arrow-menu

Maybank Philippines Review

The Philippines is a country with limitless possibilities. This also means that Filipinos also have access to unlimited financial opportunities provided by financing institutions committed to uplifting the lives of many Filipinos by providing access to financial products and services – and Maybank is not an exception to this.

With over 20 years of presence in the country, they have made it possible for Filipinos to have access to competitive financial products and services.

Read more

Written by: Piggyy

Verified by:

Author

maybank
4.5/5

Piggyy Rating

Maybank
  • Maxihome Loans

    4/5

  • Personal Loan

    4.3/5

  • Brand New Car Loan

    4/5

  • Auto Loan Refinancing

    4.4/5

  • Used Car Loan

    4.8/5

  • Retail SME Loan

    4.6/5

    MayBank helps businesses and individuals with competitive financing offers. Apply for a loan now.

    Company Information

     

    Maybank Philippines, Inc. (MPI) has been in operation for more than twenty years in the Philippines and offers a wide array of financial products such as ending (personal loans, commercial loans, corporate loans), deposit-taking, electronic banking,  credit card, cash management services, remittances, trust, and fiduciary accounts, and treasury products and services. 

     

    Currently, they have more than 60 branches nationwide with over 90 offsite and onsite ATMs. Maybank is also part of the Maybank Group which is present in 18 countries, namely: Malaysia, Singapore, Indonesia, Philippines, Brunei Darussalam, Cambodia, Vietnam, Laos, Myanmar, Thailand, Hong Kong SAR & People’s Republic of China, Uzbekistan, Pakistan, India, Saudi Arabia, United Arab Emirates, United Kingdom and the United States of America. 

     

    MPI is registered under the Securities and Exchange Commission (SEC) and is regulated by the Bangko Sentral ng Pilipinas (BSP). Their main office is located at Maybank Corporate Center, 7th Avenue corner 28th Street, Bonifacio Global City, Taguig City. 

     

    For customer service concerns, they may be reached through the following:

     

    Types of Products and Services Offered

     

    Auto Loan

    A person or a business owner will need a vehicle to support the operations of their existing business or simply, to make traveling of individuals much more comfortable or safer. With Maybank, there are different auto loan options for the different needs of people. 

     

    Brand New Car Loan

    Owning a car can be expensive, especially if you do not have the cash to pay for it upfront. With Maybank, an aspiring car owner will get one through a car financing made easy. 

     

    • Down Payment: 20% of the vehicle value
    • Maximum Loan Term: 60 months

     

    Eligibility

    • Between 25 and 60 years old
    • No adverse records
    • Owner of a residence
    • Permanently employed for at least 2 years
    • Business in operation for at least 3 years

     

    Requirements

    • Completely filled-out and signed application form
    • 2 valid IDs (borrower and spouse / authorized signatory)
    • Latest income tax return
    • Compensation certificate, income indicated (if employed)
    • Business Papers (SEC Registration, Articles of Incorporation & By-Laws if Partnership and Corporation; DTI Registration if Single Proprietorship)
    • Latest 3 months Bank Statements (if self-employed)
    • Latest Audited Financial Statements (for Corporate Borrowers)

     

    Auto Loan Refinancing

    For some people, getting a personal or a business loan can be difficult without collateral. Getting the needed financing can be done by putting up the borrower’s existing vehicle as collateral even if the vehicle is already ten years old. 

     

    • Loan Amount: up to 60% of the vehicle’s appraised value
    • Loan Term: up to 24 months
    • Processing Period: 3 days 

     

    Eligibility

    • No adverse records
    • Business in operation for at least 3 years

     

    Requirements

    • Completely filled-out and signed application form
    • 2 valid IDs (borrower and spouse / authorized signatory)
    • Latest income tax return
    • Compensation certificate, income indicated (if employed)
    • Business Papers (SEC Registration, Articles of Incorporation & By-Laws if Partnership and Corporation; DTI Registration if Single Proprietorship)
    • Latest 3 months Bank Statements (if self-employed)
    • Latest Audited Financial Statements (for Corporate Borrowers)
    • Copy of LTO Registration, Original LTO Registration and LTO Official Receipt of the vehicle for unit inspection and car history verification

     

    Truck Loans

    Businesses make their operations more efficient when they have their own vehicles or trucks to take care of their logistic needs. However, a lump sum purchase of these vehicles can be expensive especially if more than one truck is needed. With Maybank, businesses can take a truck loan to meet their business needs. 

     

    Type of Vehicles for Financing:

    • 4-wheelers or 10-wheelers
    • Brand new trucks 
    • Reconditioned or Surplus Trucks

     

    Note: The eligibility and requirements to avail a truck loan are the same as Maybank’s Auto Loan Refinancing. 

     

    Used Car Loans

    Some people prefer the cost-effectiveness of used cars when they can’t afford a brand new one. Others may need a second car to avoid the number coding scheme and make sure they can drive their own vehicle when the other one cannot be taken out. In either case, people can easily take out a used car loan with Maybank. 

