What is a Personal Loan?
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A financial institution (bank) provides a borrower (you) with a personal loan in exchange for a monthly repayment. Personal loans are a type of instalment credit.
You, as the borrower, are required to repay the loan balance plus interest over the specified time in either recurring or monthly repayment.
How does Personal Loan Work in Malaysia?
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The process for personal loans is the same as for any other bank loan. To pay for items you need or want, you apply for a specified loan amount from the bank.
If your loan application is accepted, you will receive the whole amount you requested in one lump sum and then repay the bank in consistent monthly instalments.
The principal amount plus fees and interest are included in the monthly payments amount. Between six months and ten years, personal loans often have shorter repayment terms than other loan kinds.
Guide to Maybank Personal Loan
Types of Personal Loan offered by Maybank
Maybank offers three different kinds of personal loans:
- Maybank Personal Loan
We will go into more details soon.
- Maybank Islamic Personal Financing-i (MIPF-i)
Image source: Pinjaman PeribadiThe Maybank Islamic Personal Financing-i is an unsecured Islamic Personal Financing with a set monthly payment schedule and no requirement for collateral or guarantors. - Maybank Salary Loan / FinancingSalary loans are unsecured, thus lenders won’t ask borrowers for any kind of collateral. Loan approvals will instead be based on gross monthly income.In addition, if an employee leaves the company while still owing a salary loan, the company will not be held responsible.
What is a Maybank Personal Loan?
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Unsecured personal loan like the Maybank Personal Loan don’t need collateral or guarantors. There is a fixed monthly payback schedule for this personal loan.
The minimum and maximum loan amounts are RM 5,000 and RM 100,000, respectively. The authorized loan amount is dependent on a credit risk assessment.
Benefits of Maybank Personal Loan
Benefits of Maybank personal loans include the following:
- The minimum monthly payment is RM 102.78.
- No processing or stamping charges for documents
- There is no need for a guarantor or security.
- No additional fees
- (Maybank Salary Loan / Financing) Making monthly repayments through salary deduction is simple.
- (Maybank Salary Loan / Financing) There is a sizable loan/ financing sum of up to RM200,000 available.
Eligibility Criteria for Maybank Personal Loan
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To apply for Maybank personal loans:
Maybank Personal Loan / Maybank Islamic Personal Financing-i (MIPF-i)
- Between 21 to 60 years old
- Minimum annual income of RM42,000
Maybank Salary Loan / Financing
- Between 21 to 58 years old
- Minimum monthly income of RM3,000 (inclusive of fixed allowances)
- Confirmed and permanent employees at selected GLC, TTC, and LEC
How to Apply
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Life is unpredictable no doubt, and some may cost extra money. Know that you can apply for a Maybank Personal Loan immediately on the MAE app or Maybank2u website, whether it’s an opportunity or an emergency.
No Maybank branch visits are necessary.
Interests and Fees for Maybank Personal Loan
The offered interest rate varies with the authorized loan amount and is as follows:
- For RM5,000 to RM20,000 – 11% p.a
- For RM20,001 to RM50,000 – 10% p.a
- For RM50,001 to RM100,000 – 9% p.a
As for the fees, these are as follow:
Maybank Personal Loan
- Late payment fee1% p.a. on arrears calculated from the due date to the date of the full monthly payment
- Early settlement fee3% of the loan’s outstanding balance or RM 200, whichever is higher (it applies to settlements occurring during the first half of a loan tenure)
Maybank Islamic Personal Financing-i (MIPF-i)
- Late payment fee1% p.a. on arrears calculated from the due date to the date of the full monthly payment
Maybank Salary Loan / Financing
- Stamp dutyRM5 for every RM1,000 loan/ financing amount
Documents Needed to Apply
The following documentation is needed when applying for a personal loan from Maybank:
- Maybank Personal Loan
Salaried employee
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- Application form, and
- Copy of NRIC (both sides), and
- Latest 1-month salary slip, or
- Latest EA Form, or
- Latest BE Form with an official tax receipt, or
- Latest 3-month Savings Account activity/ Current Account statement
Self-employed
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- Copy of NRIC (both sides), and
- Copy of Business Registration, and
- Latest B Form with an official tax receipt, or
- Latest 6-month bank statement
- Islamic Personal Financing by Maybank (MIPF-i)
Salaried employee
- Application form, and
- Copy of NRIC (both sides), and
- Latest 1-month salary slip, or
- Latest EA Form, or
- Latest EPF statement, or
- Latest BE Form with an official tax receipt, or
- Latest 3-month Savings Account activity/ Current Account statement
Self-employed
- Copy of NRIC (both sides), and
- Copy of Business Registration Certificate, and
- Latest B Form with an official tax receipt, or
- Latest 6-month bank statements
- Maybank Salary Loan / Financing
- Application form, and
- Copy of NRIC, and
- The latest 3-month salary slip, and
- The latest 3-month bank statement, or
- EPF statement, or
- EA /BE form, and
- Employer confirmation letter, and
- Redemption Statement from other financial institutions (if applicable)
Frequently Asked Questions (FAQs)
What are my possibilities for the shortest and longest loan tenure?
The maximum loan tenure is 6 years, with a minimum loan tenure of one year.
How will I get my money?
Your personal Maybank savings or current account will receive the transferred funds (joint accounts with other banks’ savings or current accounts are not permitted).
How quickly can I get the money?
Within 48 hours, your loan will be approved. After the loan is approved, the approved loan amount will be disbursed the following working day. This is dependent upon the Bank receiving complete documentation and information.
What happens if I don’t have a current or savings account with Maybank?
If you don’t already have a Maybank personal savings or current account, you must open one before submitting your application and include your account number.
How do I pay my instalments each month?
There are a variety of convenient ways to pay:
- via cash or check at any Maybank location around the country.
- by using Cash Deposit Machines and Cheque Deposit Machines at specific Maybank locations to deposit cash or checks.
- via check through the mail using the envelope provided (addressed to Maybankard Centre, 7th Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur)
- by online payment using Maybank2u.com (www.maybank2u.com.my)
- through the Maybank Auto Phone Service over the phone
- through a direct debit standing instruction from your current or savings accounts.
Can I apply if I have a bad credit score?
As is the case with the majority of financial institutions, Maybank will review your credit score before approving your application. Your application is likely to be denied if you have been blacklisted, have a poor CCRIS record, or have a low credit score.
Before applying for personal financing, we advise that you make all past-due payments in full and maintain a good credit score.
It is suggested that you wait three more months before reapplying if you plan to keep making on-time loan payments.
Get Immediate Cash Relief Today!
Now that you are equipped with all there is to know about the Maybank Personal Loan, it’s time to apply it. There is nothing to be ashamed of as everyone might not have enough to use for a rainy day or there might be unexpected costs.
Call Maybank at +60378443686 or Maybank Group Customer Careline at 1-300-88-6688 if you need further assistance.