Yahoo Finance 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:
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%
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.
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.
Per Month
S$441
Per Month
Online Promo
POSB Personal Loan
EIR: From 5.79%
More Details
Key Features
Existing POSB/DBS users can apply directly to receive instant cash disbursement to your POSB/DBS account!
*Note that the rates provided to you are customised and might differ from what's displayed here. POSB Bank is regulated by the Monetary Authority of Singapore.
Per Month
S$441
Per Month
Online Promo
DBS Personal Loan
EIR: From 5.79%
More Details
Key Features
*Note that the rates provided to you are customised and might differ from what's displayed here. DBS Bank is regulated by the Monetary Authority of Singapore.
Per Month
S$462
Per Month
OCBC ExtraCash Loan
EIR: 12.11%
More Details
Key Features
Loan tenure from 12 to 60 months
Borrow up to 6x monthly salary for annual income S$120,000 and above, 4x monthly salary for annual income S$30,000-S$119,999 and 2x monthly salary for annual income S$20,000-S$29,000
Make repayments easily via online or Mobile Banking funds transfer, cheque deposit or cash deposit machine
Easy ways to manage your account with Online and Mobile banking
Note that the rates provided to you are customised and might differ from what is displayed here. OCBC Bank is regulated by the Monetary Authority of Singapore.
Per Month
S$441
Per Month
MoneySmart Exclusive
Faster Gift Redemption
UOB Personal Loan
EIR: From 5.43%
MoneySmart Exclusive:
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Get attractive gifts like an Apple Mac Mini, 512GB (worth S$1,156.85) or an Apple iPad Air, 64GB (worth S$895.40) or a Apple Watch Series 9 (GPS), 45mm (worth S$655) or a Samsung 32-inch Smart Monitor M5 (worth S$493) or a ErgoTune Classic Ergonomic Chair (worth S$399) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart! T&Cs apply.
Valid until 30 Apr 2024
More Details
Key Features
Loans starting from S$1000
Loan tenure period of minimum 1 year to a maximum of 5 years
Rates from 2.88% p.a. (EIR from 5.43%) + 0% Processing Fee
No documents required for existing Credit Card members
Instant approval for applications submitted between 8am to 9pm for new UOB customers. Terms and conditions apply.
UOB Bank is regulated by the Monetary Authority of Singapore.
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Found this article useful? Check out our list of the best personal loans in Singapore.
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