Maybank CreditAble Term Loan
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Summary
Maybank CreditAble Term Loan Review 2024
Maybank CreditAble Term Loan is a lump sum personal loan scheme by MayBank Singapore. Suitable for lump sum payments like home renovations.
Loan Features & Details
1) Key Features
- Interest rate of 3.88% p.a (EIR from 7.09% p.a)
- Loan tenure from 1 to 5 years
- Processing fee of 1.0% (waived for online application)
2) Eligibility
- Existing CreditAble account holder
- Age: 21 to 65 years old
- Citizenship: Singaporeans and PRs
- Minimum annual income: S$30,000
3) Fees
- Partial prepayment: Not allowed
- Early settlement fee: 3.0% of outstanding Term Loan amount or S$200, whichever is higher
4) Application Process
- Head to Maybank’s website to apply online
- For existing CreditAble account holders, apply here
- For new customers with no CreditAble account, apply here
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Summary
Maybank CreditAble Term Loan Review 2024
Maybank CreditAble Term Loan is a lump sum personal loan scheme by MayBank Singapore. Suitable for lump sum payments like home renovations.
Loan Features & Details
1) Key Features
- Interest rate of 3.88% p.a (EIR from 7.09% p.a)
- Loan tenure from 1 to 5 years
- Processing fee of 1.0% (waived for online application)
2) Eligibility
- Existing CreditAble account holder
- Age: 21 to 65 years old
- Citizenship: Singaporeans and PRs
- Minimum annual income: S$30,000
3) Fees
- Partial prepayment: Not allowed
- Early settlement fee: 3.0% of outstanding Term Loan amount or S$200, whichever is higher
4) Application Process
- Head to Maybank’s website to apply online
- For existing CreditAble account holders, apply here
- For new customers with no CreditAble account, apply here
Plans (5)
Maybank CreditAble Term Loan (1 Year Tenure)
12%
EFFECTIVE INTEREST RATE
6%
FLAT INTEREST RATE
2% of principal amount
PROCESSING FEE
1.0
1 Reviews
High to Low
12 Apr 2021
Purchased
Maybank CreditAble Term Loan (1 Year Tenure)
Honest Review, if is not them, I wont be in a deep horrible zone now. [Hidden Terms] yes hidden and never give chance to debtors [Customer Service] horrible horrible horrible !1
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Interest Rates for Maybank CreditAble Term Loan
Repayment Period (years) | Processing Fee | Interest Fee p.a. | Effective Interest Rate (EIR) p.a. |
|---|---|---|---|
1 | 2% | 4.62% p.a. | 12% p.a. |
2 | 2% | 5.49% p.a. | 12% p.a. |
3 | 2% | 5.86% p.a. | 12% p.a. |
4 | 2% | 5.52% p.a. | 11% p.a. |
5 | 2% | 5.69% p.a. | 11% p.a. |
based on a loan plan of S$9,000
Features of Maybank CreditAble Personal Term Loan
- With flat interest rates as low as 4.62% p.a.
- For a loan duration of 1 year - 3 years, Effective Interest Rate (EIR) is 12% p.a.
- For a loan duration of 4 years - 5 years, Effective Interest Rate (EIR) is 11% p.a.
- Affordable fixed monthly repayments of up to 60 months (5 years)
- Fixed processing fee of 2%
- Suitable for lump sum payments like home renovations.
Cons:
- Effective interest rates are subject to compounding if monthly interest charges are not paid in full
- Maybank personal term loan, CreditAble, does not offer the lowest interest rate for personal loans
- More details on Maybank Creditable Term Loan here.
Promotions
- Online only offer of interest rate from 4.62% to 5.86% p.a. (originally 6% - 6.88%p.a.)
Eligibility: who can apply for Maybank CreditAble Personal Term Loan?
- Above 21 years old
- Annual income of at least S$30,000 for Singaporeans and PR
- Be a Maybank CreditAble account holder
Other Fees: what else to look out for
- Minimum payable amount: 3% of outstanding amount (or $30, whichever is greater)
- Minimum interest charge: $5
Contact Maybank Singapore
- Tel: 1800-629 2265 (1800-MAYBANK)
- Tel: (65) 6533 5229 (Overseas)
- Address: Maybank Tower, 2 Battery Road Maybank Tower Singapore 049907
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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What were some of the hidden terms?