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.
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.
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:
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.
|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.
Let us assume that you have a credit card that charges a standard rate as high as 25.9% p.a. If you have an outstanding debt of S$10,000 on this card, your interest charges for 1 year would be S$2,590 (=25.9/100x10,000). This means that your interest charges for 6 months would be S$1,295 (=2,590/2).
Let us now assume that you have applied for funds transfer on your Maybank card to settle this debt of S$10,000. Let us also assume that you have chosen the 6-month tenure.
This would mean that you’ll enjoy an applied rate of 0% p.a. and a processing fee of 1.38%. For 6 months, your interest charges would be S$0. However, you’ll have to pay a one-time processing fee of S$138 (=1.38/100x10,000). Therefore, your total interest burden during the tenure would be S$138.
Your savings with this Maybank loan would be S$1,157 (=1,295-138) or around 89% (=1,157/1,295x100%).
[Disclaimer: The numbers used in this example are for illustrative purposes only and may have no connection to actual results.]
The bank may impose the following fees on this loan:
If you want to know about the fees that are charged on other Maybank unsecured loan products, click here.
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:
Let us now see what conditions you’ll have to fulfil to be eligible for this loan.
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.
Apply for this loan using any one of the following convenient modes:
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.