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Maybank CreditAble Term Loan

Maybank CreditAble Term Loan
(Product Review)

Updated November 18, 2022

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  • Terms & Conditions
3.88%

Annual Interest Rate

$1,000

Minimum Loan Amount

$200

Processing Fee

Product Review

Maybank CreditAble offers borrowers a loan repayment scheme. The interest rate for this loan is 3.88% p.a and an EIR of about 7.30%. Its processing fee is about 1% however this is waived for online applications. Individuals seeking a personal loan want to consider Maybank/s CreditAble loan.

The interest rate and waived processing fee make Maybanks CreditAble a loan to consider. For example if you take out a loan of S$10,000 for 3 years, you would have paid S$1,838.00 in interest. The loan is more expensive than options from other financial institutions out there but borrowers who may not qualify for other loans may consider Maybank.

As part of the repayment requirements, you are expected to pay about 3% of the loan monthly or S$30. This alone may not be too bad but in case of default you would also have to battle a staggering 25.8% per annum interest rate.

Maybank CreditAble Charges & Fees

The processing fee is 1%. This makes the Maybank processing fee one of the highest. The repayment fee is about 3% or S$200 as a minimum equivalent. However, it is worth noting that this is in line with most other lending providers.

Fee Fiat Rate
Processing Fee 1% of loan principal
Late Payment Fee S$80
Early Repayment Fee 3% or S$200, whichever is greater

Application Requirements

To get loans from Maybank, you would have to submit personal details and your loan application. However, Maybank does not have a public list of documents to submit. By using the requirement checklists of other banks we know borrowers would require to submit some personal documents like an ID, passport, CBF among others.

PROMOTIONS

S$288 cashback when you apply for S$10,000 and above with a minimum 2 years tenure. 1% processing fee waived.

APPLICATION PROCESS

  • Apply via ROSHI

    You may begin your application by clicking on Maybank’s site link.

  • Provide Required Documents

    Submit all related and essential documents to Maybank to get loan approval

    • Provide Required Documents
    • Here are some items to consider
    • IDs such as NRIC or any other related ID
    • Recently printed payslip
    • The last 6 months of the CPF Contribution History Statement
    • Recent Income Tax NOA (This is for those who wish to get a higher loan
  • Receive your loan disbursement

    With all these submitted, the loan should be disbursed once the application is approved by Maybank.

MAYBANK CREDITABLE TERM LOAN HIGHLIGHTS

  • Flexible Payments

    You can decide if you want a flexible repayment plan or a fixed one

  • High Borrowing Ceiling

    The debt ceiling for loans is large. It is as high as 90% of the borrowing limit.

  • Easy access

    Accessibility to approved amount is quick and easy

  • Processing fee waived

    Processing fee of 1% waived for online applications

  • Annual fee

    The annual fee is up to $80 incurred. Can be waived 2 years

  • High EIR Rate

    High EIR Rate at minimum 7% per annum

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