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  • Personal Loan BYTES FROM OUR KITCHEN

    Maybank Personal Loan

    Maybank is among the leading banking institutions in Malaysia enjoying a strong presence in the surrounding regions as well. The bank offers comprehensive banking products and solutions and offers services that cater to commercial banking, consumer banking, and Islamic banking among others. The loans offered by Maybank are ideal for borrowers in need of extra finances. The loans come with high loan amounts and flexible tenures providing a high degree of convenience.

    Compare Personal loans by Maybank

    Maybank offers 3 main types of personal loans which are as follows:

    1. Overdraft facility: The loan allows borrowers to withdraw excess funds on their account provided they have put up collateral in the form of a fixed deposit with a value of at least RM10,000. There is no requirement for a guarantor and the loan provides a high margin of financing. Borrowers can also enjoy easier repayments since the loan only charges interest on the amount utilised. The loan can be repaid at anytime as there is no fixed repayment schedule.
    2. Maybank Personal Loan: The conventional personal loan offered by Maybank comes with fast approval and a hassle-free process making it the ideal choice for borrowers who are in need of extra funds in a hurry. The loan is an unsecured product and does not require a guarantor or collateral. The loan comes with a minimum loan amount of RM5,000 and a maximum amount of RM100,000 and offers tenure options ranging from 2 to 6 years.
    3. ASB/ASB2 Financing: This loan is a term loan which provides financing to purchase ASB or ASB2 units. The loan offers a minimum amount of RM10,000 with the maximum amount going up to RM200,000. The loan will use the ASB/ASB2 certificate as collateral. The loan has a maximum tenure of 25 years or until the borrower attains the age of 65, whichever is earlier.

    Interest Rates

    Maybank Personal loan:

    Loan Amount Profit Rate(Fixed Rate)
    RM5,000 to RM20,000 8% p.a.
    RM20,001 to RM50,000 7% p.a.
    RM50,001 to RM100,000 6.5% p.a.

    ASB or ASB2 Financing

    • For loan amounts below RM30,000, the interest/profit rate is BR + 2.50% p.a. for the first 3 years and BR + 2.55% p.a. for subsequent years.
    • For loan amounts that are RM30,000 and above, the interest/profit rate is fixed throughout the tenure at BR + 2.20% p.a.

    Features and benefits

    Following are the features and benefits of Maybank Personal loan

    • The loans are offered in both conventional and Islamic formats
    • The tenures of the loans range from a minimum of 2 years to a maximum of 6 years for the personal loan.
    • The tenures offered for ASB or ASB2 financing packages go up to 25 years or until the borrower attains the age of 65 years, whichever comes first.
    • Loan amounts offered range from a minimum of RM5,000 to a maximum of RM100,000 for the personal loan and range from a minimum of RM10,000 to a maximum of RM200,000 for the ASB/ASB2 financing packages.
    • The loans come in both secured and unsecured formats
    • The loans have a hassle-free application process and offer quick approval provided the borrower meets all the required eligibility criteria.

    Fees and Charges

    Fee type Amount
    Stamp duty fee for ASB/ASB2 financing RM10 for letter offer
    Stamping duty for Personal loan No fee
    Early settlement loan (ASB/ASB2 Financing) No fee
    Early settlement fee RM200 when loan settled in first half of tenure, no fee if settled after half the tenure is completed
    Processing fees No charge
    Late payment fee 1% p.a. on overdue amount

    Eligibility Criteria

    • Nationality criterion: Loan is available for Malaysian citizens only.
    • Age criteria
      • Minimum age: Borrowers must be a minimum of 18 years.
      • Maximum age: Borrowers must not exceed the maximum age of 65 years for ASB/ASB2 financing. Borrowers must not exceed the maximum age of 60 years for the overdraft facility and the personal loan.
    • Income criteria:
      • Borrowers must earn a minimum annual income of RM30,000 p.a. for the Maybank Personal Loan.
      • Borrowers must put up a fixed deposit having a minimum value of RM10,000 as collateral for the overdraft facility.

    What documents do I need to prepare ?

    Salaried applicants:

    • A copy of the applicant’s NRIC, both front and back
    • A copy of the applicant’s latest 3 months’ salary slips
    • A copy of the current or savings account bank statement for the past 6 months
    • A copy of the most recent BE Form with tax receipt

    Self-employed applicants:

    • A copy of the applicant’s NRIC, both front and back
    • A copy of the business registration certificate or
    • A copy of the current or savings account bank statement for the past 6 months
    • A copy of the most recent BE Form with tax receipt

    For the overdraft facility:

    • A copy of the applicant’s Identity Card.
    • A copy of the most recent Form J or,
    • A copy of the latest 3 months pay slip or,
    • A copy of any other acceptable proof of income.

    Other documents:

    • For ASB/ASB2 financing, borrowers must submit a copy of their ASB Passbook if they are existing ASB unitholder customers.

    How to apply for Personal Loan from Maybank?

    Maybank Personal Loan Apply Online: Borrowers who wish to apply for the Maybank personal loans can apply online through the Maybank website. They will have to fill in the form online and submit the required supporting documents.

    Borrowers can also download the application form online and submit the duly-filled form along with the supporting documents at the nearest Maybank branch. Alternatively, they can visit their nearest Maybank branch and initiate the application process.

    FAQs

    Q. What is the repayment frequency for the ASB Financing?

    A. The repayment frequency of the loan is monthly.

    Q. Can multiple ASB Financing instalments be paid at once?

    A. No. Only a single instalment can be paid on a monthly basis.

    Q. What is the mode of payment for ASB Financing?

    A. Payments must be made through variable standing instruction

    Q. Will a borrower be guaranteed of the financing amount that they have applied for?

    A. Borrowers will be given the financing amount based on the whether they meet all the eligibility criteria or not. The approved loan amount is disbursed automatically and regardless of whether the loan amount is the same as requested, or whether the borrower utilises the amount or not, they are considered to have accepted the terms and conditions of the loan.

    Q. What is the lock-in period of the Maybank Personal Loan?

    A. The Maybank Personal Loan has a lock-in period equal to half of the loan tenure chosen. If a borrower has chosen a tenure of 3 years or 36 months, the lock-in period is 18 months. Settlements made during the first 18 months will incur an early settlement fee of RM200 or 3% of the outstanding loan amount, whichever is higher.

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