Maybank CreditAble Term Loan Review (2020)

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The Maybank CreditAble Term Loan offers the choice of flexible or fixed repayments. Here’s a look at the reasons to apply for this loan as well as the fees involved.

Key Features

Pros

  • Choice of flexible or fixed repayments
  • High ceiling for borrowing (up to 90% of credit limit)
  • Easy access via cheque book, ATM card and online banking

Cons

  • High processing fee of 2% of the loan amount 
  • Annual fee of $80 incurred (waived 2 years)
  • High EIR Rate at minimum 11.00% per annum

Summary

Interest Rate: From as low as 4.62% p.a (EIR 11% p.a)
Loan Tenures: Choice of 1 year to 5 years
Max. Credit Limit: Up to 90% of credit limit
Min. Loan Amount: S$1,000
Turnaround Time: Up to 10 working days approval & instant cash disbursement

Table of Contents

  1. Why should you choose Maybank CreditAble Term Loan?
  2. Who can apply?
  3. What charges or fees you should look out for?
  4. How to apply?
  5. Summary of Interest Rates for all tenures

Why should you choose Maybank CreditAble Term Loan?

1. Online exclusive offer interest rate  as low as 4.62% p.a. 

Maybank CreditAble Term Loan’s interest rates are now as low as 4.62% p.a. (EIR 12%) when you apply online. Currently, Maybank is offering a promotional interest rate of 9% p.a. for the first year. 

2. Personal loan approval for up to 90% of available credit limit

Apply for a loan up to a maximum of 90% of your credit card limit with Maybank for a fixed monthly instalment loan of between 1 to 5 years. The cap to the amount you can borrow is also 4x your monthly income. 

3. Choose between fixed or flexible repayments

The minimum monthly repayment for the Maybank CreditAble loan is either 3% of the outstanding balance, or S$30, whichever is higher. If the minimum payment is not made for two consecutive statements, the default interest rate of 25.8% p.a. will be applied the day after the due date. 

4. 2 year annual fee waiver

Maybank charges an annual fee of S$80 annually for their Maybank CreditAble Term Loan. However, Maybank offers a 2-year annual fee waiver. 

Who can apply?

You can apply for the Maybank CreditAble personal loan if you meet these requirements:

  • Singapore Citizens or PRs
  • You are 21 to 65 years old 
  • Minimum annual income of S$30,000 

What charges or fees should you look out for?

Here are the fees and charges involved when you apply for the Maybank CreditAble personal loan: 

  • Processing fee: 2% of approved loan 
  • Annual fee: $80 (Free 2 year annual fee waiver)
  • Late payment charge: $80

How to apply?

To apply, all you have to do is to click on the “Apply Now” button on Maybank page. You have the option of using MyInfo to apply, to complete your application instantly. 

Summary of Interest Rates for all tenures

Here’s a summary of the interest rates as well as the monthly repayment required for customers (assuming loan amount of S$20,000).

Loan TenureFlat Interest Rate (p.a)Effective Interest Rate (p.a)Proessing FeeMonthly Instalment
14.62%12%2%$1,744
25.4%12%2%$925
35.86%12%2%$653
45.52%11%2%$509
55.69%11%2%$428

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Best Personal Loans In Singapore With The Lowest Interest Rates (2020)
Understanding Personal Loans: Why And When Should You Use It?
4 Times In Life You Should Consider Getting a Personal Loan
Best Personal Loan Promotions In Singapore 2020
4 Types of Personal Loans: What You Need to Know