Cash woes? A personal loan to the rescue!

    Maybank FlexiCash Instalment Loan Review: Best for Short Tenures

    What are the things that you would generally associate with a term loan? Tenure, charges such as the processing fee, and interest rates, right? What if we told you that there’s an instalment loan for which you won’t be charged a processing fee? The Maybank FlexiCash loan is one where you are not required to pay such a fee. This loan is ideal if you wish to repay the loan within 1 year or 2 years. You’ll also enjoy competitive interest rates on the loan.

    Quick Loan Disbursal, High Interest Savings: Features and Benefits That You Would Love

    • Maximum loan amount: You can borrow up to 80% of the credit limit available on your Maybank card at the time of processing.
    • Minimum loan amount: You can apply for a loan amount starting from S$2,000.
    • Flexible tenure options: You can repay your borrowing over a period of 1 year or 2 years.
    • Competitive interest rates: Nominal interest rate on this loan starts from 5.88% p.a.
    • Fast cash disbursal: After the approval of your loan, cash may be credited to the designated bank account in 3 business days.
    • No processing fee: You’re exempt from paying a processing fee on this personal loan.
    • One-time registration: You’ll have to register your details with the bank just once. You can apply for the loan, thereafter.

    Increase Your Interest Savings With This Loan

    Affordable interest charges mean that you can save more. The following nominal and effective interest rates apply:

    Tenure Flat Interest Rate Effective Interest Rate (EIR)
    1 year 5.88% p.a. 10.68% p.a.
    2 years 6.88% p.a. 12.7% p.a.

    The following example will help you understand the magnitude of your savings on the loan vis-à-vis a credit card:

    [Disclaimer: The actual figures and results may be significantly different from the ones shown in the above example.]

    Important Fees and Charges That Will Apply to Your Loan

    • Currently, no processing fee is being charged on the loan.
    • If, however, a processing fee is applicable, it will be charged upfront with the first month’s instalment.
    • If you don’t settle your monthly dues on time, a default interest rate may be applied.

    Don’t Forget: The Loan Amount Can’t Be Less Than S$2,000

    • Application for any amount less than S$2,000 may not be approved.
    • You may not be able to apply for an amount that exceeds 80% of the credit limit approved on your Maybank card.
    • Only 2 tenure options are available.
    • Only a principal Maybank cardholder can apply.
    • You won’t get TREATS Points for FlexiCash-related transactions.
    • Higher interest rates may be applied if you fail to make the instalment payments on time.
    • You won’t be able to terminate your card account during the tenure of this loan. If the card account is terminated by the bank for whatever reason, the loan will automatically stand cancelled. In any case, if the loan is terminated prematurely, the bank may ask you to settle all the outstanding dues immediately.
    • The bank may not be ready to credit the approved loan funds in a bank account in which you (the principal cardholder) aren’t an account holder.
    • The loan can’t be credited into a nominated account held with Maybank.

    Are You Eligible for This Loan?

    In order to be eligible, you’ll have to be the principal owner of a Maybank card. Still don’t have a card from Maybank? See the criteria for application here. You may also learn more about the supporting documents, generally required for Maybank personal loan applications, here.

    Getting Ready to Submit Your Application? Here Are the Channels Available

    • After downloading the relevant form from the bank’s website, fill in the details, and mail it to the Robinson Road branch of the bank. Don’t forget to use the business envelope available on the website.
    • You may also download the form, fill it up, and fax it to the bank.
    • Find a Maybank branch nearest to you and to complete the process. You may use the “Locate Us” feature available on the bank’s website to conveniently locate Maybank branches in Singapore.
    • You may also call the bank’s hotline for more information and assistance.

    What Else Should You Know About This Loan?

    Q. How do I register my interest for the loan?

    A. If you’re a principal cardholder and want to apply for FlexiCash, download the relevant registration form from Maybank’s website, complete it, and send it to the bank. This registration will extend to transactions made to and from the designated bank account.

    Q. How does the bank calculate interest rates for this product?

    A. The bank uses a front-end, add-on interest-computation method to calculate interest charges on your outstanding balance. The rates are decided by the bank at its discretion and may be mentioned on your letter of approval.

    Q. After my loan application was approved, I noticed a dip in my card credit limit. Why?

    A. As soon as your loan application is approved, the credit limit on your card will be reduced by an amount equal to the loan amount, including interest charges and other upfront fees. However, with each instalment settlement, the credit limit will be restored by an amount equal to the instalment amount.

    Q. If I take this loan, can my credit score be affected?

    A. It depends. If you’re meeting the government-mandated Total Debt Servicing Ratio (TDSR) requirement, if you don’t have too many other open lines of credit, if you have repaid the outstanding balance on your borrowings on time, and if you’re not applying for too many credit products within a short span of time, your credit score may not be affected negatively.

    Q. What are TREATS Points?

    A. TREATS Points are reward points that are awarded by Maybank on retail transactions charged to your Maybank credit/debit card. You can earn 1 TREATS Point per S$1 on credit cards and 1 TREATS Point per S$5 on debit cards. However, FlexiCash transactions are not eligible for this rewards programme.

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