Maybank Personal Loan

Maybank is often looked upon as the leading personal finance lenders in Malaysia with so many different loan options and it is a brand name that can be trusted. Some of the key things that put Maybank above the rest of the banks in Malaysia is Maybank’s ability to approve flexible loan amounts from as low as RM5000 up to as high as RM100000. As the bank has one of the most advanced technologies in the banking industry across Malaysia, their customers can make their loan repayments using both offline and online platforms. The loan tenures vary from between 2 to 6 years and the monthly loan repayment amount can be as low as RM102. The personal loan package also comes included with Personal Care Insurance Protection on the loan hence the borrower’s money is also safe and secured. The personal loan is opened to all Malaysian citizens, permanent residents that are working in Malaysia and self-employed individuals.

Loan Eligibility

You are eligible for Maybank personal loan if you are:

  • At least 21 years old and above
  • Less than 60 years old
  • Earn a salary or self-employed with regular income
  • Earning more than the minimum income required to apply for the personal loan
  • Earning a minimum income of RM2500 on a monthly basis
  • Earning a minimum annual income of RM30000 if you are permanently employed
  • Applying for a personal loan amount that is not more than RM100001

In order to increase your chances to be eligible for the Maybank personal loan, remember to pay off your credit card bills and choose a longer loan tenure.

Maybank Personal Loan Features

Below is the list of the Maybank personal loan features:

  • Minimum financing amount: RM5000
  • Maximum financing amount: Up to 4 times of your annual salary or a maximum of RM100000
  • Minimum loan tenure: 2 years
  • Maximum loan tenure: 6 years
  • Islamic or Conventional: Conventional
  • Interest rate: A flat rate that starts from 6.50% to as high as 8% per annum
  • Approval Duration: Up to 2 business working days
  • Debt Consolidation: Applicable
  • Guarantor/Collateral Requirement: Not applicable
  • Required to open linked bank account: Not applicable
  • Required to buy Takaful products: Not applicable

Interest Rates

The interest rates for the loan amounts are as the following:

  • RM5000 to RM20000 – 8% flat interest rate per annum
  • RM20000 to RM50000 – 7% flat interest rate per annum
  • RM50000 to RM100000 – 6.50% flat interest rate per annum

Fees and Charges

Below is the list of fees and charges for the Maybank personal loan:

  • Processing fees: Not applicable
  • Stamp duty charges: Not applicable
  • Disbursement and Miscellaneous Fees: Not applicable
  • Early settlement charges: RM200 or 3% based on the outstanding loan amount whichever amount is higher and this penalty will only be imposed for early settlement that happens within the first half of the loan tenure
  • Late payment charges: 1% based on the outstanding loan amount

Repayment

The loan repayments will begin on the first day of the month based on the following month after you first received the loan. This loan repayment amount needs to be paid every month until the total loan amount has been completely paid off. You can make the monthly loan repayments using cash deposit, cheque deposit, Interbank GIRO (IBG) transfer, telephone banking, standing instruction, salary deduction or MEPS Shared ATM transfer. Failure to make the loan repayment in time will incur additional late payment charges as mentioned above.

Required Documentations

The required documentations for applying for Citibank personal loan are listed below:

For Salaried Applicants:

  • Photocopy of Mykad for both sides
  • Most recent EPF statement or latest 3 months’ salary slips
  • Most recent BE form from LHDN attached with tax receipts
  • Latest 6 months’ bank statements

For Self-Employed Applicants:

  • Photocopy of Mykad for both sides
  • Photocopy for the Business Registration Form or Company Registration Form
  • Most recent BE form from LHDN attached with tax receipts
  • Latest 3 months’ salary slips
  • Latest 6 months’ bank statements

Please note that Maybank may also ask you for other additional supporting documents in order to process your personal loan application if there is a need for it. In most cases, the required documentations mentioned above would suffice.

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