Maybank Personal Loan: Interest Rate, Calculator & Application

Maybank Personal Loan: Interest Rate, Calculator & Application
Maybank Personal Loan: Interest Rate, Calculator & Application

If you found yourself reading this Maybank personal loan review, we really hope you’re not thinking of taking out a loan to go on holiday. Don’t do it, guys! But if you have a legit reason like a health or home emergency for which you really don’t have the cash, a personal loan might be what you need.

This article will be a review of the Maybank Personal Loan, which is one of many personal loans on the market. We’ll talk about the factors you need to take note of, like interest rates and repayments, and show you how you can compare personal loans across different banks such as the DBS and POSB personal loan, OCBC personal loan, and UOB personal loan before finding the right one for you.

All Maybank CreditAble Loans

Maybank actually has a series of personal loan products called CreditAble. Here’s a quick summary of the three Maybank CreditAble products:

Maybank CreditAble Term Loan – fixed monthly installments for 1-5 years, 3.88%interest rate, EIR from 7.09% to 7.21%

Maybank CreditAble line of credit – fixed/flexible repayments, need to apply for a CreditAble account and ATM card, 9% promotional interest rates for one year, normal interest rate up to 19.8%

Maybank CreditAble fund transfer – lets you transfer your CreditAble account credits to other banks’ credit cards/accounts, encourages you to avoid using credit from your bank’s credit card. 0% interest for 3-6 months, EIR 4.87% to 5.26%

For comparison’s sake, we are only looking at the CreditAble Term Loan, since this is the product which functions as a “regular” personal loan. But just bear in mind that the two other options exist and might be more appropriate for your situation.

Maybank personal loan application criteria

In order to qualify for a CreditAble Term loan, you first need to apply for a Maybank CreditAble account. (You can do this quite easily online.)

Other than being a CreditAble account holder, you also need to satisfy the following criteria:

  • Aged 21 to 65
  • Singapore Citizen or PR
  • Annual income of at least $30,000

Maybank is silent on the requirements for foreigners. So, unfortunately, it looks like this loan is only for Singapore citizens and PRs at the moment.

Maybank CreditAble Term personal loan application & approval time

Before you apply for the Maybank CreditAble Term Loan, you’ll need to first apply for a CreditAble account, which can be done online with your SingPass login.

Once your account is approved, you can submit your Term Loan application online. However, Maybank does not offer any guarantee of speed, so it is up to them to decide how long they will take to approve your application.

Maybank CreditAble Term personal loan interest rate (2022)

Maybank charges an interest rate of 3.88% for all their CreditAble Term Loans, regardless of tenure. Loan tenures of 1 to 5 years are available.

There is a 1% processing fee, but it is currently waived for online applications.

The Effective Interest Rate (EIR) (the “actual” interest rate you pay when compounding and all other fees and charges are taken into account) increases year on year, and peaks at three year loans. This is typical and can be observed in loans from many other banks.

Tenure (years) Interest rate (p.a.) EIR (p.a.)
1 3.88% 7.09%
2 3.88% 7.28%
3 3.88% 7.29%
4 3.88% 7.26%
5 3.88% 7.21%

 

Maybank personal loan vs DBS, POSB, OCBC, UOB personal loan interest rate

So, how does Maybank’s personal loan measure up to those being peddled by the three big local banks, DBS/POSB, OCBC and UOB?

Using the MoneySmart personal loan comparison tool and Maybank’s personal loan calculator, we’ve worked out the details of a hypothetical loan for a Singaporean or PR on a $2,500 per month income who’s looking to borrow $10,000 for a loan tenure of three years.

Interest rate EIR Monthly installment Total amount payable
Maybank 3.88% 7.29% $310.11 $11,163.96
DBS/POSB 3.88% 7.9% $310 $11,164
OCBC 5.43% 11.47% $323 $11,629
UOB 3.4% 6.42% $306 $11,020

As you can see, Maybank’s interest rates are average compared to the local banks’—and this is with a waiver of the 1% processing fee.

The verdict? You can probably get a better deal elsewhere by comparing the different banks’ offerings on the MoneySmart person loan page.

Maybank personal loan promotions

To help you cut a few corners, here are the current promotions for the Maybank CreditAble Term Loan.

  • Receive a waiver of the 1% processing fee when you apply for a loan online via the Maybank website.
  • Receive $288 cashback when you apply for a loan of least least $10,000 with a tenure of 2-5 years. (valid till 31 Jul 2022)

Compare all the best personal loans on MoneySmart

Many of the major banks in Singapore have their own personal loan products. To save yourself some money, make sure you compare the various loans in order to find the cheapest one for your needs.

HSBC logo

Per Month

S$443

Per Month
Interest Rate*
EIR: 6%
3.2%
Total Amount Payable
S$10,640
Processing Fee
S$0
Per Month
S$443
Citibank logo

Per Month

S$446

Per Month
MoneySmart Exclusive
Interest Rate*
EIR: 6.5%
3.46%
Total Amount Payable
S$10,692
Processing Fee
S$0
Per Month
S$446
MoneySmart Exclusive:

Get up to S$550 or an Apple Bundle [Apple AirPods Pro + 10.2 inch iPad Wi-Fi 64GB] (worth S$878) when your Citi Quick Cash personal loan application is approved! Simply apply with MyInfo for a faster journey to your gift!

Valid until 31 May 2022

The easiest way to do this is to use MoneySmart’s personal loan comparison tool, where you can input your desired loan amount and loan tenure to find out how much you’d have to repay per month and in total.

UOB logo

Per Month

S$445

Per Month
Interest Rate*
EIR: 6.4%
3.4%
Total Amount Payable
S$10,680
Processing Fee
0%
Per Month
S$445
DBS logo

Per Month

S$449

Per Month
Interest Rate*
EIR: 8.2%
3.88%
Total Amount Payable
S$10,776
Processing Fee
S$100
Per Month
S$449

Still looking for a personal loan? We got you. Here’s a comparison of all the best personal loans in Singapore