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Maybank Personal Loans

Maybank
Access Maybank Personal Loans via a straightforward online process. Ideal for immediate needs, offering rapid approval and flexible terms to fit your situation. Apply online now and receive quick assistance without delays.
Offers: 1
Updated:
14.10.2022
08:34
Maybank
Personal Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to ₱1,000,000
Rate
i

Effective interest rate on the product

1.3% per month
Term
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Loan term for the financial product

up to 36 months
Get the money you need online
Get the money you need online

Use our quick loan matching system with a free credit check!

Maybank Personal Loans Calculator of February 2024

Your ideal online loan with a free credit check in the Philippines, just a few clicks away.

Calculate the loan at Maybank
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PHP
PHP
10000 ₱
1000000 ₱
Loan term
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months
days
1
36
Interest rate per month
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1.3 %
1.3 %
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Reviews
Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review
Maybank Personal Loans

What are Maybank Loans?

Maybank Philippines offers a diverse range of loans designed to cater to the varied financial needs of individuals and businesses. Among its notable offerings is the Maybank Personal Loan, providing customers with the opportunity to borrow up to ₱1 million with flexible repayment terms of up to 36 months. The loan features competitive add-on rates, positioning it as one of the most favorable options in the market. The application process is streamlined, allowing eligible Filipino citizens, whether employed or self-employed, to access financial assistance, provided they meet specific criteria such as age, employment tenure, and minimum income thresholds.

Furthermore, Maybank extends its financial solutions to encompass housing needs through MaxiHome Loan products, addressing diverse requirements such as home acquisition, construction, and refinancing. With loan terms ranging from one to 20 years, borrowers can select options that align with their preferences and financial capacity. The eligibility criteria encompass factors such as age, employment status, and business ownership, ensuring a comprehensive approach to serving a broad clientele. Maybank's commitment to providing accessible and competitive loan products underscores its dedication to supporting individuals and businesses in achieving their financial goals.

Key Features

  1. Loan Amount. Maybank provides borrowers the flexibility to access substantial loan amounts, with the Maybank Personal Loan allowing individuals to borrow up to ₱1 million.

  2. Diverse Payment Channels. Maybank facilitates easy repayments through various channels, including Maybank branches, online banking, the Maybank2U PH mobile app, BancNet Online, GCash, and ING Bank.

  3. Quick Approval Process. The bank aims to provide efficient service, with a streamlined application process for timely loan approval, enabling borrowers to meet their financial needs promptly.

  4. Loan Types. Maybank offers a range of loan products, including Personal Loans, MaxiHome Loans for housing needs, Auto Loans for vehicle purchases, and Loan Refinancing options, providing comprehensive financial solutions.

  5. Extensive Customer Support. Borrowers can easily contact Maybank customer service through various channels, including the Maybank call center, hotline numbers, and online platforms, ensuring responsive assistance.

  6. Varied Loan Terms. Depending on the type of loan, borrowers can select from different terms, such as fixed interest rates for specific durations, accommodating individual preferences and financial goals.

Pros and Cons

Pros

Competitive Interest Rates. Maybank offers competitive add-on interest rates, ensuring that borrowers benefit from favorable terms compared to other market offerings, with rates as low as 1.3% per month.

Flexible Repayment Terms. Borrowers benefit from flexible repayment terms of up to 36 months, allowing for personalized installment plans that align with their financial capacity.

Transparent Fees and Charges. Maybank outlines the fees and charges clearly, including documentary stamp tax, credit life insurance, and processing fee based on geographical regions in Luzon, Visayas, and Mindanao.

Cons

Eligibility Criteria. While Maybank's eligibility criteria ensure responsible lending, some borrowers may find certain requirements, such as the need for specific employment tenures, restrictive.

Geographical Limitations. The processing fees for loans vary based on geographical regions (Luzon, Visayas, and Mindanao), potentially leading to different costs for borrowers depending on their location.

Loan Amount Limit. While Maybank Personal Loans offer substantial amounts, borrowers with higher funding needs may find the maximum limit of ₱1 million somewhat restrictive for certain purposes.

Reliability

Maybank's reliability as a banking institution is a subject that may vary based on individual experiences and perspectives. As one of the largest and most established banks in Malaysia and Southeast Asia, Maybank has a longstanding presence and reputation in the financial industry. Its extensive network, diverse range of products and services, and adherence to regulatory standards contribute to its perceived reliability for many customers. However, like any financial institution, occasional service disruptions or customer complaints may occur, impacting perceptions of reliability for some individuals.

