Maybank offers the cheapest 6-month interest-free balance transfer for borrowers with at least S$10,000 in personal debt. This makes it a great option for borrowers that have a significant amount of credit card or personal loan debt and will be able to fully repay this debt within 6 months. However, it may not be a good option for those with smaller amounts of debt that they can repay more quickly.
|Summary of Maybank's Funds Transfer|
|Best transfers of at least S$10,000 for 6 months|
|Minimum monthly repayment 3% or S$10, whichever is higher|
|Interest-Free periods of 6 or 12 months|
|Maximum transfer amount: 95% of credit limit|
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What Makes Maybank Stand Out to Borrowers
Maybank's processing fee 1.38% for balance transfers with a 6-month interest-free period is tied for the lowest in Singapore. With that said, Maybank's competitive balance transfer is limited to borrowers that need balance transfers of at least S$10,000. Furthermore, borrowers with this much debt should be confident that they can repay their balance transfer within the 6-month interest-free window or they will be at risk of accruing interest at 25.9% annually, which could make their balance transfer very expensive.
For this reason, individuals that might need more than 6 months to repay their balance, should consider some of the cheapest options for 12 or 18-month interest free balance transfers, such as UOB. Similarly, borrowers that expect to be able to repay their balance transfer within 3-months might be able to save money with a 3-month interest free balance transfer.
Summary of Maybank's Balance Transfer Costs
|Duration||Minimum Transfer||Interest Rate||Processing Fee||Effective Interest Rate||Prevailing Interest Rate|
Who Can Apply: Eligibility Criteria
All Maybank credit card holders are eligible for the bank's balance transfers. Therefore, the first step for individuals interested in Maybank's balance transfers is to sign up for a credit card with the bank. Additionally, Maybank requires that borrowers apply for balance transfers at least S$2,000.
Other Charges & Fees
In addition to its processing fee, Maybank charges a fee for late payments equal to 5% of monthly repayment or S$50, whichever is greater. We advise borrowers to make on-time payments in order to avoid this fee and keep their loan as inexpensive as possible.
How to Apply for Maybank's Funds Transfer
After becoming a Maybank credit card customer, individuals are eligible to apply for Maybank's fund transfers. To apply, applicants must submit the Maybank Fund Transfer Application Form and submit it to Maybank. The simple 1 page form requires personal identification and financial information.