Maybank offers a personal line of credit to Singaporean citizens and Permanent residents. Called CreditAble, the Maybank personal line of credit lets you make flexible repayments and works more or less like a personal loan, but also has features of a credit card embedded in it. Let’s take a detailed look at what CreditAble has to offer.
CreditAble comes with a host of exciting features. Let’s take a look at some prominent features of the personal line of credit product:
Applicants can enjoy a promotional interest rate of 9% p.a. for the first year. Subsequently, the interest will be 19.8% p.a. Interest is calculated on an everyday basis at a compounding rate.
|Annual Fee||S$80 – two-year fee waiver.|
|Minimum Interest Charged||S$5|
|Returned Cheque||S$40 per cheque|
|Late Payment Fee||S$80|
In order to apply for the Maybank Personal Line of Credit, the following eligibility parameters need to be met:
You can apply for CreditAble by visiting the Maybank Singapore website and filling out the online application form available on the website. The next step would involve submitting your supporting documents that include proof of identity, proof of address and proof of income. Once these documents are submitted, an executive from the bank will get in touch with you and help you complete the remainder of your application. The bank will then process and review your application.
You can also visit any one of the 21 Maybank branches in Singapore and physically fill out the online application form.
Maybank Personal Line of Credit for Foreigners
Maybank Personal Line of Credit is currently unavailable to foreigners. CreditAble is only available to Singaporean citizens and Permanent Residents.
A. You will have to make monthly repayments by the due date specified by the bank in your application. A minimum payment of 3% of your outstanding balance needs to be made every month.
A. Yes, you can obtain an increase in your credit limit by filling out the credit limit review application. The bank, will, however approve an increase in your credit limit if you have a clean track record.
A. A minimum amount of S$5 is charged as monthly interest on your CreditAble account.
A. The default interest rate is calculated after the due date of the second consecutive missed monthly payment. That is, if the minimum payment isn’t made for two consecutive month, a default interest rate of 25.8% will hold applicable.