How to Apply for a Maybank Loan?

Apply for a loan

  1. Determine Eligibility. Before applying for a Maybank loan, ensure that you meet the eligibility criteria specified by the bank. This includes factors such as age, employment status, income requirements, and other specific criteria based on the type of loan you're interested in.

  2. Gather Required Documents. Prepare all the necessary documents required for the loan application. These typically include valid identification documents, proof of income, employment documents (if applicable), business registration documents (for self-employed individuals), and any other documentation specified by Maybank.

  3. Choose a Loan Product. Identify the specific Maybank loan product that best suits your financial needs. Whether you're looking for a Personal Loan, MaxiHome Loan, Auto Loan, or Loan Refinancing, ensure that you understand the features, terms, and conditions of the chosen product.

  4. Visit a Maybank Branch. If you prefer face-to-face assistance, visit a Maybank branch nearest to you. Speak with a customer service representative or loan officer who can guide you through the application process and assist with any questions or concerns you may have.

  5. Complete the Application Form. Fill out the loan application form accurately and completely. Provide all the necessary information, including personal details, employment information, income sources, and loan amount requested.

  6. Submit Required Documents. Attach all the required documents to your loan application form. Ensure that the documents are valid, up-to-date, and in compliance with Maybank's requirements.

  7. Wait for Approval. After submitting your loan application and documents, wait for Maybank to process your application. The bank will conduct an assessment of your eligibility and creditworthiness before deciding on your loan application.

  8. Receive Loan Approval. Once your loan application is approved, you will be notified by Maybank. Review the terms and conditions of the approved loan offer carefully, including the interest rate, repayment schedule, and any associated fees or charges.

  9. Sign Loan Agreement. If you agree to the terms and conditions of the loan offer, sign the loan agreement provided by Maybank. Make sure you understand all the terms outlined in the agreement before signing.

  10. Receive Loan Disbursement. Upon signing the loan agreement, Maybank will disburse the approved loan amount to your designated account or provide the funds through other approved channels, depending on the loan product and disbursement method chosen.

Conditions and Requirements

Conditions

  1. Loan Amount. Maybank offers loan amounts tailored to the specific type of loan, with Personal Loans allowing borrowers to access up to ₱1 million.

  2. Flexible Repayment Terms. Borrowers benefit from flexible payment terms, ranging up to 36 months, providing options for personalized and manageable installment plans.

  3. Comprehensive Customer Support. Borrowers can access extensive customer support through the Maybank call center, hotline numbers, and online platforms for inquiries and assistance.

  4. Loan Types. Maybank provides various loan products, including Personal Loans, MaxiHome Loans, Auto Loans, and Loan Refinancing, offering comprehensive financial solutions.

Requirements

  1. Filipino Citizenship. Applicants must be Filipino citizens to qualify for Maybank loans.

  2. Age Criteria. Borrowers should be at least 23 years old but not older than 65 years old upon the loan maturity.

  3. Residence and Business Address. The business and home address of the borrower should be within the bank's service regions.

  4. Contact Information. Borrowers should have active contact numbers, including a home landline, office or business landline, and a mobile number.

  5. Employment Criteria (For Locally Employed). Minimum 2 years of work tenure with the current employer. Minimum monthly salary requirement, with the employer being one of the top 7,000 companies in the Philippines.

  6. Business Criteria (For Self-Employed). At least 3 years in the same profession or the same business. Business operational for the past 3 years, with at least 2 continuous years of profitability. Average monthly income of ₱200,000. Duly registered business with DTI or SEC.

  7. Documentation. For employed applicants: Photocopy of 2 valid IDs, latest utility bill, original certificate of employment, and latest ITR or BIR Form 2316. For self-employed applicants: Photocopy of 2 valid IDs, SEC/DTI Certificate of Registration, 2 years Audited Financial Statements, and latest 6 months bank statements with an average monthly deposit of ₱200,000.

  8. Loan-Specific Requirements. Depending on the type of loan, additional documentation may be required. For example, housing loan applicants may need documents related to the property, while auto loan applicants may need vehicle-related documents.

