Maybank Personal Loan Singapore | Personal Loan Promotions in Singapore
Loans | Personal Loansby Priyadarshini 11 May 2022
If you have a legitimate reason, such as a health or home emergency, and you don’t have the funds, a personal loan may be what you need. This blog will provide an overview of the Maybank Personal Loan, one of many personal loans available on the market. We tell you about Maybank Personal Loan Singapore.
Related – Loans in Singapore
Maybank Personal Loan Singapore
CreditAble Loans from Maybank
CreditAble is a line of personal loan products offered by Maybank. The three Maybank CreditAble products are summarised below:
– Maybank CreditAble Term Loan – fixed monthly installments for 1-5 years, the interest rate of 3.88 percent, EIR ranging from 7.09 percent to 7.21 percent
– Maybank CreditAble line of credit – fixed/flexible repayments, CreditAble account, and ATM card required, For one year, interest rates are reduced to 9%, with a regular interest rate of up to 19.8 percent.
– Maybank CreditAble fund transfer – allows you to transfer credits from your CreditAble account to other banks’ credit cards/accounts, encouraging you to avoid using credit from your bank’s credit card. 0% interest for 3-6 months, with an EIR ranging from 4.87 to 5.26 percent.
Maybank personal loan eligibility criterion
To be eligible for a CreditAble Term loan, you must first open a Maybank CreditAble account. (You can easily accomplish this online.)
Aside from having a CreditAble account, you must also meet the following requirements:
Aged 21 to 65 Singaporean or PR with an annual income of at least $30,000
Maybank is quiet on foreigner criteria. Unfortunately, it appears that this loan is currently only available to Singapore citizens and permanent residents.
Application and approval time for Maybank CreditAble Term personal loans
Before you can apply for the Maybank CreditAble Term Loan, you must first open a CreditAble account, which you may do online using your SingPass login. Once your account has been approved, you can apply for a Term Loan online. However, Maybank makes no guarantees about the timeliness, so it is up to them to determine how long it will take to approve your application.
Interest Rate on Maybank CreditAble Term Personal Loan (2022)
Maybank imposes a 3.88 percent interest rate on all CreditAble Term Loans, regardless of tenure. Loan terms range from one to five years. The processing cost is 1%, although it is currently waived for online applications.
The Effective Interest Rate (EIR) (the “real” interest rate you pay after compounding and all other fees and charges are deducted) rises year after year and reaches a high on three-year loans. This is common and may be seen in many other banks’ loans.
Promotions for Maybank Personal Loan Singapore
Here are the current specials for the Maybank CreditAble Term Loan to help you save money. When you apply for a loan online through the Maybank website, you will be exempt from the 1% processing fee. If you apply for a loan of at least $10,000 with a term of 2-5 years, you will receive $288 in cash back. (Valid till July 31, 2022)