     

    • Down Payment: 30% of the vehicle’s value
    • Loan Term: up to 48 months
    • Processing Time: 3 days

     

    Eligibility

    • Between 25 and 60 years old
    • No adverse records
    • Owner of a residence
    • Permanently employed for at least 2 years
    • Business in operation for at least 3 years

     

    Requirements

    Same requirements for Auto Loan Refinancing.

     

    Maxihome Loans

    Owning your dream home is a major milestone in life. And while some people are not able to afford to purchase their new home in cash, Maybank offers financing for whatever home purchase or improvement a person needs. 

     

    Home Acquisition

    Borrowers looking at making their home purchase from condo units, a townhouse or a house and lot are able to do so with the Maxihome Loans Home Acquisition. 

     

    Minimum Loan Amount: Php500,000

    Maximum Loan Amount

    • House & Lot, Townhouse, Condo – 90% of the appraised value
    • Residential Lots – 60% of the appraised value

     

    Interest Rates:

    • 1 year fixing : 6.75% p.a.
    • 3 year fixing : 7.25% p.a.
    • 5 year fixing : 7.50% p.a.

     

    Home Construction

    This is the perfect loan for customers who already have a lot and are ready to build their dream home. 

     

    • Minimum Loan Amount: Php1,000,000
    • Maximum Loan Amount: up to 80% of the appraised value of the land and proposed building
    • Maximum Loan Term: 30 years

     

    Interest Rates:

    • 1 year fixing : 6.75% p.a.
    • 3 year fixing : 7.25% p.a.
    • 5 year fixing : 7.50% p.a.

     

    Home Equity

    For borrowers who have other financing needs and would like to maximize the value of their home to use it for an equity loan, this is the answer that most borrowers are looking for. 

     

    • Minimum Loan Amount: Php500,000
    • Maximum Loan Amount:  up to 70% of your home’s appraised value or borrow up to P5 million (whichever is lower)
    • Maximum Loan Term: 10 years

     

    Interest Rates:

    • 1 year fixing : 8.75% p.a.
    • 3 year fixing : 9.50% p.a.
    • 5 year fixing : 10.75% p.a.

     

    Home Loan Refinancing

    Some banks offer a better service than others, especially regarding flexible payment terms and more competitive interest rates. Customers who are not happy with the financing service their current bank offers can also move their loan to Maybank. 

     

    • Minimum Loan Amount: Php500,000
    • Maximum Loan Amount:  up to 80% of the appraised value of your house,lot , townhouse, or condominium and up to 60% for a vacant residential lot
    • Maximum Loan Term: 15 years for condominium and house & lot, 10 years for a vacant lot

     

    Interest Rates:

    • 1 year fixing : 6.75% p.a.
    • 3 year fixing : 7.25% p.a.
    • 5 year fixing : 7.50% p.a.

     

    Eligibility and Requirements for Maxihome Loan Applications

     

    Eligibility

    • Your age plus the loan term should not be more than 65 years old once the loan matures.
    • You should be gainfully employed in a reputable company for at least 2 years; or
    • You own a business that has been registered and operational for at least 3 years and has been profitable in the last 2 years.
    • For overseas workers, you should have a contract of employment for 2 years.
    • If you are a seafarer, you should be at least in an officer level position and work for at least 2 continuous years.
    • An attorney-in-fact is required for overseas workers or seafarer applicants

     

    Requirements

    Basic requirements (for both spouses):

    • Housing loan application from (filled out)
    • Government Issued IDs
    • Marriage Certificate (if married) and CENOMAR (if single)

     

    Income/Employment:

    • If Employed:
      • 3 months payslip
      • Income Tax Return (latest year)
      • Certificate of Employment for both spouses
    • Self-employed/Entrepreneurs:
      • Business Registration/Permits
      • Latest 2 years Audited Financial Statements
      • Company profile/business background or List of Major Suppliers and Customers with contact details (at least 5)
      • Income Tax Return (latest 2 years)
      • Latest 6 months Bank Statements/Passbook
    • Overseas Workers:
      • Contract of Employment / Employment Certificate
      • History of Employment / Latest Crew Contact (if applicant is a Seafarer)
      • Special Power of Attorney (using Maybank’s format)
      • Latest 6 months bank statements/proof of remittance
      • Latest ITR (if applicable)

     

    Collateral

    • House and Lot:
      • Copy of Tax Declaration (Lot and Improvement)
      • Copy of Transfer Certificate of Title (TCT)
    • Condominium:
      • Copy of Condominium Certificate of Title (CCT)
      • Copy of Master Deed of Declaration and Restriction Copy of Tax Declaration
    • Home Construction:
      • Building Plan
      • Bill of Materials/Construction Cost Estimates
    • Refinancing:
      • Updated Statement of Account from originating institution
      • History of payment from originating institution

     

    If Purchased/Acquired From Accredited Developers:

    • Contract to Sell or Buyers Information Sheet
    • Latest Statement of Account from Developer

     

    Personal Loan

    With Filipinos facing many financial challenges every day, having a loan they can apply for to meet their needs is always a relief. The good thing about Personal Loans with Maybank is that the documentation and application process are made simpler and more accessible. 

