Maybank Personal Loan

Overview

Maybank Personal Loan is an unsecured personal loan for Malaysian citizens who would like to finance with a minimum amount of RM5,000 up to RM100,000. To be able to enjoy a low interest rate, the loan amount should be RM50,001 up to RM100,000 (6.5% per annum), RM20,001 up to RM50,000 (7% per annum) but if you are planning to apply for a low amount around RM5,000 to RM20,000, your interest rate would be at 8% per annum. It is a hassle free loan with no guarantor or collateral needed but to be eligible to apply for this loan, one must be employed with a minimum monthly gross income of RM2,500 and must be at least 21 years old.

To get the loan approved it all depends on the applicant’s credit ratings. You can enjoy minimum loan tenure of 2 years and a maximum tenure of 6 years. If you are an applicant with full-time employment, you will need to prepare a clear copy of your NRIC (front and back), latest 3 months salary slips, latest 6 months savings account activity OR current account statements and latest BE form with tax payment receipt attached. If you are a self-employed applicant, you will need to prepare a clear copy of your NRIC (front and back), latest 6 months bank statements, latest BE form with tax payment receipt attached and a copy of your Business Registration Certificate. Be sure that you have settled any overdue payments for your other commitments because you will not be eligible to apply for a personal loan if you have a bad credit record (CTOS/CCRIS).

Maybank Personal Loan FAQ

What is the maximum amount you can borrow?

Borrowable amount of up to four times your fixed monthly gross salary or RM100,000 for a maximum loan tenure of six years.

The catch?

Applicant must be between the age of 21 to 60 to qualify.

Applicant must be a Malaysian citizen or permanent resident employed as a Government servant, employee of a private sector organization, or self-employed with a minimum gross salary of RM2,500 per month.

Opening of a linked bank account is compulsory.

What will it cost you and how will you be charged?

One time set-up fee:

No set-up fees need to be paid.

Recurring payments:

Monthly repayment comprising principal amount and interest charge via monthly salary deduction.

For loan amount of RM5,000 – RM20,000:

Fixed interest rate of 8.00% per annum (0.67% per month) throughout the entire loan tenure.

For loan amount of RM20,001 – RM50,000:

Fixed interest rate of 7.00% per annum (0.58% per month) throughout the entire loan tenure.

For loan amount of RM50,001 – RM100,000:

Fixed interest rate of 6.50% per annum (0.54% per month) throughout the entire loan tenure.

Penalties:

Early settlement penalty of RM200 or a sum equivalent to 3% of total outstanding loan amount, whichever is higher. Early settlement penalty will only be imposed for early settlement within the first half of the loan tenure.

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

How long will the application take and what documentations are required?

Upon completing an application with iMoney, our representative will contact you within the same business day to confirm your application.

Thereafter, Maybank will require an average of two business days (not including Saturdays, Sundays, and public holidays) before approval or disbursement.

You are required to furnish the following documents for your loan application:

Applicant with full-time employment:

• Copy of NRIC (front and back)
• 3 months (most current) salary slips
• 6 months (most current) savings account activity OR current account statements
• BE form with tax payment receipt attached (most current)

Self-employed applicant:

• Copy of NRIC (front and back)
• 6 months (most current) bank statements
• BE form with tax payment receipt attached (most current)
• Copy of Business Registration Certificate

Can you apply if you have a bad CCRIS/ CTOS/ Credit Record?

No, you are required to settle all overdue payments before applying. It is advised that you continue repaying your loans on time for another three months before reapplying.

If you are looking for other personal loans, you may also consider

Al Rajhi Bank Personal Financing-i

With Al Rajhi Bank Personal Financing-i, the personal loan comes with an fixed interest rate starting from 7.25% p.a. This personal loan has a maximum tenure of 7 years. It also comes with a minimum income requirement of RM5,000.

Standard Chartered Quick Cash EDGE

Standard Chartered Quick Cash EDGE has a flat interest rate starting from 10.56% p.a. The maximum tenure for this personal loan is 5 years. It also comes with a minimum income requirement of RM2,000.

UOB Personal Loan

The personal loan rate for UOB Personal Loan starts from 9.99% p.a. It has a maximum tenure of 5 years. The personal loan also comes with a minimum income requirement of RM2,000.