Cash woes? A personal loan to the rescue!

    Maybank Fund Transfer Review: Low-Interest Loan for Debt Reduction and Emergencies

    Have a Maybank card or a CreditAble personal line of credit? If you’re facing a cash crunch or need to reduce debt on existing credit cards or loan accounts held with other banks, you could use this loan. With this loan, you can transfer funds from your Maybank card or CreditAble account to a savings account, current account, credit card, or credit line with another bank.As per some estimates, you could enjoy up to 89% cash savings with this interest-free loan during the promotion period. The following section will give you more insights into these special features.

    0% Interest for 6 Months, Low Processing Fee: Is the Loan Really Useful?

    Don’t have money in your bank account to pay bills or make a planned purchase? You could try this loan. Here are some benefits that you could enjoy:

    High Cap on Borrowing: With Funds Transfer on your card or CreditAble account, you could borrow up to 95% of the credit limit available at the time of application.

    Low Minimum Borrowing Amount: With this loan, you could transfer an amount as small as S$2,000. The bank will, however, use its discretion to determine the actual borrowing amount.

    Low Interest Rate: Enjoy 0% p.a. interest rate on the 6-month loan tenure and 4.99% p.a. rate on the 12-month loan tenure. Due to low rates of interest, you could save on interest payments.

    No Need for Fixed Payments Every Month: If you have a Maybank Funds Transfer loan on your card or CreditAble account, you could pay as little as 3% of the outstanding balance, subject to a minimum of S$10. The outstanding balance will also include the unpaid dues from the previous billing cycles. This gives you the flexibility to vary the monthly loan repayments in accordance to your cash flow.

    As Many Funds Transfers As You Need: There is no limit on the number of funds transfer loans that you can apply for as long as you have a sufficient credit limit.

    Quick Processing: In general, the bank could take anywhere between 3 and 5 business days to process and approve your loan application, and to transfer the loan funds to the nominated bank account/credit card/line of credit.

    Loan Can Be Held Along With Other Types of Unsecured Maybank Loans: As long as you have sufficient credit limit, you could apply for a funds transfer loan even if you have a term loan on your CreditAble account or outstanding balances on your credit card.

    Reasonably Low Processing Fee: You could be charged a processing fee as low as 1.38%. Low interest charges and a low processing fee means that you could save more on your monthly loan repayments than your existing loan accounts.

    Supplementary Cardholders Could Be Eligible: If you’re a supplementary cardholder, you may be eligible for this loan. You’ll, however, have to use the principal card account to transfer funds to the designated bank account, card, or credit line.

    Make the Most of Exclusive Promotional Offers

    If you apply for Maybank Funds Transfer on your CreditAble account or a valid Maybank card and if it is approved by 31 December 2018, you could be eligible for a special gift. If you’re eligible, you could get a pair of Adventure Cove WaterPark tickets. However, to be eligible, you’ll have to keep the following points in mind:

    • Only applications submitted through online channels and approved before the expiry of the promotion period will be considered valid.
    • Online channels could be personal internet banking or Maybank’s website.
    • The approved loan amount has to be equal to or greater than S$2,000.
    • You may not be able to club this offer with other programmes and promotions offered by Maybank, unless you receive explicit consent from the bank.
    • The offer will be limited to the first 2,000 successful redemptions only. It will be offered on a first-come, first-serve basis until stocks last.
    • If you’re eligible, you’ll receive a redemption letter from the bank within 2 months from the date of approval of your loan. It will be mailed to your last-known address. You could find out more about the offer from the redemption letter.
    • You’ll have to redeem the joining gift within 1 month of the issue of the redemption letter. Any unredeemed gift will be forfeited. In the event of loss of the letter, the bank will decide, at its absolute discretion, whether to issue a replacement letter to you or not.
    • The bank may debit an amount equal to the value of the approval gift from your card or CreditAble account if either of the following happens:
      • You terminate the account within 6 months from the date of approval.
      • You’re found to be in breach of one or more of the conditions of the promotion.
    • You won’t be eligible for this offer if you’re a Maybank employee.

    The bank could run promotions for new and existing customers from time to time. Keep an eye out for such offers to get more value out of the deals.

    Interest Rates: Here is What the Loan Will Cost You

    Minimum Loan Amount Applied Interest Rate Processing Fee EIR (During the Introductory Period) Prevailing Interest Rate (After the Expiry of the Introductory Period)
    At least S$2,000 0% p.a. (for 6-month tenure) 1.88% 4.02% p.a. (6-month) and 4.99% p.a. for 12 months 19.8% p.a. on CreditAble accounts and 25.9% p.a. on Maybank cards
    At least S$10,000 0% p.a. (for 6-month tenure) 1.38% 2.96% p.a. (6-month)

    We’re now going to present an illustration to compare the potential savings of this loan vis-a-vis a credit card.

    [Disclaimer: The numbers used in this example are for illustrative purposes only and may have no connection to actual results.]

    What Are the Fees and Charges That You May Have to Pay?

    The bank may impose the following fees on this loan:

    • A one-time, non-refundable processing fee.
    • A late payment fee of 5% of the minimum monthly due, subject to a minimum of S$80.
    • No administrative fee or penalty charge will be imposed if you choose to settle the outstanding dues in full prior to the expiry of the introductory period.

    If you want to know about the fees that are charged on other Maybank unsecured loan products, click here.

    Assess the Following Points Carefully: The Default Rate Could Be As High As 25.8% p.a.

    Before you progress any further with the loan application, you should consider the following and analyse the benefits of the loan in light of these points:

    • If you fail to make the minimum payment for 2 consecutive months, the prevailing rate will be replaced by the default rate of 25.8% p.a.
    • You’ll be eligible for this loan if and only your card account or CreditAble account is in good standing, as determined by the bank.
    • Maybank will not transfer approved funds to a third-party account even if you nominate it.
    • These transactions may not be eligible for rewards. Monthly cashback or TREATS Points won’t be awarded for transactions made in relation to a funds transfer.
    • Interest will be calculated on a daily basis, from the day of loan approval until the full settlement of loan dues.
    • The credit limit of a Maybank card or CreditAble account will be reduced by an amount equal to the amount approved in relation to your Maybank Funds Transfer application.
    • Maybank employees aren’t eligible for CreditAble accounts. Hence, they can’t access Funds Transfer loans on CreditAble accounts.
    • The bank may consolidate the outstanding balances in your Funds Transfer account with that of the existing cards or CreditAble account (as applicable) without prior notice. It could also impose finance charges at the prevailing rates (CreditAble or credit card, whichever applies) on such consolidated balances.
    • The bank could alter the terms of the loan anytime it wants by giving you a written notice at least 30 days in advance.

    Let us now see what conditions you’ll have to fulfil to be eligible for this loan.

    Eligibility Criteria That You Will Have to Fulfil

    Not sure if you’re eligible? Click here to find out everything about eligibility requirements for Maybank personal loans. In general, any Maybank cardholder and CreditAble customer could be eligible for this loan.

    Want to Know If the Application Process Is Simple or Not? Find Out Below

    Apply for this loan using any one of the following convenient modes:

    • Apply directly using your online banking account.
    • Download a soft copy of the application form from the bank’s website. Mail it to Maybank for processing after completing it.
    • Visit a branch to complete the process.

    You could also leave your contact details with the bank. A representative will get in touch with you at an appropriate time.

    If you have unused credit in your Maybank card or CreditAble credit line, simply transfer the whole or part of it to another account. It’s easy, painless, and fast. You won’t even need a new loan account. The bank will simply open a sub-account under the original card or CreditAble account.

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