Cash woes? A personal loan to the rescue!

    Maybank Personal Loan Interest Rates Update

    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.

    CreditAble Term Loan Interest Rates

    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.

    CreditAble Interest Rate

    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.

    Fund Transfer Interest Rate for CreditAble Customers

    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.

    Maybank offers promotional interest rates quite frequently. You can check these interest rates and also offers from other banks in Singapore here.

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