Maybank Personal Loan Review 2024—3 Loans To Choose From

Maybank Personal Loan Review 2024—3 Loans To Choose From

Need a personal loan but not sure which one to choose? Well, to make things more confusing, Maybank offers 3 types of personal loans! But not to worry, that’s why we’re here to demystify the products for you.

Maybank’s series of personal loan products are called CreditAble. Here’s what the 3 Maybank CreditAble products are:

  1. Maybank CreditAble Term Loan – 3.28% p.a. (EIR with fixed monthly instalment repayments from 1 to 5 years interest rate, EIR from 7.09% to 7.21%
  2. Maybank CreditAble personal line of credit – fixed/flexible repayments, need to apply for a CreditAble account and ATM card, interest rate of 22.9% p.a.
  3. Maybank CreditAble fund transfer – lets you transfer your CreditAble account credits to other banks’ credit cards/accounts, and encourages you to avoid using credit from your bank’s credit card. No interest charge.

For this review, we’ll only look at the CreditAble Term Loan as this is the one that is the standard personal loan. But just so you know, the others exist and they may be more suitable for your needs.

Maybank CreditAble Term personal loan application criteria

To be eligible for the Maybank CreditAble Term Loan, you need to fulfil the following:

  • Have a minimum annual income of $30,000
  • Be a Singapore Citizen or PR
  • Be aged 21 to 65

You also have to be an Existing CreditAble account holder. If you’re not, it’s a simple matter to apply online. It takes about 14 business days for processing so if you need a loan quickly, this is probably not for you.

If you want to go ahead with Maybank, or already have a CreditAble account, you can apply for the Term Loan online, where you’ll have the 1% processing fee waived.

Maybank CreditAble Term personal loan interest rate (2024)

Maybank charges a fixed interest rate of 3.28% for all its CreditAble Term Loans, regardless of the loan tenure, whether it is 12 months or 60 months (5 years).

However, the Effective Interest Rate (EIR)—which is the “actual” interest rate you pay when compounding and all other fees are taken into account—varies depending on the loan tenure you choose.

FYI, if you want to know more about the EIR, this article tells you what it is. Note that your minimum loan amount should be at least $1,000.

Here are the differing EIRs according to loan tenure:

Tenure (years) Interest rate (p.a.) EIR (p.a.)
1 3.28% 6.00%
2 3.28% 6.18%
3 3.28% 6.20%
4 3.28% 6.18%
5 3.28% 6.14%

Maybank also has a calculator for you to check how much exactly is your loan repayment amount.

Should you need it, you have the option to apply for a credit limit increase temporarily. The bank states that temporary credit limit increase can only be granted for these few purposes:

  • Travel
  • Wedding
  • Medical
  • Hospitalisation
  • Funeral

We don’t usually recommend taking a loan for things that you can save up for on your own such as weddings and travelling as you just end up paying more because of interest. Taking a personal loan ultimately depends on whether you have money to pay it back + interest, and ensure you don’t fall into greater debt. The fees for not repaying on time can skyrocket and quickly send things out of control.

For those who want to and can increase their credit limit due to reasons such as you’re earning a higher salary, you can apply to have a review of your credit limit permanently. You’ll need to submit documents such as your payslip or the last 12 months of CPF contribution history.

Maybank CreditAble Term personal loan promotions

There’s a promotional interest rate of 3.28% p.a. and no processing fee.

For those who have to apply for a Maybank Credit Card and CreditAble Account to apply for the personal loan, if you withdraw a minimum of $600 each month for the first two consecutive months, you’ll receive a pair of American Tourister Linex 66/24 Luggage TSA, or an AirPods (3rd generation) with Lightning Charging Case, or S$200 cashback.

Maybank CreditAble Term personal loan vs POSB, DBS, OCBC, UOB

Maybank’s personal loan offers a mid-range interest rate of 3.28% p.a.. While they aren’t the highest out there, there are other banks with lower interest rates well below 3%, such as UOB Personal Loan and Standard Chartered CashOne.

Use MoneySmart’s personal loan comparison tool to compare bank loans in the market and find one most suitable for your needs.

POSB logo

Per Month

S$439

Per Month
Online Promo
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$10,536
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$439
DBS logo

Per Month

S$439

Per Month
Online Promo
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$10,536
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$439
OCBC logo

Per Month

S$462

Per Month
Interest Rate*
EIR: 12.11%
5.42%
Total Amount Payable
S$11,084
Processing Fee
S$100
Per Month
S$462
UOB logo

Per Month

S$441

Per Month
MoneySmart Exclusive
Faster Gift Redemption
Interest Rate*
EIR: From 5.43%
From 2.88%
Total Amount Payable
S$10,576
Processing Fee
0%
Per Month
S$441
MoneySmart Exclusive:

[Faster Gift Redemption]
Get attractive gifts like an Samsung Galaxy S24, 512GB (worth S$1,458) or an Apple iPad Air, 64GB (worth S$895.40) or an Apple Watch Series 9 (GPS), 45mm (worth S$655) or an Apple iPad 9th Gen, 64GB (worth S$508.30) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart! T&Cs apply.

Valid until 30 Jun 2024

 

Found this article useful? Check out our list of the best personal loans in Singapore