Who Can Apply for the Maybank Personal Loan?
The Maybank Personal Loan is available to Singapore citizens and permanent residents between the ages of 21 and 65. Applicants must have a minimum annual income of S$30,000. If you already have a CreditAble account with Maybank, this loan is a great way to access funds quickly and affordably.
Self-employed individuals and those employed on a permanent or contract basis can also apply, provided they meet the income requirements. With no processing fees for online applications, the Maybank Personal Loan is a cost-effective borrowing option for a wide range of individuals.
Required Documents
✔️Copy of NRIC (front and back)
✔️Latest 12-month CPF contribution statement or Income Tax Notice of Assessment
✔️Most recent payslip for salaried employees
✔️For self-employed: Latest Income Tax Notice of Assessment
Applicable Fees and Rates
✔️Interest rate: Starts at 3.28% p.a. (EIR 6.00% p.a.)
✔️Processing fee: Waived for online applications (otherwise 1%)
✔️Repayment terms: 12, 24, 36, 48, or 60 months
✔️Cancellation fee: S$100 or 3% of the outstanding loan, whichever is higher
A Tip for the Reader
Before applying, assess your financial needs and repayment capacity carefully. The Maybank Personal Loan offers great flexibility, but it’s crucial to borrow only what you can comfortably repay. Calculate your monthly payments in advance using their online tool to get a better sense of your financial commitment.
Additionally, take advantage of the promotional interest rates and the waived processing fee for online applications. By applying online, you’ll save on upfront costs while securing a favorable interest rate, ensuring that your loan remains affordable over time.
Lastly, consider the total cost of borrowing. Even though the nominal interest rate is low, remember that effective interest rates (EIR) may be higher due to compounding. Make sure you are clear on how much you’ll be paying in total over the loan term.
Ready to Apply?
Take the first step toward financial flexibility today! If you’re looking for a low-interest personal loan with flexible terms, click the link below to learn more about the Maybank Personal Loan and start your application process.