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|
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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 Duration||Flat Rate||Processing Fee||Effective Interest Rate||Monthly Instalment|
|Assuming S$10,000 of loan and income of S$30,000, includes impact of cashback promotion|
Who Can Apply: Eligibility Criteria
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.
|Processing Fee||2% of loan principal|
|Late Payment Fee||S$80|
|Early Repayment Fee||3% 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