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.
Maybank Personal Line of Credit Promotion
- Cash Credit worth S$120: Apply for the Maybank Personal Line of Credit Term Loan (CreditAble Term Loan) and receive a cash credit of S$120. The CreditAble Term Loan is an instalment term loan that allows you to borrow and make repayments over a 60-month tenure. The promotional offer is valid until the bank announces its expiry.
- Tickets to Universal Studios and the Adventure Cove Waterpark: Successfully apply for CreditAble and at least two Maybank credit cards, and charge a minimum of S$300 on your CreditAble account within the first month of approval and receive a pair of tickets to Universal Studios and two pairs of tickets to the Adventure Cove Water Park. The value of the tickets is S$304, and the offer is valid till the bank announces otherwise.
Features of the Maybank Personal Line of Credit
CreditAble comes with a host of exciting features. Let’s take a look at some prominent features of the personal line of credit product:
- The Maybank Personal Line of Credit allows you to borrow up to 4 times your monthly income.
- You will receive a complimentary chequebook and an ATM card to access cash.
- You can make fixed payments or flexible payments towards your loan. CreditAble gives you the choice to choose your manner of payments.
- You can make easy repayments through internet banking or through the mobile application.
- You have 24-hour access to your account through online banking and phone banking.
- You can also perform fund transfers with your CreditAble account using the Maybank Visa Money Transfer.
- The annual fee is waived for the first two years.
Interest on the Maybank Personal Line of Credit
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.
Fees and Charges
||S$80 – two-year fee waiver.
|Minimum Interest Charged
||S$40 per cheque
|Late Payment Fee
Eligibility Criteria to Apply for the Maybank Personal Line of Credit
In order to apply for the Maybank Personal Line of Credit, the following eligibility parameters need to be met:
- The applicant intending to apply for the product needs to be at least 21 years old. The maximum age to apply for CreditAble is 65 years.
- CreditAble is available only to Singaporean citizens and Permanent Residents.
- The minimum income eligibility criteria to apply for CreditAble is S$30,000.
- Salaried individuals:
- Copy of NRIC, latest computerised payslips, Income Tax Notice of Assessment.
- Self-employed individuals:
- Bank statement (last 3 months), Copy of NRIC, CPF contribution history for the last 1 year, Notice of Income Tax Assessment.
- Individuals with varied income:
- Copy of NRIC, Income Tax Notice of Assessment, Bank statement (last 3 months)
How to Apply for the Maybank Personal Line of Credit
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.
Maybank Personal Line of Credit FAQs
- What is the minimum amount that I’ll have to pay?
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.
- Can I obtain an increase in my credit limit?
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.
- What is the minimum monthly interest that is charged?
A. A minimum amount of S$5 is charged as monthly interest on your CreditAble account.
- What is the default interest rate?
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.