Maybank offers 3 kinds of personal loans - CreditAble (personal line of credit), CreditAble Term Loan, and Fund Transfer. With the personal line of credit, you can borrow up to 4 times your monthly salary along with low interest rates. The term loan allows you to repay the amount over 60 months and the funds transfer lets you enjoy 0% interest for a loan tenor of 6 months.
The table below shows the interest rates of a CreditAble Term Loan:
|Tenor||Processing fee||Interest rate||Effective Interest Rate (EIR)|
|12 months||2%||6% p.a.||14.45% p.a.|
|24 months||6.38% p.a.||13.58% p.a.|
|36 months||6.88% p.a.||13.77% p.a.|
|48 months||13.31% p.a.|
|60 months||12.96% p.a.|
The EIR gets compounded if you do not pay your interest charges every month.
This personal line of credit allows you to withdraw cash easily from ATMs in Malaysia, Singapore, the Philippines, and Brunei or through a cheque. You can choose from fixed or flexible repayments. The interest rate for this loan is 9% p.a. for the first year. Subsequently, you need to pay an interest charge of 19.8% p.a.
With this funds transfer, you can move your money from your CreditAble account to another bank’s credit line, credit card, current, or savings account. You can save up to 89% and enjoy 0% interest on a loan tenor of 6 months. The prevailing interest rate is 19.8% p.a. and will apply after 6 months.
Suppose you opt for a term loan amount of S$40,000 for a tenure of 36 months. The interest rate applied would be 6.88% p.a. When you key in these numbers to calculate the monthly instalments, you will get the following results:
|One-time processing fee||S$800|
The numbers taken here are for illustration purposes and are approximates. Kindly check with the bank for the actual numbers.
Maybank offers promotional interest rates quite frequently. You can check these interest rates and also offers from other banks in Singapore here.