Maybank Personal Loan

 

maybank personal loan

Maybank Personal Loan

Form RM 5,000 to RM 100,000 financing available
Interest varies from 6.5% to 8.0% p.a depending loan amount
As low as RM102.78 installment montly
No guarantor and collateral needed
Minimum income of RM 2,500
Aged from 21 years to to 60 years old
Malaysian Citizens only

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.

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

Cons

  • Rate is rather higher comparative to other loans in Malaysia