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Maybank Personal Loan
An unsecured personal loan of up to 6 years for Malaysian citizens employed as a Government servant, employee of a private sector organization, or self-employed.
- Interest rate (p.a.)
6.50% - 8.00%
- Loan Tenure
2 - 6 years
- Approval Duration
Up to 2 business days
- Min. monthly income
RM2,500
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What's so great about Maybank Personal Loan ?
- Approved loan amount of up to RM100,000
- Fixed interest rate starting at 0.54% per month
- Loan approval within 2 business days (48 hours)
Product Features
| Min. financing amount | RM5,000 |
| Max.financing amount | Up to 4x fixed monthly salary or up to RM100,000 |
| Min. loan tenure | 2 years |
| Max. loan tenure | 6 years |
| Islamic/Conventional | Conventional |
| Interest rate | Fixed rate of 6.50% – 8.00% per annum |
| Approval duration | Up to 2 business days |
| Debt consolidation | Yes |
Fees & Charges
| One time set up | |
|---|---|
| Processing fee | N/A |
| Stamp duty | N/A |
| Disbursement & misc. fee | N/A |
| Penalties | |
|---|---|
| Early settlement | RM200 or sum equivalent to 3% of outstanding loan amount, whichever is higher. Penalty will only be imposed for early settlement within the first half of the loan tenure |
| Late payment charges | 1% on outstanding loan amount |
Eligibility
| Age requirement | Age 21 - 60 |
| Employment eligibility | Malaysian citizens employed as a Government servant, employee of a private sector organization, or self-employed |
| Min. salary requirement | RM2,500 gross per month |
| Guarantor / Collateral requirement | N/A |
Other Requirements
| Need to open linked banked account? | Yes |
| Need to buy Takaful product? | No |
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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: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)
- 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.