Maybank is often said to be of the leading personal finance lenders in the country. With so many options, such a status is well-pulled off mainly because of the trusted brand name attached to this product. But that is not all. There is more to this product than meets the eye. Some of its leading benefits include the fact that this bank approves flexible personal loan amounts of RM 5,000 to a whopping RM 100,000. Since this company is one of the most advanced in banking in Malaysia technologically they have made it easy for people to make their loan repayments to be made both in offline and online platforms. The loan tenures are flexible between 2 to 6 years, which is also a great bracket. Monthly loan repayments for each month can be as low as a little more than RM 102. This product also comes with Personal Care Insurance Protection on the loan so that your money is secure, always. The bank’s interest rates are also one of the leading reasons of the popularity of this product. The interest rate is purely based on the loan amount bracket chosen. For example if the loan amount is between RM 5000 to 20,000, the interest rate is 8%. But if you borrow anywhere between RM 20,001 to RM 50,000, you have to pay an interest rate of only 7%. But this is not the lowest rate offered. Infact if you borrow over RM 50,000 to RM 100,000 the interest rate payable is as low as 6%. Read on to know more about this personal finance option.
You’re probably eligible for an Maybank Bank Personal Loan if you are
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Maybank Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 100,000
Installments of other loans lower
Increase your eligible Maybank Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 6 years
Documentation needed to apply for MayBank Personal Loan
- 1.Copy of NRIC
- 2. Latest BE form with official tax receipt
- 3.Documentation Required for Salaried applicants:
- Latest 3 months Salary Slip
- Latest 6 months' savings account activity/current account statements
- 4.Documentation Required for Self Employed applicants:
- Photocopy of Business Registration Form
- Latest 6 months' Bank Statements
Maybank Bank Personal Loan Interest RatesUpdated on 23 Apr 2017
|Interest Rate as per the Loan Amount|| 8% RM 5,000 - RM 20,000
7% RM 20,001 - RM 50,000
6.5 % RM 50,001 - RM100,000
|Minimum Income||RM 2,500|
|Guarantor Requirement||No Guarantee Required|
Features and Benefits of Maybank Personal Loan
Following are the various features and benefits of Maybank personal loan:
- You have fixed monthly installments.
- The minimum loan amount offered is RM5,000. The maximum loan amount offered is RM100,000.
- The minimum tenure the loan is offered is for 2 years and the maximum tenure the loan is offered for is 6 years.
- The interest rates offered are as follows:
- The monthly repayment is as low as RM102.75 per month.
- There is no document stamping charges or processing fee charged.
- The approval process is fast and minimum documentation is required.
- You will also get personal care insurance protection.
Eligibility Criteria for Maybank Personal Financing
You must meet the following criteria to avail Maybank personal loan:
- You must be a Malaysian citizen.
- The minimum age to avail the personal loan is 21 to 60 years.
- The minimum income required is RM30,000 per annum.
Fees and Charges of Maybank Personal Loan
You will be charged the following fees and charges:
|Early settlement fees||RM200 or 3% of the outstanding balance of the loan, whichever is higher. This rate is charged if you settle the loan within the first half of the tenure.|
|Late payment charges||1% of the amount in arrears. This is calculated from overdue date till the date of the full monthly payment.|
Documents Required for Maybank Personal Loan
You must submit the following documents along with your application form:
|General documents||Copy of NRIC Latest 3 months’ salary slip Latest BE form with official tax receipt Latest 6 months savings account activity or current account statement|
|Documents required if you are self-employed||Latest BE form with official tax receipt Copy of NRIC Latest 6 months bank statements Copies of Business Registration|
Maybank Personal Loan FAQs
How will I get the Maybank personal loan amount?
The personal loan amount is transferred to your Maybank account as soon as the personal loan is sanctioned by the bank.
What is the mode of repaying personal loan obtained from Maybank?
Repayment of personal loan can be done via monthly instalments which can be transferred to the bank either online or offline. You can visit the bank and deposit the loan instalment amount or can set up standing instructions with the bank for auto-debit of your loan instalment from your savings account.
What is the minimum amount I can get as personal loan?
The minimum personal finance amount that can be availed under the personal finance scheme is RM 5,000.
What is the maximum amount I can borrow from Maybank as personal loan?
The maximum personal loan amount that can be obtained is RM100,000. This, however, is dependent on the age and income of the loan applicant.
Do I require a guarantor to sign my Maybank personal loan application?
No. A guarantor is not required for Maybank personal loans.
What collateral do I need to submit as security for Maybank personal loan?
No collateral needs to be submitted to the bank as security.
Do I get to avail insurance along with the personal loan from Maybank?
Yes. Personal Care Insurance Protection is offered along with the Maybank personal loan scheme.
Can I repay my loan before the end of the loan tenure?
Yes, you can. Partial pre-payment can be made any time. However, this will not reduce the EMI or interest rate fixed at the beginning of the loan period. If you are want to make a full repayment, you can do it within the first half of the loan period – e.g. if your loan tenure is 4 years, you can make full repayment before 2 years are over. With this full repayment, the bank will charge RM 200 or 3% of the outstanding amount as Early Settlement Fee.