     

    • Loan Amount: up to Php1,000,000
    • Loan Term: up to 36 months
    • Interest Rate: 1.3% per month

     

    Eligibility

    • Must be a Filipino citizen, and at least 23 years old but not older than 65 years old when the loan matures.
    • Home and business addresses should be within any bank’s service regions.
    • Must have the following active contact numbers: home landline, office or business landline, and mobile number.
    • If locally employed:
      • the borrower must be with the current employer for 2 years work tenure
      • earning a minimum salary of Php 25,000. (The employer should be one of the Top 7,000 companies in the Philippines).
    • For Professionals or Self-employed borrowers:
      • should be in the same profession or business for at least 3 years. 
      • As a business owner:
        • the business should have been operational for the past 3 years 
        • at least 2 continuous years of profitability
        • average monthly income of Php 200,000 
        • business should be duly registered with DTI or SEC.

    Requirements

    • For employed applicants:
      • Photocopy of 2 valid IDs with 3 specimen signatures
      • Photocopy of latest utility billing statement with residence address
      • Original certificate of employment with compensation and 1 month payslip
      • Photocopy of 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 Audited Financial Statements
      • Latest 6 months bank statements with average monthly deposit of Php 200,000
      • List of 3 major suppliers and 3 major customers

     

    Minimum Credit Score: Not Applicable

    pros

    Pros

    • Accessible
    • Convenient branch and online banking
    • Competitive Loan products and services
    cons

    cons

    • Financing options are only applicable to employed
    • Filipinos who meet the minimum income requirements. 

    Why Choose Maybank Philippines

     

    Many Loan Products to Choose From

    Maybank offers a multitude of loan options that borrowers can choose from, specific to their needs. This allows them to apply only for the loan product that they specifically need and borrow an amount that is matched to their financial need. 

     

    Allows Online and Branch Loan Applications

    Applying for a loan nowadays is made convenient when borrowers have more than one application option to choose from. Some people do not have the luxury of time to keep on going back and forth with the branch to process their loan application, others simply want the convenience that online loan applications offer. It can save them a lot of time and money. 

     

    Offers Financing Options for Businesses

    When businesses have more access to financing, the company is able to grow their operations and increase profitability. And when businesses flourish, so will the economy and in the process, the lives of the people living within the community also prospers. 

     

    How to Sign Up

     

    Borrowers have the option of applying in person for a loan through any of the Maybank branches nationwide. Online loan application is also available. For borrowers who choose to apply for a loan online, they can follow these simple steps. Visit the Maybank website

    1
    maybank 1

    Click on the specific loan they wish to apply for. At the bottom of the page, click on the yellow button to Apply Now.

    2
    maybank 2

    In applying for an auto loan, for example, the borrower will first be taken to the loan calculator in order to estimate the amount of financing afforded to them and the monthly amortization based on their repayment preference.

    3
    maybank 3

    A loan summary will be shown and should the borrower wish to proceed, they can simply click on the Confirm button.

    4
    maybank 4

    Provide the personal information required.

    5
    maybank 5

    Once all the information has been provided, click on the button to agree with the Terms and Conditions and click on Agree and Confirm to complete the application process.

    6
    maybank 6

    The borrower will then be required to capture / upload the supporting documents needed for the loan to get approved.

    7

    The loan application process is complete and the borrower need only wait for the verification and decision of Maybank regarding their application.

    Frequently asked questions

    What are the other fees and charges attributed to Personal Loans?
    • Documentary Stamp Tax (Php 1.50 for every Php 200, if loan amount is Php 250,000 above)
    • Credit Life Insurance (varies upon calculation of age and loan maturity)
    • Processing Fees:
      • Luzon 
        • Metro Manila – Php2,000
        • Other Areas – Php3,000

     

    • Visayas
      • Metro Cebu – Php2,000
      • Minglanilla to Compostela – Php2,000
      • Iloilo City – Php2,000
      • Bacolod City – Php2,000
      • Roxas City – Php2,000
      • Bago City – Php2,000
      • Other Areas – Php3,000

     

    • Mindanao
      • Cagayan De Oro City – Php2,000
      • Davao City – Php2,000
      • Other Areas – Php3,000
    What bank forms are required in the Home Acquisition Loan?

    Following are the forms required by Maybank:

     

    • Application Form 
    • List of Requirements
    • Authority to Conduct C.I.
    • Life Insurance Form
    • SPA Forms

    Conclusion

     

    For Filipinos who wish to take advantage of competitive loan rates, flexible payment periods and higher than average loanable amounts, Maybank is an excellent choice. With the many loan offers that one can easily search on the internet, it is helpful for the borrower to find the perfect fit for their needs. After all, once a loan has been applied for, approved and agreed upon, one is already locked in with the terms. It is always helpful to choose the loan product wisely. 

    Piggyy

    ״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

    content table close

    Piggyy

    ״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

    content table close

    Piggyy

    ״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates