Maybank Personal Loan

maybank personal loan

Maybank Personal Loan
No guarantor or collateral required
From RM 5,000 up to RM 100,000 financing from 2 to 6 years maximum repayment
Minimum RM 2,500 monthly basic income
Malaysian Citizens only
Tenure from 2 to 6 years
Age requirement between 21 years old to 60 years old

Maybank Personal loan is a non-shariah compliant loan that allows you to finance from RM 5,000 up to RM 100,000 from 2 to 6 years of repayment period. Maybank Personal loan interest rates may vary depending on amount borrowed. There are few tiers of interest rates available. The highest amount of interest is 8% if you loan from RM 5,000 to RM 20,000 while you will be able to enjoy lower rates when the amount you loan is higher. Maybank also features a fast 24 hours approval where there are no guarantor or collateral needed.

Interest Rates

8% (Fixed) RM 5,000 – RM 20,000

7% (Fixed) RM 20,001 – RM 50,000

6.5%(Fixed) RM 50,001 – RM 100,000

Please take note that the published rates are Fixed or Flat rates. The Effective Interest Rates (EIR) should be almost twice the value. The EIR ranges from 11.53% to 14.68% based on loan tenure.

Eligibility

This personal loan package is available for  Malaysians from 21 years to 60 years of age. You will need a minimum income of RM 2,500 per month to be eligible for the loan.  This is private sector loan where all eligible Malaysians can apply

Disbursement

You will need to have a Maybank savings or current account where the loan will be credited into. You will need to open a saving account with Maybank for this purpose.

Fees

No processing fees is required for the loan. The standard stamping fees has also been waived for the loan. Typically other personal loans package in Malaysia does require stamping fees which is around 0.5% based on the loan amount. This means that you are able to save 0.5%.  A standard 1% p.a penalty is imposed for any late payment. There is a RM 200 or 3% (higher amount applies) early settlement for this personal loan. All charges are subjected to  a 6% GST.

Personal Care Insurance Protection 

Maybank Personal Care Insurance Protection policy is required for this personal loan. This insurance policy will protect borrowers against the remaining outstanding amount up to RM 100,000 in case any unfortunate incidents or mishaps during the tenure of the loan. There is a premium charged which will be based on financing amount, age of borrowers and other factors. The premium payment can also be deducted from the financing amount.

Documents required

Employed

  • Photocopy IC (Both sides)
  • Most recent 3 months Salary slip
  • Most recent B/BE tax form with receipts
  • Latest 6 months bank account statements

Self Employed

  • Photocopy IC ( Both sides)
  • Photocopy Business registration form
  • Most recent B/BE Tax form with receipts
  • Most recent 6 months bank account statements

 

If you are keen, the repayment table of Maybank Personal Loan is available on the link below.

Maybank personal loan repayment table

Summary

Maybank loan is not Islamic compliant. The interest rates are flat which it seems rather high after you have converted it to effective interest rates, however the benefit is that you can enjoy lower Interest Rates with higher financing amount.