Best Places to Get a Loan Today

Digido

Apply for a loan

Digido is an online loan company in the Philippines, offering non-collateral cash loan services. They provide a fully automated online portal for a seamless loan application process. Key features include:

  • Automated application process.
  • Loans for various purposes, including emergency and OFW loans.
  • No collateral required.
  • Online loan calculator.
  • Transparent interest rates, with a commitment to fair lending practices.
  • Loan accessibility for unbanked individuals.
  • Secured operations, fully licensed and registered under the SEC.

Digido

MoneyCat

Apply for a loan

MoneyCat is an online payday loan provider in the Philippines, offering efficient financial solutions with an easy-to-navigate online registration form. Their features include:

  • Swift approval process, usually within 24 hours.
  • Flexible loan amounts ranging from PHP 500 to PHP 20,000.
  • Convenient application methods via website or mobile app.
  • First loan free of charge for new users.
  • Licensed by the SEC, ensuring reliability and legitimacy.

MoneyCat

Finbro

Apply for a loan

Finbro is an online lending platform providing quick loans with durations of up to 12 months and amounts ranging from ₱1,000 to ₱50,000. Their service includes:

  • Online application process that can be completed in 15 minutes.
  • Transparent conditions with no extra costs.
  • 24/7 service availability.
  • Data protection for users.
  • Higher interest rates for repeat loans.
  • No mobile app for accessibility.

Finbro

Kviku

Apply for a loan

Kviku is an online lending institution known for providing short-term loans with a fully automated online service. Their main features are:

    • Simple and user-friendly loan procedures.
    • 24-hour approval process.
    • No hidden fees or charges.
    • 100% online lending experience.
    • Competitive interest rates at 0.16% daily.
    • Flexible repayment terms up to 180 days.
    • Registered and authorized by the SEC, ensuring reliability.

Kviku

Ways to Receive the Money

  1. Direct Deposit to Bank Account. Upon loan approval, Maybank can directly deposit the approved loan amount into the borrower's designated bank account. This method provides quick access to funds and allows borrowers to manage the money according to their financial needs.

  2. Cash Disbursement. For borrowers who prefer cash, Maybank may offer the option of cash disbursement. Borrowers can visit a designated Maybank branch or partner outlet to receive the approved loan amount in cash. This method is suitable for individuals who require immediate access to funds for various purposes.

  3. Online Transfer. In cases where borrowers have Maybank accounts, the approved loan amount can be transferred directly to their Maybank savings or checking account through online banking channels. This method offers instant access to funds without the need for physical transactions.

Products

  1. Personal Loans (up to 1 million). Personal loans from Maybank provide financial assistance for various purposes, including emergencies, education, travel, home improvements, or debt consolidation. Borrowers can access flexible repayment terms and competitive interest rates.

  2. MaxiHome Loans (up to 90% of the appraised value of the property). MaxiHome Loans are designed to help individuals purchase residential properties such as houses, condos, or townhouses. Borrowers can avail of financing for home acquisition, construction, or refinancing, with fixed interest rates and extended loan terms.

  3. Auto Loans (the amount varies based on the vehicle's value and borrower's eligibility). Maybank offers auto loans for the purchase of brand-new or used cars, providing borrowers with flexible financing options and competitive interest rates. Loan amounts are determined based on the vehicle's appraised value and the borrower's repayment capacity.

  4. Home Construction Loans (up to 80% of the appraised value of the land and proposed building). Home construction loans enable borrowers to finance the construction of residential properties, including houses or townhouses. Maybank provides funding for land acquisition, construction costs, and other related expenses, with flexible repayment terms and fixed interest rates.

  5. MaxiHome Equity Loans (up to 70% of the home's appraised value or 5 million, whichever is lower). MaxiHome Equity Loans allow homeowners to leverage their property's equity to access additional funds for various purposes, such as education, investments, or home improvements. Borrowers can tap into their home's value with competitive interest rates and flexible repayment options.

  6. Loan Refinancing (up to 80% of the property's appraised value). Loan refinancing from Maybank enables borrowers to consolidate existing debts or transfer their mortgage to Maybank for better terms and lower interest rates. Borrowers can access additional funds based on their property's appraised value, with options for extended loan terms and reduced monthly payments.

Reasons for Getting Rejected for a Maybank Loan

  1. Insufficient Income. One of the primary factors considered by lenders is the borrower's income. If the borrower's income is insufficient to meet the loan's repayment requirements or does not meet the bank's minimum income criteria, the loan application may be rejected.

