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

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.

Good for

  • Individuals seeking a short-term credit line

Bad for

  • Individuals seeking a long-term personal line of credit
  • High income borrowers seeking the highest credit limit
  • Individuals earning less than S$30,000 annually

Editor's Rating

4.0/5.0

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.

Comments and Questions

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