Need emergency cash now?
It is during these moments when you will find personal loans as answers to your dilemma. It is no secret that a lot of 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 personal loan from Maybank.
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 Personal Loan General Eligibility
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 maturity of the loan. You must also have a minimum income of S$30,000 a year.
Maybank CreditAble (Personal Line of Credit)
Maybank CreditAble Personal Line of Credit is an unsecured revolving credit line. This means that you do not have to present a collateral. You can borrow up to four times your monthly income.
Since this is a credit line, you can access the funds through cheque book or ATM Card. 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 outstanding balance. Failure to pay even the minimum amount will cost you a late payment charge of S$80.
Maybank CreditAble Term Loan
CreditAble Term Loan is a multi-purpose loan which you can repay from 12 months up to 60 months. The minimum amount you can borrow is S$1,000.
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 S$1,000. Then you will just receive S$980. In case 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 S$200.
Maybank Fund Transfer for CreditAble Customers
This Fund Transfer is ideal for clients who want to transfer funds to any other bank’s credit card, credit line, or savings account.
The can transfer funds amounting from S$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 S$12,000. If you opt to transfer at least S$2,000, the processing fee will be 1.88%.
Let’s say you are able to get the 0% interest, should you fail to pay diligently, the interest rate will return to 19.8% per annum. This fund transfer is only for existing CreditAble customer.
5 Questions to Ask about Maybank Personal Loan 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.
- Will I be charged if my cheques are returned and canceled?
Your returned cheques will be charged with S$40. On the other hand, canceled cheque payment will be charged with S$30.
- How will I be charged with the interest?
Maybank charges the interest rate on a daily basis. This means that it is best to meet your repayments on its due date.
- Until when is the promotional Maybank 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 application process take?
The loan process is within three to five business days. Of course, it will take longer if you lack any of the 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, you can easily get an online loan from Cash Mart. Cash Mart offers various loan solution with flexible repayment options. Apply for quick cash loans now by visiting CashMart.sg and experience the world class service you deserve.
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