What Is a Maybank Personal Loan?
Maybank Personal Loan can help you finance a wide range of projects, from home improvement to unplanned expenses and debt consolidation. With Maybank’s competitive interest rates and flexible repayment terms, you can borrow up to ₱1 million subject to approval. Choose a reasonable loan amount and term that matches your capacity to pay monthly amortization.
Personal Loans Features
Personal loans are useful for paying big-ticket items, consolidating debt, and starting a business. If you manage your loans well, it’s your chance to build a good credit history.
Here are the features of the Maybank Personal Loan:
Loan Amount: Up to ₱1 million
Loan Term: up to 36 months
Interest Rate: 1.3% per month
Eligibility
You are eligible to apply for a Maybank Personal Loan if:
- A Filipino citizen, at least 23 years old but not older than 65 years old when your loan matures.
- Your home and business address should be within the bank’s service regions.
- You should have the following active contact numbers: home landline, office or business landline, and mobile number.
- If you are locally employed, you should be with your current employer for 2 years of work tenure and earn a minimum salary of ₱25,000. Your employer should be one of the Top 7,000 companies in the Philippines.
- If you are a Professional or Self-employed, you should have been in the same profession or the same business for at least 3 years. As a business owner, your business should have been operational for the past 3 years with at least 2 continuous years of profitability; an average monthly income of ₱200,000, and the business should be duly registered with DTI or SEC.
Requirements
For Employed Applicants:
- Photocopy of 2 valid IDs with 3 signatures.
- Photocopy of latest utility billing statement with residence address.
- Original certificate of employment with compensation and 1-month payslip.
- Photocopy of the latest ITR or BIR Form 2316
For Self-Employed Applicants:
- Photocopy of 2 valid IDs with 3 specimen signatures
- SEC/ DTI Certificate of Registration
- 2 years of Audited Financial Statements
- Latest 6 months bank statements with an average monthly deposit of ₱200,000
- List of 3 major suppliers and 3 major customers
Advantages and Disadvantages of Applying for a Maybank Personal Loan
Advantages
- High Loan Amount – Maybank offers a high loanable amount suitable for consumers and businesses. This option means you can get the maximum amount you need for financing.
- Flexible Payment Terms – Maybank offers flexible payment terms on its loan, which encourages responsible borrowing. You can choose the best terms to help you manage your finances for up to 36 months.
- Low-Interest Rates – Only pay a small amount on top of the repayment of the principal amount of the loan, and this ensures you do not feel burdened in paying back the loan amount plus interest when it falls due.
Disadvantages
- Must Meet the Minimum Salary Requirement – To qualify, you need to earn at least ₱25,000 monthly. Your employer must also belong to the Top 7,000 companies in the Philippines. Your loan application is likely rejected if you don’t meet these two major requirements.
- High Processing Fees – A processing fee of at least ₱2,000 is charged but will not exceed ₱3,000, depending on which province the personal loan was applied to.
How to Get my Maybank Personal Loan Approved?
Suppose you have complete documentation and meet Maybank Personal Loans eligibility criteria. Now you want to ensure a higher chance of getting your application approved. Here are a few tips:
Maintain a High ADB In Your Bank Account
An Average Daily Balance (ADB) indicates how much you can save through the money retained in the bank account. Ideally, the higher the amount of ADB maintained, the higher the chances of having an approved loan.
In contrast, when you can barely keep a balance in the account, it tells a lender that you only have enough to get by, without a buffer to pay for a loan.
Submit Complete Documentation
A loan submitted with complete documentary requirements shortens the processing time and helps loan officers decide on its status quickly.
Important documents that support a loan approval are the capacity of the person to repay it, and it could be a payslip, bank statement, Income Tax Return (ITR), or Financial Statements, just to name a few.
Be Reasonable on Your Borrowing Loan Amount
An adage is often quoted regarding borrowing: “Only borrow what you can afford.” In the same way, you should only borrow what you need and within your means. The application could get rejected when the bank looks at your paying capacity against the indicated loan amount and sees a disconnect.
It’s recommended to use the loan calculator on the Maybank website to give you an estimate of the loan amount and monthly amortization.
Check Your Credit History
When applying for a loan with Maybank or any other bank, it is just as important to know where you stand regarding your credit history.
You should ensure that bills have been paid on time, other loans are settled before their due dates, etc. Banks usually conduct credit investigations (CI) to check your credit history.
Provide Credible Suppliers/Vendors for Credit Checking
Providing a supplier or vendor reference is just as important when providing a potential employer with an applicant’s character reference.
The reference will vouch to the bank how the borrower deals with them, how good the business is, or whether or not the borrower makes payments to the vendor/supplier on time.
How to Apply for a Maybank Personal Loan?
Applying for a Maybank personal loan is straightforward as you can do it directly on the website. Go to the Personal Loans section to get started. Click the apply button, and the site will direct you to a page with an online form. Fill in the required details and upload the documents needed, as mentioned in the requirement section above.
Once submitted, a Maybank personnel will contact the applicant for verification and instructions on the next steps.
Conclusion
With the right financing solution and competitive interest rates, access to funds is made easy. A personal loan with Maybank can help borrowers fund their big-ticket items, business, travel, and more. It’s an excellent choice for consumers looking for the best rates and offers.