  2. Poor Credit History. Lenders assess the borrower's credit history to evaluate their creditworthiness and ability to repay the loan. A history of late payments, defaults, or high levels of outstanding debt can negatively impact the borrower's credit score and lead to loan rejection.

  3. High Debt-to-Income Ratio. Lenders also consider the borrower's debt-to-income ratio, which compares the borrower's monthly debt payments to their gross monthly income. A high debt-to-income ratio indicates that the borrower may have difficulty managing additional debt and may lead to loan rejection.

  4. Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on the loan application can raise red flags for lenders and lead to rejection. It's essential to provide all required documentation and ensure that the information provided is truthful and accurate.

  5. Unstable Employment History. Lenders prefer borrowers with stable employment and income sources as they are considered lower risk. Frequent job changes, gaps in employment, or irregular income may raise concerns for lenders and result in loan rejection.

  6. Insufficient Collateral. For secured loans, such as home or auto loans, lenders may require collateral to secure the loan. If the value of the collateral is insufficient to cover the loan amount or if the collateral is deemed unacceptable by the lender, the loan application may be rejected.

  7. Failure to Meet Eligibility Criteria. Lastly, loan applications may be rejected if the borrower fails to meet the specific eligibility criteria set by the lender, such as residency status, citizenship, or other requirements specific to the loan product.

How to Repay a Maybank Loan?

  1. Understand Repayment Terms. Before taking out a loan from Maybank, it's crucial to fully understand the repayment terms, including the loan amount, interest rate, repayment schedule, and any applicable fees or charges. This information will help borrowers plan their finances accordingly.

  2. Set Up Payment Channels. Maybank offers multiple payment channels to facilitate loan repayments. Borrowers can choose the most convenient option based on their preferences and accessibility.

  3. Maybank Branches. Borrowers can visit any Maybank branch to make loan payments in person.

  4. Online Banking. Maybank's online banking platform allows borrowers to conveniently make loan payments from their computer or mobile phone.

  5. Maybank2U PH Mobile App. The Maybank2U PH mobile app provides a user-friendly interface for borrowers to manage their loan repayments on the go.

  6. BancNet Online. Borrowers can use BancNet's online platform to transfer funds and make loan payments electronically.

  7. GCash. Maybank has partnered with GCash, allowing borrowers to make loan payments using their GCash wallet.

  8. ING Bank. Borrowers can use ING Bank's online platform to transfer funds and make loan payments digitally.

  9. Schedule Automatic Payments. To ensure timely loan repayments and avoid missed payments, borrowers can set up automatic payments through Maybank's online banking platform or mobile app. This option allows borrowers to schedule recurring payments, reducing the risk of late fees or penalties.

  10. Consider Early Repayment. Borrowers who have the financial capability may consider making early repayments to reduce the overall interest cost and shorten the loan term. It's essential to review the loan agreement and confirm whether early repayment is allowed without incurring prepayment penalties.

  11. Contact Customer Service. If borrowers encounter any difficulties or have questions regarding their loan repayments, they can contact Maybank's customer service hotline or visit a branch for assistance. Maybank's customer service representatives are available to provide guidance and support to borrowers throughout the repayment process.

Alternatives

BPI Personal Loan stands out as a versatile option in the Philippine lending landscape. Offering loan amounts ranging from ₱20,000 to ₱2 million with a competitive monthly interest rate of 1.20%, it caters to various financial needs. Notably, BPI simplifies the application process by eliminating the need for collateral or guarantors, ensuring accessibility for borrowers. With swift approval times of five to seven days and direct deposit of funds into the borrower's BPI bank account, convenience is prioritized for applicants, making it a top choice for those seeking flexibility and efficiency in their loan experience.

CIMB Bank's digital personal loan emerges as a convenient and efficient solution for borrowers seeking quick access to funds. With loan amounts ranging from ₱30,000 to ₱1 million and competitive interest rates ranging from 1.12% to 1.95%, CIMB Bank provides flexibility to meet diverse financial needs. The fully digital application process ensures speed and convenience, with approval possible within 24 hours for eligible applicants who submit the necessary documentation. This streamlined approach, coupled with the sizable loan amounts available, positions CIMB Bank as a leading choice for those prioritizing speed and simplicity in their borrowing experience.

