Maybank CreditAble Personal Term Loan Review: Does it Fit Your Financing Needs?

Maybank CreditAble Term Loan
Maybank CreditAble Term Loan

Maybank CreditAble Personal Term Loan Review: Does it Fit Your Financing Needs?

Maybank's personal loan is not among the cheaper options in Singapore.

Good for

  • Individuals that are not able to obtain a cheaper personal loan

Bad for

  • Prospective borrowers seeking the cheapest possible personal loan

Editor's Rating

3.5/5.0

Maybank's personal loan is not one of the most affordable among personal loans in Singapore. This is because the bank charges relatively high flat annual interest rates of 6.00% - 6.88% and a processing fee of 2%. With that said, borrowers that are struggling to find financing might consider Maybank as a backup option.

Summary of Maybank's CreditAble Personal Loan
Higher than average rates: EIR 13% - 14% p.a.
Processing Fee: 2% of loan principal
Promotion: S$120 cashback for loans of at least S$9,000

Table of Contents

What Makes Maybank's Personal Loans Stand Out to Borrowers

Maybank's CreditAble term loan is one of the more expensive personal loans available in Singapore. This is because the bank charges relatively high interest rates and a 2% processing fee. For example, a 3-year S$10,000 personal loan from Maybank costs about S$2,144, which is hundreds of dollars more expensive than the most affordable personal loans in Singapore. Still, for borrowers that are unable to obtain cheaper types of financing, Maybank's personal loans present a decent backup option.

Table of Maybank's Personal Loan Interest Rates and Monthly Costs

Loan DurationFlat Rate^Processing FeeEffective Interest RateMonthly Instalment*
16.00%2%14.45%S$680
26.38%2%13.58%S$1,356
36.88%2%13.77%S$2,144
46.88%2%13.31%S$2,832
56.88%2%12.96%S$3,520
Assuming S$10,000 of loan and income of S$30,000, includes impact of cashback promotion

Who Can Apply: Eligibility Criteria

Maybank CreditAble Term Loan
Maybank CreditAble Term Loan

Consider this if you unable to obtain more affordable personal loans

Eligibility Unknown (S$60,000 for foreigners)
Max. Loan Amount Up to 90% of available Credit Limit
Min. Loan Amount S$9,000
Processing Fee 2%
Approval Time 1 day

Maybank's personal loan webpage does not provide very much detail regarding loan eligibility criteria. With that said, most banks require that personal loan applicants are at least 21 years old and earn at least S$30,000 annually. Maybank does list its minimum income requirement for foreigners residing in Singapore, which is at least S$60,000 per year. This is a relatively high income requirement for a personal loan for foreigners in Singapore.

Other Charges & Fees

Maybank charges a 2% processing fee, which is one of the most expensive processing fees charged by a banks for personal loans in Singapore. The bank also charges an early repayment fee of 3% of the remaining loan balance or S$200, whichever is greater, and a late payment fee of $80. While these fees are standard for personal loans in Singapore, we always recommend that borrowers carefully plan their loan payments in order to avoid fees and minimise the total cost of their loan.

FeeAmount
Processing Fee2% of loan principal
Late Payment FeeS$80
Early Repayment Fee3% or S$200, whichever is greater

How to Apply for Maybank's Personal Loans

Individuals that are interested in applying for Maybank's personal loans must fill out an application form. Additionally, while Maybank doesn't list its required documents for personal term loans, most banks require that applicants submit documentation proving their identity, income and employment. These typically include NRIC or passport photocopies, CPF contribution history, Income Tax Notice of Assessments and computerised payslips.

Examples of Required Documents:

  • NRIC / passport photocopies
  • CPF contribution history
  • Income Tax Notice of Assessment
  • Computerised payslips

Comments and Questions

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