Cash woes? A personal loan to the rescue!

    Maybank Personal Line of Credit Review: Get Extra Cash at Low Interest Rates

    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.

    Convenient Repayment, Quick Cash: Could This Loan Make for a Good Choice?

    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 Money can be withdrawn from ATMs in Singapore, the Philippines, Malaysia, and Brunei.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.

    How Exclusive Maybank Promotions With This Loan Can Make It Value-for-Money?

    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:

    • You must be a new Maybank customer.
    • You have applied for a minimum of 2 new credit cards from the bank as the principal cardholder and for a CreditAble account as the principal account holder.
    • You’ll also have to make a combined transaction of S$500 within the first 2 months of signing up for your cards and the line of credit facility.
    • You’ll be considered eligible for this offer if you not only satisfy the aforementioned conditions but are also one of the first 8,500 eligible applicants.
    • If you’re not one of the first 8,500 eligible applicants but satisfy the other promotion eligibility prerequisites, you could still be rewarded. You’ll get a cash reward of S$50. The amount will be credited to your card or CreditAble account, after activation.
    • During the promotion period, if your application for a CreditAble account gets rejected but your applications for cards get approved, you could still be eligible. However, you’ll have to spend an additional S$200 on the relevant cards within the first 2 months of approval.

    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.

    Worried About Unbearable Interest Charges? Know How Much You’re Paying

    High interest charges on a personal loan can’t always be ruled out. So here’s what this loan will cost you:

    • Provided your account is held in good standing as assessed by the bank, you could enjoy an interest rate as low as 9% p.a. for the first year.
    • Thereafter, the prevailing interest rate of 19.8% p.a. may apply.
    • The bank may, at its absolute discretion, revise the prevailing interest rate up to 22.8% p.a.

    What Are the Important Fees and Charges That You Should Know About?

    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.

    Examine the Following Cautiously: Promotional Interest Rate Available for a Limited Period

    Here are some of the points that you should consider before applying:

    • Promotional interest rate is valid for 1 year from the time of approval.
    • You’ll enjoy annual fee waiver for 2 years only.
    • The ATM card that you get when you sign up, can’t be used for retail transactions.
    • You can’t use the cheques that you got when signing up, to settle the dues that you may have accrued under this loan account.
    • If your account remains inactive during a particular period, you may not receive a statement for that period.
    • If you find a discrepancy in a monthly statement, you must inform the bank of it in writing within 14 days from the date of issue. If you fail to do so, you can’t hold the bank responsible for failure to initiate a remedial action.
    • Interest will accrue on the daily balance on a day-to-day basis. The interest will be computed on a 365-day basis.
    • Annual fee, once debited, will not be refunded under any circumstance.
    • In order to terminate your account, you’ll first have to give an intimation to the bank in writing. You’ll have to settle the dues in full and also return all the unused cheques and ATM cards that you received in relation to this account.
    • For the purpose of ascertaining your eligibility for the currently available promotional offer, only transactions reflected in your monthly statement will be considered. Charge slips and other transactions yet to be posted, won’t be considered as valid.
    • Certain transactions such as fund transfer, FlexiPay, FlexiCash, and payment of other fees and charges in relation to your account, will not be eligible for the currently available promotion.
    • A card or CreditAble account that made you eligible for the promotion is cancelled/terminated within 9 months or an eligible transaction is reversed or invalidated, in either of these cases, the activation or credit gift will have to be returned. This could also happen if the bank concludes that you had made an eligible transaction for another Maybank promotion or made a transaction that stands in contravention of the terms of the offer.
    • If you’re a Maybank employee, you may not be eligible for the current promotion.
    • An activation gift can’t be exchanged or refunded for cash or kind.
    • In case you lose, damage, or misplace your redemption letter, you may or may not be eligible for a replacement. The decision of issuing a replacement letter, will lie entirely with the bank.

    Want to Know If You Are Eligible? Find Out Here

    You’ll be eligible for this credit facility if:

    • You’re a citizen or permanent resident of Singapore.
    • You earn at least S$30,000 in a year.
    • You’re aged between 21 years and 65 years.

    To know about the general supporting documents and eligibility for other Maybank loans, click here.

    Planning to Apply? Here’s What You Can Do

    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.

    Maybank Personal Line of Credit
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