Metrobank Personal Loan offers a reliable option for individuals in need of immediate financial assistance. With loan amounts ranging from ₱20,000 to ₱1 million and fixed interest rates, borrowers benefit from predictable monthly payments throughout their chosen loan term, which can extend up to 36 months. Metrobank's provision of various loan terms allows borrowers to tailor their repayment schedule to their financial capabilities and preferences, enhancing flexibility. This accessibility, coupled with the bank's established reputation, makes Metrobank Personal Loan a dependable choice for those navigating unexpected expenses or seeking financial stability.

PSBank Flexi Personal Loan presents a versatile borrowing option for Filipinos seeking flexibility in managing their finances. With loan amounts ranging from ₱20,000 to ₱250,000 and customizable repayment options, including fixed-term and revolving credit lines, borrowers can adapt their repayment strategy to suit their needs. The option to pay either the minimum amount due or the total amount due under the revolving credit line provides added convenience and control over repayment. PSBank's collateral-free approach and competitive interest rates make it an attractive choice for individuals seeking financial assistance for various purposes, from education expenses to home repairs,

Editorial Opinion

Maybank's loan offerings in the Philippines present a diverse range of financial products catering to various needs, from personal loans to home financing and auto loans. The flexibility in loan amounts, competitive interest rates, and options for repayment terms provide borrowers with choices to align with their financial goals. The inclusion of online banking and mobile app services enhances accessibility and convenience for borrowers in managing their loans. While the eligibility criteria are specific, aligning with Maybank's risk management approach, it's essential for potential borrowers to carefully review terms and conditions.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. Investigate if the lender is a member of recognized industry associations in the Philippines, such as the Chamber of Thrift Banks or the Philippines Finance Association.

  3. Carefully examine all terms and conditions of your loan contract. This includes understanding the repayment schedule, fees, and any penalties for late or missed payments.

  4. Payday loans can have high-interest rates. Make sure the contract clearly outlines the interest rate and total cost of the loan, including any processing fees or additional charges.

  5. Familiarize yourself with your rights regarding cancellation. In the Philippines, consumers may have the right to rescind the loan within a specific period after signing the agreement.

  6. Research the lender's reputation through customer reviews, complaints, and feedback available online.

Methodology

In Finanso, we've carried out a comprehensive analysis of over 50 lenders in the Philippines, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

FAQ

Who owns Maybank?

Maybank, officially known as Malayan Banking Berhad, is owned by various institutional and individual shareholders. As a publicly listed company on the Malaysian stock exchange, Maybank's ownership is distributed among shareholders, including institutional investors, retail investors, and government-linked entities. While the exact ownership structure may vary over time due to changes in shareholding, Maybank operates as a publicly traded entity with diversified ownership.      

What credit score do you need for Maybank?

Maybank's specific credit score requirement may vary depending on the type of loan and the borrower's financial profile. Generally, Maybank considers a range of factors beyond just credit scores when evaluating loan applications, including income, employment history, debt-to-income ratio, and credit history. While there may not be a specific minimum credit score requirement disclosed publicly, borrowers with higher credit scores typically have better chances of loan approval and may qualify for more favorable terms and interest rates.

What bank does Maybank use?

Maybank operates as a standalone banking institution with its own banking infrastructure and network. While it may collaborate with other banks and financial institutions for certain services or transactions, Maybank primarily functions using its proprietary banking systems and platforms. As one of the largest banks in Malaysia and Southeast Asia, Maybank has established its presence as a leading financial institution with a wide range of banking products and services tailored to meet the needs of its customers across various markets.

Does Maybank approve everyone?

Maybank does not approve loans for everyone, as loan approval is subject to meeting specific eligibility criteria and creditworthiness assessments. While Maybank aims to provide financial solutions to a broad range of customers, including individuals and businesses, loan approval is contingent upon factors such as income, employment history, credit score, debt-to-income ratio, and adherence to the bank's lending policies. Meeting these criteria increases the likelihood of loan approval, but Maybank reserves the right to deny applications that do not meet its requirements or pose excessive risk.

Is Maybank a legitimate company?

Maybank Philippines Inc., operates under the regulatory oversight of the Bangko Sentral ng Pilipinas (BSP), affirming its legitimacy as a financial institution in the Philippines. The BSP, as the central bank of the country, sets and enforces regulations to ensure the stability and integrity of the Philippine financial system. By adhering to BSP regulations, Maybank demonstrates its commitment to operating within the legal framework established by the Philippine government, providing customers with confidence in its legitimacy and reliability as a banking institution.