Annual Interest Rate
Minimum Loan Amount
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.
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.
|Processing Fee||1% of loan principal|
|Late Payment Fee||S$80|
|Early Repayment Fee||3% or S$200, whichever is greater|
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.
S$288 cashback when you apply for S$10,000 and above with a minimum 2 years tenure. 1% processing fee waived.
You may begin your application by clicking on Maybank’s site link.
Submit all related and essential documents to Maybank to get loan approval
With all these submitted, the loan should be disbursed once the application is approved by Maybank.
You can decide if you want a flexible repayment plan or a fixed one
The debt ceiling for loans is large. It is as high as 90% of the borrowing limit.
Accessibility to approved amount is quick and easy
Processing fee of 1% waived for online applications
The annual fee is up to $80 incurred. Can be waived 2 years
High EIR Rate at minimum 7% per annum