Looking for a reliable loan provider in Singapore? Maybank CreditAble Term Loan might just be what you need. With its attractive interest rates and flexible repayment options, this loan is designed to help you meet your financial needs with ease.
Maybank CreditAble Term Loan offers a credit limit of up to 90% of your credit limit, with a minimum loan amount of S$1,000. The loan comes with a turnaround time of up to 10 working days approval and instant cash disbursement, making it a convenient option for those in need of quick financing. Whether you’re planning to renovate your home, go on a family vacation or consolidate your debts, Maybank CreditAble Term Loan can help you achieve your goals.
So, if you’re looking for a loan that offers competitive interest rates, flexible repayment options and quick approval, Maybank CreditAble Term Loan is definitely worth considering. With its attractive features and benefits, this loan can help you achieve your financial goals and make your dreams a reality.
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Looking for a personal loan in Singapore? Maybank’s CreditAble Term Loan might be the answer. It offers:
- Competitive interest rates: Starting from 4.62% p.a.
- Flexible repayments: Choose fixed or minimum monthly payments over 12-60 months.
- Quick access to funds: Approval in 10 working days, instant cash disbursement.
- High credit limit: Up to 90% of your credit limit.
However, consider the:
- Processing fee: 1% (waived for online applications).
- Annual fee: S$80 (waived for the first 2 years).
- Effective interest rate (EIR) may be higher than advertised.
Overall, CreditAble is a good option for borrowers who need a flexible and convenient personal loan. But compare rates and fees with other lenders before deciding.
Overview of Maybank CreditAble Term Loan
If you need a personal loan in Singapore, Maybank’s CreditAble Term Loan could be a great option for you. This loan is available to Singaporean citizens and permanent residents, as well as foreigners with valid work permits.
What Is CreditAble?
CreditAble is a personal loan product offered by Maybank, one of the largest banks in Southeast Asia. With CreditAble, you can get access to a line of credit that you can use for a variety of purposes, including home renovations, travel, and education expenses.
Key Features
The CreditAble Term Loan has several key features that make it an attractive option for borrowers in Singapore. Here are some of the most important features to keep in mind:
- Flexible repayment terms: You can choose to repay your loan over a period of up to 60 months, giving you plenty of time to pay it back on a schedule that works for you.
- Low interest rates: Maybank offers competitive interest rates on its CreditAble Term Loan, making it a cost-effective way to borrow money.
- Quick approval and disbursement: You can get approved for your loan in as little as 10 working days, and Maybank offers instant cash disbursement to help you get your money quickly.
- High credit limit: With CreditAble, you can borrow up to 90% of your credit limit, giving you access to a large pool of funds to cover your expenses.
Overall, Maybank’s CreditAble Term Loan is an excellent choice for anyone who needs a personal loan in Singapore. With its flexible repayment terms, low interest rates, and quick approval process, this loan is a great option for anyone who needs to borrow money for a variety of purposes.
Eligibility and Application
If you are looking for a personal loan in Singapore, Maybank CreditAble Term Loan is a great option. The application process is straightforward, and the eligibility criteria are easy to meet. Here is what you need to know about the eligibility and application process.
Who Can Apply?
To apply for Maybank CreditAble Term Loan, you need to be a Singapore citizen, Permanent Resident, or Foreigner with a valid passport or ID. You must also be at least 21 years old and have a minimum annual income of S$30,000.
Application Process
You can apply for Maybank CreditAble Term Loan online or by visiting a Maybank branch. The online application process is simple and convenient. You can apply from the comfort of your home or office, and you don’t have to wait in long queues. To apply online, follow these steps:
- Go to the Maybank website and navigate to the CreditAble Term Loan page.
- Click on the “Apply Now” button.
- Fill in the application form with your personal and financial details.
- Upload the required documents.
- Submit the application.
Required Documents
To apply for Maybank CreditAble Term Loan, you need to provide the following documents:
- NRIC (front and back) for Singapore citizens and Permanent Residents
- Passport and Employment Pass/Work Permit for Foreigners
- Latest computerised payslip or latest 12 months’ CPF statement showing your salary
- Latest income tax notice of assessment
- Any other supporting documents as requested by Maybank
Make sure you have all the required documents before you apply. This will speed up the application process and increase your chances of approval.
Interest Rates and Fees
Interest Rate Explained
Maybank CreditAble Term Loan offers competitive interest rates that start from as low as 4.62% per annum. The interest rate is calculated based on the reducing balance method, which means that you pay interest only on the outstanding balance of your loan. This can help you save money on interest charges over the long term.
It’s important to note that the interest rate is not the same as the Effective Interest Rate (EIR). The EIR is the actual cost of borrowing money, which includes the interest rate, processing fee, and other charges and fees. The EIR takes into account the compounding effect of interest charges, which can significantly increase the cost of borrowing over time.