Other Products offered by Maybank:
Apart from offering personal loan, Maybank offers other products and services which includes:
News About Maybank Personal Loan
Maybank expecting asset quality to improve in 2017
Maybank is expecting the asset quality to improve by the end of 2017 after rescheduling and restructuring the loans that could go bad. It is remaining cautious about the O&G related borrowers. The Chief financial officer, Datuk Amirul Feisal Wan Zahir said that Maybank is expecting a lower net credit charge-off rate. The net credit charge-off rate is a percentage of loans that the bank believes that cannot be recovered. There are guidelines that are to be followed. Datuk Amirul Feisal Wan Zahir also said that the bank has rescheduled and restructured some vulnerable loans and are hoping that the customers will stick to the new repayment schemes. The bank will still prepare for the worst and most likely increase provision for the bad loans.
13th April 2017
Mobile money transfer service launched by Maybank
Maybank and Western Union launched the first digital remittance service in Malaysia via Maybank2u mobile banking app. This service will enable the customers of Maybank to transfer money to over 500,000 Western Union Agent locations spread across 200 countries and territories. The service will be available 24 hours a day and 7 days a week including public holidays. The customers of Maybank can make transfers up to RM10,000 in a day. The customers can enjoy convenient, fast, and reliable cross-border remittance transfer services. This new service will help Maybank’s business to grow and to enable transactions on digital platforms. Maybank has the highest digitally enabled customers base in Malaysia.
09th January 2017
Maybank to participate in Bank Negara’s consultative paper on Fintech.
Maybank, one of the leading banks in Malaysia shows its eagerness to participate in Bank Negara’s consultative paper on fintech or financial technology.
Considering the importance fintech in today's consumer and retail banking, the bank decides to participate in this consultative paper. The bank aims to collaborate with Bank Negara and work towards embracing the technological advances to offer enhanced financial services in Malaysia.
The regulatory framework to help adopt fintech is expected to be released by the final quarter of 2016. Maybank is the first bank in Malaysia to embrace financial technologies and create awareness about usage fintech services to facilitate smooth functioning of financial services in Malaysia.
25th July 2016
First-time free digital banking for Malaysian SMEs
Maybank, one of the biggest banks in Malaysia has tied up with Sage Software from UK to offer free digital banking to SMEs in Malaysia. This is the first time any such feature is being rolled out for SMEs in the Asean region. The new digital banking solution will use ERP software from Sage and the existing Maybank2u platform to enable use of digital banking for SMEs.
Through the use of this newly-launched digital platform, SMEs will be able to make instant online transactions on the online and mobile channels from their payroll and accounting modules.
Maybank is one of the most preferred banks of Malaysians and has an extensive range of banking products and services. The bank makes use of a host of technology partners and companies in order to develop and maintain its banking platforms.
22nd September 2015
Off-market trades of Maybank to the tune of 51m shares
51m shares of Maybank (Malayan Banking Bhd) were traded off-market last Thursday. The average price recorded for the share trades stood at RM8.51. The trades were the equivalent of 0.54% of the bank’s total paid-up capital which accounts for 9.539 billion shares. Maybank stock prices closed on the same day at RM8.55, down from its previous close.
11th September 2015
Maybank Expands Corporate Banking to Increase Revenue from Overseas
Malayan Banking Bhd (Maybank), one of the leading banking groups in South-East Asia, is making an effort to increase income contribution in Malaysia from overseas by expanding their corporate banking services in the the region.
The group’s revenue consists only 30% contribution from global banking business, that consists of investment banking, transaction banking, corporate banking, global markets, and asset management services.
Maybank operates in all 10 ASEAN countries as well as in China, known for being a lead trade partner. Maybank has offices in 20 countries and counting.
Also, intra-Asean trade has been on an inclination to rise over the years is expected to cross the average by 2 percent to 3 percent in 2015.
The ASEAN market is filled with potential considering that it consists of dense population of over 600 million which is larger, when compared to the European Union or even North America.
Maybank's global banking division in their annual reports released numbers such as RM 5.5 billion in pre-tax profit for last year, which contributes to 45 percent of Maybank's net operating income.
Maybank eyes Philippines with great potential driven by the fact that the country is one of the fastest growing economies in Asia.
7th September 2015
Newsweek “green” honor for Maybank
Celebration at Maybank continues as one after the other accolades come its way. After being named the best investment bank by Euromoney, the bank has yet again bagged a great name with the prestigious Newsweek. Newsweek “Green” honor has been bestowed upon the bank as it ranks 256 out of the 500 global Green rankings, 2015.
Maybank is also the top Asean financial institution in the ranking. The Newsweek rankings rate the top 500 largest publicly-traded companies globally with respect to market capitalization. The rankings are supposed to be one of the world’s most recognized appraisals of environmental performance of corporates.
Green rankings consists of dividing global companies into 24 industry groups, 10 sectors, 68 industries as well as 154 sub-industries. The parameters which are taken into account for evaluation of these companies are carbon emission, energy, water, waste and the extent to which a corporate entity is motivated and the internal system is geared towards sustainability.
30th July 2015