Maybank Personal Loan |
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From RM 5,000 to RM 100,000 financing available |
Interest varies from 6.5% to 8.0% p.a depending loan amount |
Minimum RM 102.78 monthly installment |
No guarantor and collateral needed |
Minimum income of RM 2,500 |
Aged from 21 years to to 60 years old |
Malaysian Citizens only |
Zero processing fees |
Maybank personal loan offers from RM 5,000 to RM 100,000 financing ranging from minimum repayment from 2 to 6 years. There are no guarantor or collateral needed. There are no processing or stamping fees for the application of this loan. Please take not that this is a conventional personal loan and is not an Islamic compliant loan.
Maybank also states that it will take 48 hour for the approval time of the loan. The funds will be transferred to applicants account upon approval of the loan. Applicants will be required to have savings or current account with Maybank.
Interest Rates
This interest rate will depends on the amount loan. You will get to enjoy lower interest rates with higher amount loan. The loan amount starts from RM 5,000. Borrowong RM 5,000 to RM 20,00 will give you a 8.00% p.a. , RM 20,000 to RM 50,000 will give you 7.00% p.a. while borrowing RM 50,000 to RM 100,000 will give you 6.50% p.a. Please take not that the published rates are flat rates.
Loan Amount | Interest Rate p.a |
RM 5,000 to RM 20,000 | 8.00% Flat Rate |
RM 20,000 above to RM 50,000 | 7.00% Flat Rate |
RM 50,000 above to RM 100,000 | 6.50% Flat Rate |
Charges and Fees
Maybank Personal loan requires no processing fees and no stamping fees. This loan comes with personal care protection plan from Maybank. There will be a 1% p.a penalty for any late repayment of the loan. A standard 6% GST is applicable to any service charge by the bank. There will be a RM 200 charge or outstanding 3% (whichever higher applies) as for for early settlement of the personal loan. This is a fixed installment loan where you have to pay the same amount in order to settle the loan.
Eligiblity
Maybank personal loan is available for Malaysian citizens only. You will need to be 21 years old to 60 years old by the end of repayment period. The minimum monthly salary to be eligible is RM 2,500 per month or RM 30,000 per annum for permanent employment.
Documentations
Employed
- Photo Copy of Malaysian Identity Card ( Front and back)
- Most recent BE Form from LHDN with tax receipts
- Most recent 3 months salary statements
- Most recent 6 months bank account statements
Self Employed
- Photo Copy of Malaysian Identity Card ( Front and back)
- Copy of Company registration
- Most recent BE Form from LHDN with tax receipts
- Most recent 6 months bank account statements
Repayment Table
Maybank personal loan monthly repayment table is available on the link below
Maybank Personal Loan Repayment Table
Personal Care Plan
Personal Care Plan is insurance plan that will free you from any outstanding debts with Maybank Personal loan. The maximum amount is RM 100,000 in the event of death or total permanent disability.
Pros
- As little as RM 102.78 payment per month
- Compulsory Insurance plan
- Available to private sectors
- Zero Entry fees
Cons
- Rate is rather higher comparative to other loans in Malaysia