More Information
Loans
More Information
Personal Loans
1. What is Maybank Personal Loan?
Maybank Personal Loan is an unsecured Personal Loan and that does not require any collateral or guarantor. This Personal Loan has a fixed monthly repayment schedule.
2. What are the benefits of Maybank Personal Loan compared to personal loans from other banks?
Maybank Personal Loan offers the following benefits:
- TreatsPoints equivalent to approved loan amount
i.e. RM 10,000 approved = 10,000 TreatsPoints - Hassle free, no stamping of documents required
- No hidden costs
3. Do I have to pay the Government Service Tax?
No. Government Service tax will NOT be imposed for this Personal Loan facility.
4. Is there any handling fee or charges?
No, there are no handling fees or charges.
5. How much is the Stamping Fee?
No Stamping is required. The acceptance of the loan is automated once the Bank credits the approved amount into your savings/current account.
6. Is there any fee or advance payment deduction from the loan amount approved?
No. The full amount approved will be credited into your personal savings / current account.
7. Is this facility offered under conventional or Islamic?
This facility is currently available under Conventional account. The Islamic Personal Loan will be
available at a later stage.
8. What is the minimum and maximum loan amount that I can borrow?
The minimum loan amount is RM5,000, while the maximum is RM100,000. The loan amount approved is subject to a credit evaluation.
9. What is the minimum and maximum loan tenure that I can choose from?
The minimum loan tenure is 1 year (12 months) and the maximum loan tenure is 6 years (72 months).
10. What is the interest rate offered?
Interest rate offered is depending on the loan amount approved, details as follows:
| Loan Amount | Fixed Flat Rate p.a |
|---|---|
| RM5,000 to RM20,000 | 11% |
| RM20,001 to RM50,000 | 10% |
| RM50,001 to RM100,000 | 9% |
11. Who is eligible to apply for the personal loan?
All Malaysian citizens, aged 21 to 60 years old and earning RM30,000 per annum.
12. What are the documents required to apply for this facility?
To expedite processing, please enclose:
| Salaried Employee | Self Employed |
|---|---|
| i) Application Form | i) The application form, and |
| ii) Copy of NRIC (both sides) | ii) A copy of your NRIC (both front and back) |
| iii) Latest BE form with official tax receipt | iii) Latest form BE with tax receipt of payment |
| iv) Latest 2 months' salary slips | iv) Business registration Certificate for Sole-Proprietor or Partnership |
| v) Latest 3 months' savings account activity/current account statements | v) Form 9, 24, 49 for private limited company (Sdn. Bhd.) |
| vi) Latest 3 consecutive months bank statements |
13. Will I be notified if my application is approved or declined?
You will be notified via mail on the status of your application, whether it is approved or declined. If your loan is approved by the Bank, you will receive an Approval Letter stating the payment due date, installment amount, tenure, loan amount approved and the loan account number.
14. How do I receive the funds?
Funds will be transferred to your personal Maybank savings or current account (joint account and other Bank's savings / current account is not allowed).
15. How fast can I obtain the funds?
Loan approval is within 48 hours. Disbursement is on the next working day upon approval of the loan. This is subject to full documentation and information received by the Bank.
16. What happens if I do not have a Maybank saving or current account?
If you do not have a Maybank personal savings or current account, you are required to open an account prior to submission of the application form and to indicate the account number.
17. How much is the Late Charges?
The Late Charges is 1% per annum on the amount in arrears calculated from the overdue date till date of full monthly repayment.
18. How much is the Early Settlement Fee?
The Early Settlement Fee is RM200 or a sum equivalent to 3% of the loan outstanding balance,
whichever is higher, only if settled within the 1st half of the loan tenure.
19. Do I need to sign a letter of offer?
This facility is designed to provide a hassle free and seamless end to end experience and therefore,
signing of an Offer Letter is NOT required. A notification of approval will be sent to you upon loan approval. Acceptance of this facility is automated once the application is approved.
20. The Bank has approved an amount lower than what I asked for. Can I decline the facility?
No, you are deemed to have accepted the loan upon approval and disbursement of the loan into your savings / current account, regardless if the approved amount is lower than the request amount or if the approved amount remains unused in your saving /current account.
21. How is the monthly installment calculated?
The monthly installment is calculated based on the following formula:
Formula = {Principle(P) + (P X Tenure(years) X Interest Rate)}
Tenure(months)
22. Can I request to increase or reduce my loan tenure?
No. The increase or reduction of the loan tenure is not allowed. The loan tenure is fixed upon approval of the loan. Customers need to pay off the current personal loan first, then reapply with the desired loan tenure again.
23. Can I apply for a second Maybank Personal Loan?
You can apply for a second Maybank Personal Loan, provided the first Maybank Personal Loan is fully settled.
24. Can I restructure my monthly installment after the disbursement of the loan?
Once the loan is approved and disbursed, you are not allowed to restructure the monthly payment
for the duration of the loan tenure.
25. Can I request for interest rate reduction?
No, interest rates are fixed and pre-determined at the point of loan approval, depending on the loan amount approved.
26. Can I request Maybank to disburse the loan amount to pay my other loans? i.e. Credit Card consolidations?
No, the approved loan amount will be credited to your Maybank personal savings or current account.
27. Can I pay the installments by signing up for a Standing Instruction from another bank?
Yes. Customers are encouraged to sign up for standing instructions, for convenience in payment.
28. What if I can’t repay the facility and default the monthly installment?
If you have problems meeting your loan obligations, contact us early to discuss repayment alternatives.
29. What happens if I pay extra to my monthly instalment loan amount, can I redraw the money?
The extra payment you paid will be treated as an advance payment to reduce your installment in the following month. You will not be able to redraw the extra payment made.
30. Will I get monthly statements?
Your monthly statement will only be available online. Please login into www.maybank2u.com.my to view your monthly statement of account.
31. How do I pay my monthly installments?
Payment can be made in many convenient ways:
- By cash or cheque at any Maybank branch nationwide.
- By cash or cheque through Cash Deposit Machines and Cheque Deposit Machines at
selected Maybank branches. - By cheque through post using the enclosed envelope
(addressed to Maybankard Centre, 7th Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur) - By online payment via Maybank2u.com (www.maybank2u.com.my)
- By telephone through Maybank Autophone Service
- By direct debit standing instruction from your savings/current accounts.
32. Is there Insurance/Takaful coverage for this Facility?
Insurance / Takaful coverage is not available at the moment.
33. Where can I get more information?
Kindly call 03-7844 3686 from 9.00am to 5.00pm (Monday to Fridays). Alternatively you can also call our Maybank Group Customer Care line at 1-300 88 6688.