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

Maybank's personal loan is among the cheaper options in Singapore.
PROMO: Get S$388 Cashback today *Terms and Conditions apply (Valid till 31 Jan 2022)

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

Maybank's personal loan is among the cheaper options in Singapore.


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Processing Fee
Approval Time


  • Competitive interest rates for both short and long-term loans
  • Processing fee waived for online application


  • EIR is subject to compounding if monthly interst charges are not paid in full
  • Not the cheapest possible personal loan
PROMO: Get S$388 Cashback today *Terms and Conditions apply (Valid till 31 Jan 2022)

Maybank's personal loan is not one of the most affordable among personal loans in Singapore. This is because the bank charges a relatively average flat annual interest rate of 3.88% and a processing fee of 1%. With that said, borrowers that are struggling to find financing might consider Maybank personal loan as a backup option.

Summary of Maybank's CreditAble Personal Loan
EIR: 7.21% p.a
Processing Fee: 1% of loan principal (Can be waived)
Promotions: S$388 Cashback when approved for a loan amount of S$12,000 until Jan 31st, 2022(terms and conditions apply)

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 1% processing fee. For example, a 3-year S$10,000 personal loan from Maybank costs about S$1,838.00, which is a couple hundred 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 RateProcessing FeeEffective Interest RateMonthly InstalmentTotal Cost
1 year4.62%2%12%S$871.83S$662.00
2 years5.49%2%12%S$462.42S$1,298.00
3 years5.86%2%12%S$326.61S$1,958.00
4 years5.52%2%11%S$254.33S$2,408.00
5 years5.69%2%11%S$214.08S$3,045.00
Assuming S$10,000 of loan and income of S$30,000

Who Can Apply: Eligibility Criteria

PROMO: Get S$388 Cashback today *Terms and Conditions apply (Valid till 31 Jan 2022)
Consider this if you unable to obtain more affordable personal loans
  • Eligibility
    • Unknown
    • Max. Loan Amount
      • Up to 90% of available Credit Limit
      • Min. Loan Amount
        • S$1,000
        • Processing Fee
          • 1%
          • 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.

            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

            Consumers who wants to find out more about other personal loans before making a decision can read our other guides to find the best personal loan in Singapore in 2022 that fits your needs.

            Read Also:

            Stephen Lee

            Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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