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Maybank CreditAble Personal Line of Credit Review: How Does it Compare?

Maybank's promotional interest rate and annual fee waiver make it a great option for individuals seeking a short-term personal line of credit.

Maybank CreditAble Personal Line of Credit Review: How Does it Compare?

Maybank's promotional interest rate and annual fee waiver make it a great option for individuals seeking a short-term personal line of credit.

4.0/5.0

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Pros

  • Good for a short-term credit line

Cons

  • Not the best for a long-term personal line of credit
  • low credit line for high income earners

Maybank CreditAble is an affordable personal line of credit for those seeking short-term financing. This is because the bank waives its annual fee for 2 years and offers a promotional interest rate of 9% during the first year of the loan. However, CreditAble is not the cheapest option for those who are looking for a line of credit to use over several years as its standard annual interest rate of 19.8% is not the lowest available.

Summary of Maybank CreditAble
Annual Fee Waiver: S$80 fee waived for 2 years
Limited Maximum Credit: 4 times monthly income
Standard Interest Rate: 19.8% p.a.
Eligibility: Not available to individuals with annual incomes of less than S$30,000
Promotion: First-year interest rate of 9% p.a.

Table of Contents

What Makes Maybank's CreditAble Stand Out to Borrowers

Maybank offers the cheapest short-term personal line of credit to borrowers in Singapore. First, the bank's promotional first-year interest rate of 9% is the lowest available in the market. It also waives its annual fee of S$80 during the first 2 years of the loan, which significantly reduces the total cost for a borrower. However, after the first year, Maybank's CreditAble charges an interest rate of 19.8%, which is not the cheapest available. For long-term personal lines of credit over at least 4-5 years, borrowers are better off going with HSBC's personal line of credit, which charges the lowest interest rate of 18.5%. Additionally, Maybank's personal line of credit can be restrictive for those borrowers that seek a very high credit limit. While Maybank allows borrowers to access credit up to 4 times their monthly income, which is standard among most lenders, there are other banks that offer even higher credit limits.

Summary of Maybank CreditAble Costs

Annual FeeInterest RatePromotional First-Year Interest Rate
S$80 (waived for 2 years)19.8%9%

Who Can Apply: Eligibility Criteria

Consider this if you require a cheap, short-term personal line of credit
  • Eligibility
    • S$30,000 of annual income
    • Max. Credit Limit
      • 4x monthly salary
      • Annual Fee
        • S$80, waived for 2 years

        In order to be eligible for Maybank's CreditAble personal line of credit, applicants must be Citizens or Permanent Residents of Singapore. Additionally, applicants must be 21 to 65 years old and earn at least S$30,000 annually.

        Other Charges & Fees

        Maybank charges a few fees for its personal line of credit. These include annual, late payment, and overlimit fees. While these fees are standard among lenders in Singapore and not significantly more expensive than those of other banks, we strongly recommend that borrowers are careful to make on-time payments and not exceed their credit limit in order to minimise the total cost of their loan.

        FeeAmount
        Annual FeeS$80 (waived for 2 years)
        Late Payment FeeS$80
        Minimum Monthly Repayment3% of outstanding balance or S$30, whichever is higher

        How to Apply for Maybank's Personal Line of Credit

        Individuals interested in Maybank CreditAble must submit an application form in addition to documents proving their annual income. For example, salaried employees must provide their latest 12 months' CPF contribution history statement or latest computerised payslip. Self-employed applicants must provide their latest 2 years' Income Tax Notice of Assessment. Finally, commission-based and variable income earners must submit their latest 12 months' CPF contribution history statement or latest 3 months' computerised payslips.

        Stephen Lee

        Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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