Looking for a safe and stable line of credit? Get yourself one from Maybank and enjoy easy and continuous access to cash. You could enjoy a promotional interest rate of 9% p.a. for the first year. You could borrow as much as 4x your monthly income with this loan. You could also use cheques and/or your ATM card to withdraw funds at your convenience. We’ll focus on the special features of this product in the following section.
Want to know why this loan could be your answer to financial constraints and emergencies? Here are the most important features:
High Loan Cap: The credit limit on your line of credit could go up to 4 times your earnings in a month.
Attractive Interest Rates: Interest rates could be as low as 9% p.a., albeit for a limited period.
Interest Only on What Has Been Used: As this is a standby credit facility, you’ll have to pay interest only for the credit utilised and not on the total credit available.
Flexible Monthly Repayments: Pay as little as 3% of the outstanding balances on your loan, subject to a minimum of S$30 to roll the debt over to the next month. As soon as you make a payment, a portion of the credit, equal in value to this payment, will be restored.
Access Cash Easily in Singapore and Outside: Withdraw money from your loan account whenever you want using your complimentary chequebook or ATM card. Money can be withdrawn from ATMs in Singapore, the Philippines, Malaysia, and Brunei.
Easy Access to Account and Transaction Details: Access your account information and check your transaction details anytime and from anywhere using online banking or phone banking facilities.
Overseas Money Transfer Facility: If you choose to, you can transfer funds from your CreditAble account to an overseas Visa card. You could use the Maybank Visa Money Transfer facility to do it and save on rates charged.
Convenient Monitoring of Transactions: The bank will send you a statement at the end of each month. You can check your transactions and outstanding balances using this statement of account.
Annual Fee Waiver: If you sign up for this loan, you won’t have to pay the annual fees for 2 years.
In addition to promotional interest rates of 9% p.a. which you would enjoy for 1 year from the time of approval, you’ll also receive an activation gift or a credit gift. Of course, to be eligible, you’ll have to satisfy certain criteria.
You’ll receive a Samsonite Orfeo Spinner if you satisfy the following conditions:
The bank will send you a redemption letter or an e-coupon which can be used to redeem your gift. The letter/coupon will be delivered to your last known address. Make sure that you redeem your gift within 1 month of receipt of the letter. Any unclaimed gift will be forfeited.
High interest charges on a personal loan can’t always be ruled out. So here’s what this loan will cost you:
Let us now give you an example to help you understand how much you could be saving on interest payments compared to credit cards.
Assuming that you’re charged an interest rate of 25% on your card, you could be paying as much as S$2,500 (=25/100x10,000) as interest, on an outstanding balance of S$10,000.
Let us now assume that you have borrowed an equal amount with this line of credit. Till the time you’re enjoying an interest rate of 9% p.a., your interest charges for a year would be S$900 (=9/100x10,000). This means, you’re saving S$1,600 or 64% [=(2,500-900)/2,500x100%] on interest payments.
Even after the prevailing interest rate of 19.8% p.a. kicks in, you could still be saving on interest charges. Your interest payment on this loan for a year at 19.8% p.a. would be S$1,980 (=19.8/100x10,000). That means, your savings could be as high as S$520 or 20.8% [=(2,500-1,980)/2500x100%].
[Disclaimer: The numbers used for this example have been chosen arbitrarily. They may bear no resemblance to reality.]
Here are the fees and charges the lender might impose on your loan:
| Type of Fee/Interest Charge | Size of Fee |
|---|---|
| Annual fee | S$80 (Waived for 2 years) |
| Late payment fee | S$80 |
| Minimum interest on outstanding balance | S$5 |
| Default interest rate | 25.8% p.a. |
| Minimum monthly payment | 3% of the outstanding balance, subject to a minimum of S$30 |
| Excess interest charge | 3% p.a. + prescribed interest or 5% p.a. + the prime lending rate, whichever is higher. This will be subject to a minimum of S$20. |
Here are some of the points that you should consider before applying:
You’ll be eligible for this credit facility if:
To know about the general supporting documents and eligibility for other Maybank loans, click here.
Want to apply? You could do so online. If you require more information, you can contact the bank. You can also fill up the contact form available on the bank’s website. The bank will contact you shortly. You may also visit a branch near you. Simply refer to Maybank’s website to know where the branches nearest to you are located. Click here to learn more about the general application process for personal loans in Singapore.
Has your financial situation been comatose for the last few months? Has it been completely unresponsive to your efforts to resuscitate it? In such a case, you may give a personal credit line such as this one a try. Thanks to easy availability of funds, flexible repayment options, and low interest rates, you could be out of the woods sooner than you had imagined.
