist and banks usually offer them against a collateral in order to secure the loan. Secured personal loans are mostly offered to individuals who request large loan amounts or those whose creditworthiness is low. Let us look at the features, benefits and interest charges of the Maybank FlexiCash instalment loan.

    Features of the Maybank FlexiCash Instalment Loan

    • Customers can apply for the Maybank FlexiCash by visiting the official Maybank Singapore website and filling out the online loan application form.
    • Once Maybank approves the loan, the amount will be credited to the customer’s registered account within 3 working days.
    • The loan tenure can be stretched for a maximum period of 24 months. Unlike conventional personal loans offered by other banks in Singapore that allow for tenure periods of 12 months to 60 months, the FlexiCash instalment loan is only for a period of 24 months.
    • Customers are required to submit their relevant documents – as requested by the bank – along with their application form, following which their personal loan will be processed.
    • The annual interest rate on the loan is 5.88% p.a.

    Benefits of the Maybank FlexiCash Instalment Loan

    The Maybank FlexiCash instalment loan comes with some impressive benefits indeed. Let’s take a look at some noteworthy benefits:

    • Customers aren’t required to pay a processing fee towards the loan. This is quite an uncharacteristic feature as most banks in Singapore charge a loan processing fee while disbursing the loan. Loan processing fees can range from anywhere between 1% and 3%.
    • The loan product enables customers to get better interests, when they decide to pay off existing credit card debts from other banks.
    • Applying for the loan is a seamless, swift, hassle-free and convenient process.
    • The interest rate on the loan is much lower to loan products offered by several other banks in Singapore.

    Interest details of the Maybank FlexiCash Instalment Loan

    Below are the interest charges for a loan amount of S$2,000:

    Loan Tenure Applied Interest Rate (% p.a.) Effective Interest Rate (EIR) (% p.a.)
    12 months 5.88% 10.68%
    24 months 6.88% 12.70%

    Eligibility Criteria

    • The loan is available to customers who hold a Maybank credit card. Only principal cardholders are eligible to apply for the loan.
    • The applicant has to be a minimum of 21 years of age.
    • Applicants who wish to apply for the loan must meet the income eligibility criterion is S$30,000 p.a. for the Maybank credit card they wish to apply for.
    • The FlexiCash instalment loan will be issued to Permanent Residents and foreigners if they hold a Maybank credit card.

    Documents to be submitted

    • Copy of NRIC/Passport.
    • Bank statements for the last 3 months.
    • Latest computerized payslips (part of income documents that need to be submitted).
    • Latest Income Tax Notice of Assessment.

    Explore the Other Loans Offered By Maybank Singapore:

    Frequently Asked Questions

    1. Can I apply for the Maybank FlexiCash loan if I am not a Maybank credit cardholder?
    2. No. You cannot apply for the loan if you don’t hold a Maybank credit card. Only principal cardmembers are eligible to apply for the instalment loan.

    3. How long will Maybank take to disburse the loan?
    4. Maybank usually takes about 3 working days to process and review your loan application, following which the funds will be credited to your registered bank account.

    5. Can I use the FlexiCash loan as a debt consolidation loan?
    6. As such, with the FlexiCash loan, you can pay-off all your existing credit card debt (from other banks) and also save big on the interest you’d be paying. This is because the interest on the FlexiCash loan is lower than the combined interest you’d be paying on your credit cards.

    Read More about Personal Loans in Singapore

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