Maybank Personal Loan Singapore 2018: Facts
Need emergency cash now? Maybank Personal Loan in Singapore might be the answer. Learn about the facts and questions to ask before you apply.
During these moments, you will find personal loans as answers to your dilemma. It is no secret that many Singaporeans apply for a personal loan for various reasons. However, we must also be very particular on which personal loan to get.
Maybank Singapore offers various personal loan products. But how would you know if it is the best financial solution for you? Here are five questions to ask before getting a Maybank Personal Loan.
Maybank Singapore
Maybank is a Qualifying Full Bank (QFB) with 27 service locations across the city-state. The first branch opened in South Bridge Road in 1960. Now it has over 150 ATM locations island-wide.
Maybank Singapore offers financial solutions for individuals and businesses ranging from private banking, loan products and global banking. In 2016, the total assets of Maybank Singapore reached $59 billion.
Maybank Personal Loan in Singapore
Maybank offers personal loans to Singapore Citizens and Singapore Permanent Residents. If you want to apply for any of its personal loans, you have to be at least 21 years old or not older than 65 upon the loan’s maturity. Also, you must have a minimum income of $30,000 a year.
To apply for Maybank personal loans, you must submit your NRIC and applicable income documents. These are your computerised payslip, Income Tax Notice of Assessment or 12 months’ CPF contribution history statements.
Once approved for the Maybank personal loan in Singapore, you can use up to your credit limit. First, however, settle the loan diligently since the interest is calculated daily.
Credit: https://www.maybank2u.com.sg/en/personal/loans/personal-credit/index.page
Maybank CreditAble
Maybank CreditAble Personal Line of Credit is an unsecured revolving credit line. It means that you do not have to present a collateral. Also, you can borrow up to four times your monthly income.
Since this is a credit line, you can access the funds through chequebook or ATM Card.
In addition, the interest rate is 19.8% a year with an annual fee of S$80. Of course, you need to pay the annual fee even if you do not withdraw any amount.
Take note that the minimum monthly repayment is 3% of the outstanding balance. Failure to pay even the minimum amount will cost you a late payment charge of $80. Defaulting your loan will greatly affect your credit score.
Maybank CreditAble Term Loan
Maybank CreditAble Term Loan is a multi-purpose loan. You can repay from 12 months up to 60 months. The minimum amount you can borrow is $1,000.
Take note that as a responsible borrower, you must borrow the amount you need or have the confidence to settle on time.
Remember that you will have to pay a processing fee of 2% of the approved loan amount. This processing fee will be automatically deducted from your disbursed funds.
Let’s say your approved loan is $1,000. Then you will just receive $980. However, if you want to settle your loan earlier than the agreed date on the contract, you’ll be charged with an early settlement fee of 3% of the outstanding Term Loan amount or $200.
Maybank Fund Transfer for CreditAble Customers
Maybank Fund Transfer is ideal for clients who want to transfer funds to any other bank’s credit card, credit line, or savings account. They can transfer funds amounting to $2,000 up to 95% of your available credit limit under CreditAble.
While the 0% interest is quite tempting, you must not forget that it is for loans with 6 months loan tenor.
The processing fee could be as low as 0.99% if you transfer at least $12,000. However, if you opt to transfer at least $2,000, the processing fee will be 1.88%.
Let’s say you can get the 0% interest. The interest rate will return to 19.8% per annum if you fail to pay diligently. This fund transfer is only for existing CreditAble customers.
5 Questions to Ask about Maybank Personal Loan in Singapore
Can I access Maybank CreditAble anywhere in the world?
While it is convenient to access your funds with an ATM card, you can get your funds only in Singapore, Malaysia, Brunei and the Philippines.
If you need to spend more than usual while out of the country, you can request a temporary increase in your credit limit.
Ensure that you can handle your expenses and settle your loan on time to avoid penalties.
Will I be charged if my cheques are returned and cancelled?
Your returned cheques will be charged $40. On the other hand, cancelled cheque payments will be charged $30. That is why you need to plan your finances well.
How will I be charged with the interest?
Maybank charges the interest rate daily. It means that it is best to meet your repayments on their due date.
The total interest charge is indicated in the monthly bill. The minimum interest charges a month is $5. While you may opt to pay the minimum payable amount a month ($30 or 3% of the outstanding amount), the outstanding balance will still accrue interest every day.
Until when is the promotional Maybank Personal Loan interest rate?
The promotional interest rate of 9% per annum is only valid for one year starting from the opening date of the Maybank CreditAble Account.
Also, the promotional rate will return to the original rate should you fail to meet your repayments.
How long will the Maybank personal loan in Singapore application process take?
The loan process is within three to five business days. Of course, it will take longer if you lack any required documents. Since it takes at least three days, it won’t be your best option if you’ll need your funds on the same day.
If you want an alternative loan for your emergency needs, you can easily get an online loan from Cash Mart. Cash Mart offers various loan solutions with flexible repayment options. Apply for quick cash loans now by visiting CashMart.sg and experience the world-class service you deserve.