Maybank's current promotions for its debt consolidation plans make these loans a competitive option. First, the bank is charging promotional interest rates as low as 3.88% p.a. (6.92% EIR), which is one of the most competitive rates available in Singapore. Additionally, it is offering a cash rebate of S$388 to qualified borrowers.
|Summary of Maybank's Debt Consolidation Loans|
|Low Advertised Interest Rates: as low as 3.88% (6.92% EIR)|
|Tenures of 1 to 10 years|
|Cashback Promotion: S$388|
Table of Contents
What Makes Maybank's Debt Consolidation Plan Stand Out to Borrowers
Maybank's promotional interest rates for its debt consolidation loans (as low as 3.88%; EIR 6.92%) make it an affordable option for borrowers that are able obtain the bank's best rates. Additionally, Maybank is offering a cash rebate of S$388 to approved applicants. Additionally, applicants can apply by SMS messaging Maybank at 79898 with the following message: < LCP_VP > < Name >
Borrowers that are offered Maybank's lowest rates may find these loans affordable. However, unlike other some of its competitors, Maybank does not guarantee its debt consolidation loan rates (rates advertised "as low as"). Additionally, for those seeking the best cashback promotion will find that POSB and DBS offer even more in cashback than Maybank (up to S$1,200). Despite these drawbacks, Maybank is a great option for those that are able to secure its most competitive interest rates.
Who Can Apply: Eligibility Criteria
Singaporean Citizens and Permanent Residents of at least 21 years of age are eligible for Maybank's debt consolidation loan. Applicants must have annual incomes of at least S$30,000 and less than S$120,000, and balance to income ratios of at least 12 times their monthly income. Additionally, individuals participating in the RAS scheme are eligible for Maybank's debt consolidation plan.
Other Charges and Fees
Maybank charges an early settlement fee of 4% of the outstanding balance or S$300, whichever is greater. It also charges a late fee and a fee to increase the size of an existing debt consolidation loan. Unlike many of its competitors, Maybank does not charge a processing fee for its debt consolidation plan.
|Early Settlement Fee||4% of outstanding balance or S$300, whichever is higher|
|Late Fee||5% of the minimum monthly repayment or S$80, whichever is higher|
|Loan Increase Fee||4% of additional loan amount|
How to Apply: Application Process
To apply, individuals can simply SMS message Maybank at 79898 with the following details: < LCP_VP > < Name >. Applicants will be required to fill out an application form and submit documents proving identity, debt, and income. For proof of income documents, salaried individuals must provide their latest year's CPF contribution history statement or latest computerised payslip. Commission-based individuals must provide their latest year's CPF contribution history statement or latest 3 months' computerised payslip. Self-employed individuals must provide their latest 2 years' income tax notice of assessment.
- Photocopy of NRIC (front & back)
- Latest Credit Bureau Report
- Proof of balances for all unsecured credit facilities
- Latest income documents