Fees and Charges
Maybank CreditAble Term Loan charges a one-time processing fee of 1% of the approved loan amount. This fee is deducted from the loan amount, which means that you receive less money than you applied for. There is also an annual fee of S$80, which is waived for the first two years.
Late payment fees are charged if you miss a payment or pay less than the minimum amount due. The late payment fee is 5% of the minimum payment due or S$80, whichever is higher. It’s important to make your payments on time to avoid late payment fees and additional interest charges.
Repayment Terms
When it comes to repayment terms, Maybank CreditAble Term Loan provides flexible options to suit your needs. Here are some important details to keep in mind:
Flexible Repayments
With CreditAble Term Loan, you have the flexibility to choose between fixed or flexible repayments. If you prefer fixed repayments, you can opt for a loan tenure of up to 60 months with fixed monthly instalment repayments. On the other hand, if you prefer more flexibility in your repayments, you can choose to pay a minimum of 3% of the outstanding balance or S$30, whichever is higher, each month.
Loan Tenure
Maybank CreditAble Term Loan offers a repayment period of up to 60 months. This means that you have up to 5 years to repay your loan. The loan amount you receive will depend on your credit score and other factors such as your income and employment history.
Early Repayment
If you decide to repay your loan earlier than the agreed loan tenure, you can do so without any early repayment fees. This means that you can save on interest charges by paying off your loan ahead of schedule.
Tip
Planning to pay off your loan faster? Consider allocating extra funds towards your Maybank CreditAble Term Loan. Even small additional payments can significantly reduce your interest costs and help you become debt-free sooner.
Check with Maybank for any specific guidelines or limitations regarding early repayments to make the most of this opportunity. Remember, every extra dollar counts in your journey towards financial freedom!
Additional Benefits
CreditAble Perks
Maybank CreditAble Term Loan comes with a host of benefits that make it an attractive option for anyone looking for a personal loan. One of the biggest advantages of CreditAble is that it offers a flexible credit limit that can be up to four times your monthly income, subject to approval. This means that you can borrow a significant amount of money to meet your financial needs, whether it’s for home renovation, education expenses, or any other purpose.
Another great feature of CreditAble is that it comes with a cheque book and an ATM card, which makes it easy for you to access your funds whenever you need them. You can also manage your account online through Maybank’s online banking platform, which allows you to transfer funds, pay bills, and view your account balance and transaction history.
Linked Services
Maybank CreditAble is also linked to Maybank Credit Card, which offers a range of benefits and rewards. If you have a Maybank Credit Card, you can enjoy a 2-year annual fee waiver and promotions such as cashback on your purchases. You can also transfer funds from your CreditAble account to your Maybank Credit Card through Maybank’s Creditable Funds Transfer service, which allows you to consolidate your debts and save on interest charges.
Frequently Asked Questions
How can I calculate my repayments for the Maybank CreditAble Term Loan?
Calculating your repayments for the Maybank CreditAble Term Loan is easy. You can use the Maybank CreditAble Term Loan Calculator available on the official Maybank website. The calculator allows you to input your desired loan amount, loan tenure, and interest rate to calculate your monthly repayments. You can also adjust the loan amount and tenure to find the most suitable repayment plan for your needs.
What exclusive promotions are available for Maybank CreditAble customers?
Maybank CreditAble customers can enjoy exclusive promotions such as low interest rates and cashback offers. You can check the Maybank website to find out about the latest promotions available for CreditAble customers.
What are the current interest rates for the Maybank CreditAble Term Loan?
The current interest rates for the Maybank CreditAble Term Loan vary depending on the loan amount and tenure. You can check the Maybank website for the latest interest rates and promotions available for CreditAble customers.
How can I check the status of my Maybank CreditAble application?
You can check the status of your Maybank CreditAble application by logging into your Maybank2u account and clicking on the “Apply & Enquire” tab. From there, you can select “CreditAble” and then “Application Status” to check the status of your application.
What are the steps to manage my Maybank CreditAble bill payments effectively?
To manage your Maybank CreditAble bill payments effectively, you can set up a GIRO arrangement with Maybank. This allows for automatic bill payments on a monthly basis, ensuring that you never miss a payment. You can also track your CreditAble bill payments through your Maybank2u account.
How swiftly does Maybank process CreditAble fund transfers?
Maybank processes CreditAble fund transfers within one working day. This ensures that you have quick access to funds when you need them.
Applying for Loans Made Simple – Quick Credit Pte Ltd
In Singapore, the demand for personal loans has risen significantly. This can be due to rising everyday costs, vacation plans, or even the desire for new gadgets. Whatever your reason, a personal loan can help bridge the gap when a one-time payment isn’t feasible.
Quick Credit Pte Ltd, a licensed moneylender in Jurong, makes applying for a personal loan simple. To get started, you’ll need:
- NRIC/Work Pass
- Latest 3 months’ payslips
- CPF contribution statements (Singaporeans)
- Proof of address (Foreigners)
Ready to explore your options? Visit Quick Credit Pte Ltd today and discover a hassle-free way to manage your finances.