Maybank Personal Loan

The Maybank Personal Loan is a conventional unsecured personal loan with financing amount as low as RM5,000, and maximum amount of RM100,000. The interest rates offered are tiered according to the loan amount, with lower rate for higher loan amount.

Best for: iMoney recommends Maybank Personal Loan for business purposes, as it offers a lower rate for higher loan amount, with tenure between 2 and 6 years.

Income requirements: RM3,500 a month or RM42,000 per year

Pros: No processing or stamping fee, guarantor or collateral required.

• What is the maximum loan amount?

  The maximum you can borrow is up to RM100,000, while the minimum amount is RM5,000.

• What is the maximum loan tenure?

  Loan tenure means how long you will be expected to repay your loan. The maximum loan tenure for Maybank Personal Loan is 6 years, while the minimum is 2 years. Why does this matter? The longer your financing tenure is, the lower your monthly repayment will be. But it also means higher profit charges.

• How do I qualify?

  Income: Your minimum income must be at least RM3,500 per month, or RM42,000 a year.

  Age: To apply, you must be between the age of 21 and 60. This means, your loan should not extend beyond age 60. For example, if you are taking up the loan at age 55, the maximum financing tenure you can qualify for is only 5 years, instead of the maximum 6 years.

  Other qualifying criteria: You must be a Malaysian citizen, and you must have a linked back account with Maybank. You may open a bank account with the bank while applying for the loan.

• How long is the approval process?

  The Maybank Personal Loan can take up to 2 business days to process and approve your financing upon receiving all your information and documents. 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.

  Upon approval, the loan amount will be credited into your Maybank Personal Savings/Current Account. If you do not have an existing account, you will be required to open one for this purpose.

• What are the fees and charges?

  One-time set-up fee: Some banks charge a stamp duty fee of 0.5% on financing amount, but the good thing about the Maybank Personal Loan is, you do not need to pay any upfront fee. If you are applying through iMoney, you will not need to pay any deposit or upfront fee as well.

  Late payment charges: 1% on the outstanding loan amount. Late payment charges will increase your total outstanding loan amount

  Early settlement fee: If you plan to settle your loan in the first half of your loan tenure, you will be charged an early settlement fee, which is RM200 or 3% of the outstanding balance, whichever is higher. If your loan tenure is 5 years, and you settle your loan in the first 2 and half years, you will be charged the early settlement fee.

  Insurance protection: You will have the option to take up insurance coverage for the loan. The policy will be underwritten by Etiqa, and it is designed to cover your outstanding financing in the event of any unfortunate circumstances. A premium may be charged to you for this.

• What is the interest rate?

  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 may vary based on your loan amount:

  Loan amount: RM5,000 to RM20,000	Loan amount: RM20,001 to RM50,000	Loan amount: RM50,001 to RM100,000
  Fixed interest rate of 8.0% per annum throughout the tenure	Fixed interest rate of 7.0% per annum throughout the tenure	Fixed interest rate of 6.5% per annum throughout the tenure

• How much do I have to pay monthly?

  Your monthly repayment will remain the same throughout the loan tenure, and it comprises the principal amount and interest.

  Your instalment will be calculated based on your loan amount, loan tenure and interest rate. For example, if you are borrowing RM55,000 with profit rate of 6.5% over 5 years, your monthly repayment will be around RM1,215.

  Use the personal loan calculator above to calculate your monthly repayment.

• How do I make my repayment?

  • By cash or cheque at any Maybank branch nationwide
  • By cash or cheque through Cash Deposit Machines and Cheque Deposit Machines at selected Maybank branches.
  • By cheque through post using the enclosed envelope (addressed to Maybankard Centre, 7th Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur)
  • By online payment via Maybank2u.com
  • By telephone through Maybank Autophone Service
  • By direct debit standing instruction from your savings/current accounts

• What are the required documents?

  Once you have completed your application with iMoney, you are required to provide the following documents for your application:

  1. If you are employed:
     • Copy of NRIC (front and back)
     • Any of the documents below (choose one):
       • Latest 1-month salary slip (fixed income)
       • Latest EA Form
       • Latest 3 months’ savings account activity/current account statements
       • Latest BE Form with validated payment slip/receipt to LHDN
  2. If you are self-employed:
     • Copy of NRIC (front and back)
     • Copy of current and valid Business Registration Card
     • Any of the documents below (choose one):
       • Latest 6 months’ bank statement
       • Latest B Form with validated payment slip/receipt to LHDN

• Can I apply if I have a bad CCRIS/CTOS/credit score?

  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 other personal loans, you may also consider

  Al Rajhi Bank Personal Financing-i

  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 a maximum tenure of 8 years. It is also Shariah-compliant Islamic financing.

  Standard Chartered Quick Cash EDGE

  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.

  UOB Personal Loan

  The UOB Personal Loan offers its credit facility to even lower-income requirement for salaried workers. You are eligible to apply for the UOB Personal Loan with just RM2,000 a month. The interest rate starts from 9.99% per annum.