Maybank Personal Loan

  • Being a personal loan of unsecured loan nature, you do not need to provide a guarantor or collateral to apply for this Maybank Personal Loan
  • Maybank offers loan amount starting from as low as RM5000 to as high as up to RM100000
  • The loan repayment tenure is from a minimum of 2 years up to a maximum of 6 years
  • You need to have at least RM2500 as your minimum gross monthly income
  • Maybank Personal Loan is open to all Malaysian citizens only
  • The age requirement is between 21 years old and 60 years old by the end of the loan tenure

 

Maybank Personal Loan is a conventional and a personal loan that does not comply with Islamic and Shariah principles. This personal loan allows you to apply for a loan amount from RM5000 up to RM100000 with a minimum of 2 years to a maximum of 6 years of loan repayment period but the interest rates will be different depending on the loan amount. For interest rates, Maybank offers few tiers. The highest interest rate is 8% and it is applicable to loan amounts from RM5000 to RM20000. The general rule of the thumb here is that you will be able to enjoy better and lower rates with a higher loan amount. Maybank also promises that they will approve this personal loan application within the first 24 hours and you do not need to provide a guarantor or collateral.

 

Interest Rates

Please see the following list for the three level interest rates tiers:

  • For loan amount from RM5000 up to RM20000, the interest rate is 8% fixed
  • For loan amount from RM20001 up to RM50000, the interest rate is 7% fixed
  • For loan amount from RM50001 up to RM100000, the interest rate is 6.5% fixed

 

As you can see, the higher your loan amount, the lower your interest rate is. However, please take note that these interest rates are fixed or flat rates. The Effective Interest Rates (EIR) will be twice the value. Therefore, the Effective Interest Rates for this personal loan ranges from 11.53% up to 14.68% and this depends on the loan tenure.

 

Eligibility

This Maybank Personal Loan is only open to all Malaysian citizens. The minimum age requirement is between 21 years old to 60 years old by the end of the loan tenure. You will also need to have a minimum gross monthly income of RM2500 to apply for this personal loan. Although this personal loan is a private sector loan, all Malaysian citizens can still apply for it.

 

Disbursement

In order to receive your loan, you need to have a Maybank savings or current account. The loan will then be credited to your savings or current account.

 

Fees

In contrast to other banks that charges 0.5% of the total loan amount as the stamp duty, Maybank does not charge any processing fees and stamp duty. This allows you to save that 0.5%. But, if you are late for any monthly repayments, Maybank will impose a penalty of 1% per annum on you and if you choose to settle your loan repayment earlier, Maybank will charge you RM200 or 3% of your total loan amount and the bank will choose whichever that has a higher amount. All charges are exclusive of 6% GST.

You are also required to buy the Maybank Personal Care Insurance Protection policy in order to apply for this personal loan. Maybank Personal Care Insurance Protection policy will protect you against remaining outstanding amount of up to RM100000 if something unfortunate happens to you during the tenure of the loan.

The premium for the insurance depends on the financing amount, the age of the loan applicant, and other factors. You can also choose to reduce the premium payment from the financing amount.

 

Required Documents

Employed

Photocopy of MyKad for front and back

Latest 3 months’ salary slips

Latest B/E tax form with receipts attached

Latest 6 months bank account statements

 

Self Employed

Photocopy of MyKad for front and back

Photocopy of Business Registration Form

Latest B/E tax form with receipts attached

Latest 6 months bank account statements

 

Summary

This Maybank Personal Loan package is not compliant with the Islamic and Shariah principles. While the interest rates are flat, it is a lot higher when you convert them to effective interest rates. However, the advantage of it is that you are able to enjoy lower interest rates by having a higher loan financing amount.

 

  • February 24, 2017
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