Maybank personal loan “Creditable Term Loan” is one of the best personal loans with low-interest rates and planned repayment options.
Often, human beings are faced with needs they can’t cater for due to limitations in finance. This is where financial institutions come in to offer solutions in terms of loans and credits. Banks offers several types of loans such as personal loans, student loans, home loans, home renovation loans and car loans. In Singapore, Maybank is one of the prominent banks due to their excellent banking services and affordable loans with very attractive interest rates.
The loan can be repaid in fixed monthly installments in a period of up to 60 months. When customers apply for a loan, the loan is processed at a processing fee of 2%.
The effective interest rate is subject to compounding monthly if the monthly interest charges are not paid in full. Get a personal loan at Maybank and enjoy the following benefits; flexible repayments, standby facilities, 2 years annual waiver fee, a low promotional interest rate of 9.0% p.a for the first year (valid for one year from the opening date), easy and quick transfer of funds from your account to any Visa overseas, and 24-hour account access via Online banking system.
The loan interest rate for creditable term loan at Maybank ranges from an effective interest rate of 19.8 – 22.8% depending on the repayment period for the loan with S$80 annual fee (2-year fee waiver). This means that if one borrows a loan of S$10,000 with a repayment period of 60 months, the applied effective interest rate is 19.8% p.a. with fixed monthly installments of S$200 per month.
The Maybank loans are the most sought-after loans in Singapore. Accessing the loan is easy as you just have to fulfill the following conditions; being 21-65 years, being salaried or self-employed with regular income and earning more than the minimum loan required.
People who want to apply for a personal loan should also be a permanent citizen of Singapore or be residing in Singapore and has a minimum income of S$30,000 p.a. If these factors are met, one is eligible to acquire a loan of up to 4 times their income. To apply for a loan at Maybank is easy and simple. Either you can apply online or you can visit Maybank branch anytime you wish.