- You Pay
- RM 89 /mth
- Interest Rate
- Total Interest Payable
- RM 70
- Total Repayment
- RM 1,070
Use our personal loan calculator to find the best personal loan based on your requirements and eligibility.
Select the best product that fits your requirements from the list of recommended personal loan products listed and click on the Apply button.
Fill in a form with your details to be submitted for application, and a representative from iMoney or the bank will call you to process the application.
The Maybank SME Digital Financing is a loan for small to medium sized businesses with financing amounts as low as RM 10,000, and maximum amount of RM 250,000. The interest rates offered are tiered according to the loan amount, with lower rate for higher loan amount.
Best for: iMoney recommends Maybank SME Digital Financing for business purposes, as it offers a lower rate for higher loan amount, with tenure between 1 year to 5 years.
Income requirements: less than RM 25million annual sales turnover
Pros: No collateral required (except for letter of guarantee by directors and CGC guarantee)
Maybank SME Digital Financing packages:
The maximum you can borrow is up to RM 250,000, while the minimum amount is RM 10,000.
Loan tenure means how long you will be expected to repay your loan. The maximum loan tenure for Maybank SME Digital Financing is 5 years, while the minimum is 1 year. Why does this matter? The longer your financing tenure is, the lower your monthly repayment will be. But it also means higher profit charges.
Open to both Maybank and non-Maybank customers who are Sole Proprietors, Partnerships or Private Limited companies (Sdn. Bhd.) with:
The Maybank SME Digital Financing can take as fast as 10 minutes to process and approve your financing upon receiving all your information and documents. If you are an existing customer of Maybank. If you are a new customer to Maybank, the approval process can take up to 2 working days.
To reduce your chances of rejection, we recommend applying for the loan through iMoney, as our call centre consultant will call you and run through an eligibility checker with you to ensure you fulfil all the criteria for the loan.
CGC Guarantee Fees: Upon such events as may be deemed appropriate by the Bank or cancellation of the facility by you, the CGC guarantee issued herein may be cancelled by the bank at any time by giving a written notice to CGC upon which the customer hereby agrees that the guarantee fee paid to CGC shall not be refunded.
In-House Legal Documentation charges
Tax: Subject to all taxes and levies now or hereafter imposed by law
Other Fees and Charges: All other costs and expenses i.e. legal fees and other charges incurred in the preparation of all documentation, perfection of the Bank’s security documents and disbursement.
Late payment penalty: 1% per annum on the amount in arrears.
Right to set-off: The bank has the right to set-off any credit balance in your account(s) maintained with the bank against any outstanding balance of this financing facility by giving seven (7) days prior notice before the implementation.
Default rate: In the event of default (non-payment) on three (3) consecutive payments of interest, pending the commencement of instalment or during the repayment of monthly instalment, the bank shall be entitled to convert the prescribed rate to 1% per annum above the prescribed rate and calculated on a daily balance basis.
A notification will be given to you no less than twenty one (21) days prior to the effective date of the implementation of the default rate.
Penalty: No penalty imposed
Early settlement (applicable for SME Online PGX): In the event that the facility(ies) is/are cancelled by you within the agreed facility tenure, the bank reserves the right to recover the cost incurred by the bank on pro-rated (monthly basis) based on unutilized period depending on loan size, loan tenure and interest rate charged & etc, by any method the bank deems necessary, including the right to debit any account maintained by you with the bank by giving you notice of at least twenty one (21) days prior to the effective date of the implementation.
Outstanding balance @ Dec19: RM240,000
Cost incurred (Jan20 to Dec20): RM240,000 x 70% x 3% = RM5,040
Early settlement date: August20
Early settlement cost based on unutilized period: RM5,040 x (4/12) = RM1,680
Note: early settlement cost may vary from case to case basis.
The Maybank Personal Loan is a fixed rate personal loan with fixed instalment payment throughout loan tenure. The interest rate ranges from 6.5% to 8.0% per annum, or per year throughout the loan tenure.
The interest rate varies on the product type:
Your monthly repayment will remain the same throughout the loan tenure, and it comprises the principal amount and interest.
Use the personal loan calculator above to calculate your monthly repayment.
Once you have completed your application with iMoney, you are required to provide the following documents for your application:
No documents required if you’re already a Maybank customer.
If you’re new to Maybank:
Similarly, with most financial institutions, Maybank will check your credit record before they approve your application. If you have been blacklisted, have a bad CCRIS record or have a weak credit score, chances are your application will be rejected.
iMoney recommends that you settle all your overdue payments before applying and keep a healthy credit record before you apply for personal financing. It is advised that you continue repaying your loans on time for another three months before reapplying.
Check your iMoney CreditScore for free to find out how your credit health is.
If you are looking for a higher loan amount with a lower interest rate, you can consider Al Rajhi Bank Personal Financing-i. It comes with a low fixed interest rate starting from 4.99% per annum, with maximum tenure of 8 years. It is also a Shariah-compliant Islamic financing.
Standard Chartered Quick Cash EDGE is a conventional personal loan with a slightly lower minimum income requirement of RM36,000 per annum. It has a fixed interest rate starting from 6.99% per annum. The maximum tenure for this personal loan is 5 years, but if you are an existing Standard Chartered customer, you will be eligible to extend your tenure to up to 84 months.
The UOB Personal Loan offers their credit facility to even lower income requirement for salaried worker. You are eligible to apply for the UOB Personal Loan with just RM2,000 a month. Interest rate starts from 9.99% per annum.