Are you considering a personal loan but unsure which option to choose? Maybank offers three different types of personal loans under its CreditAble series. To make your decision easier, we’ll break down the details, focusing on the Maybank CreditAble Term Loan—the most straightforward personal loan in the lineup.
Maybank provides three main personal loan options under its CreditAble series:
While all three products serve different purposes, we’ll focus on the CreditAble Term Loan, which offers more standard personal loan features.
To apply for the Maybank CreditAble Term Loan, you’ll need to meet these basic requirements:
For those who qualify and have an existing account, applying online will also waive the 1% processing fee.
The Maybank CreditAble Term Loan charges a fixed interest rate of 3.28% p.a., regardless of your loan tenure. However, the Effective Interest Rate (EIR), which includes fees and compounding, varies depending on how long your loan term is.
Here’s a quick breakdown of the EIR based on tenure:
| Loan Tenure | Interest Rate (p.a.) | EIR (p.a.) |
|---|---|---|
| 1 year | 3.28% | 6.00% |
| 2 years | 3.28% | 6.18% |
| 3 years | 3.28% | 6.20% |
| 4 years | 3.28% | 6.18% |
| 5 years | 3.28% | 6.14% |
Loan amounts must be a minimum of S$1,000. Maybank also offers an online loan calculator so you can estimate your exact repayment amounts based on your preferred loan term.
Maybank allows you to apply for a temporary credit limit increase for specific situations, such as:
While it’s advisable to save for expenses like travel or weddings, Maybank also offers the option to permanently increase your credit limit if your financial situation has improved, such as earning a higher salary. This will require submitting relevant documents like your payslips or CPF contribution history.
For 2024, Maybank is running a promotional interest rate of 3.28% p.a. with no processing fees. In addition, if you apply for a Maybank Credit Card and CreditAble Account, and withdraw a minimum of S$600 for the first two consecutive months, you can choose from exciting rewards, including:
While the Maybank CreditAble Term Loan offers competitive interest rates and attractive promotions, it’s essential to consider your ability to repay the loan, factoring in both the principal and interest. Unpaid loans can quickly lead to financial strain, so ensure you’re making a well-informed decision before proceeding. For those who are eligible and require a straightforward personal loan solution, Maybank’s Term Loan could be the right fit for you. And If you would like to leave your comment or your personal reviews or thought do feel free to visit us @ https://myloanreviews.com/
