Maybank ASB Loan
ASB Loans are loans that are offered only to Bumiputeras for buying of Amanah Saham Bumiputera (ASB) units. This loan is especially meant for Malaysians who wish to avail ASB units but are unable to buy those due to lack of cash. There are various banks in Malaysia that offer ASB loans to customers.
ASB loans from Maybank work exactly like any other loan. The loan is sanctioned once all required documents are submitted by customer to the bank. After the loan amount is disbursed, customers need to pay repayment installments every month. Also, certain amount needs to be paid by customers as management and documentation fees also, at the time of availing the ASB loan.
Features and benefits of Maybank ASB Loans
- Minimum loan amount that can be availed under the Maybank ASB loans is RM 10,000
- Maximum loan amount that Maybank sanctions under this scheme is RM 4,00,000 or up to the maximum investment amount allowed by the ASNB
- The loan tenure applicable on the ASB loan from Maybank is up to 25 years or up to 65 years of age, whichever is earlier
- Repayment of the loan is done by customers on a monthly basis in equated monthly installments
- The mode of repayment of loan installments is via variable standing instruction or VSI set up by customer for the bank
- The loan amount gets credited automatically into the ASB unit holder’s account
- The ASB financial year ends on December 31st every year
- ASB loans below RM30,000 are offered a rate of interest of 1.35% for the first 3 years and 1.30% for the remaining loan tenure. Loans above RM 30,000 are charged a rate of 1.65% throughout the entire loan period.
Documents required to obtain Maybank ASB Loan
Following is the list of documents that need to be submitted by the loan applicant in order to get his/her ASB loan sanctioned by Maybank.
- A duly filled ASB loan application form
- Photocopy of identity proof
- Photocopy of 3 months’ pay slip or bank statements for the last 3 months
- Photocopy of ASB passbook (applicable for existing ASB unit holders)
Fees and charges pertaining to Maybank ASB Loan
- Stamp Duty Charge of RM 10 for letter of offer
- ASNB Certificate Fee of RM 50 per certificate
FAQs on Maybank ASB Loan
Can I settle my ASB loan before the end of loan tenure?
Yes. You can settle your ASB loan with Maybank before the stipulated end of loan tenure. There is no pre-payment fee levied on the same.
Do I need a guarantor or collateral submission for the Maybank ASB loan?
No. The ASB units your purchase using the ASB loan amount act as collateral against your ASB loan.
What do I do in case there are changes to my contact details?
You can change your contact details by visiting any of the Maybank bank branches, conventional as well as Islamic.
What is the advantage of having more than one certificate?
With more than one certificate, you can make withdrawals of every payable certificate, subject to certain terms and conditions.
Where can I avail assistance and redress?
You can place your queries to online Maybank call center or via dedicated phone line. Maybank branches can also be visited to meet and talk to a customer care executive personally.