Maybank Philippines is one of the largest banks in south-east Asia and is also a full-service commercial bank. Maybank spans over an extensive banking network of over 79 branches in the Philippines and offers attractive personal loans along with a vast array of other financial solutions including credit & debit cards, remittances, deposits, all kinds of investments and the like.
You’re probably eligible for an Maybank Personal Loan if you are
At least 23 years old
Less than 55 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Maybank Personal Loan amount eligibility is based on these factors
Minimum income required
P18000 per month
Maximum allowed personal loan is P1000000
EMIs of other loans lower
Increase your eligibility for Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 3 years
Documentation needed to apply for MayBank Personal Loan
- 1.Filled application form
- 2.Photocopy of 2 valid ID proofs
- 3.Documentation for salaried applicants: (Anyone)
- Month’s payslip
- Original certificate of employment
- 4. Documentation for self Employed applicants:
- copy of the DTI
- last 6 months bank statement
- Last 2 years’ financial statements
MayBank Personal Loan DetailsUpdated on 03 Dec 2016
|Add on Interest Rate Per Month (Employed Borrowers)||1.10%|
|Add on Interest Rate Per Month (Self - Employed Borrowers)||1.30%|
Overview of Maybank Personal Loan
The Enable personal loan offered by Maybank promises to turn simple dreams of the common Filipino to reality. This personal loan is targeted at the employed and the self-employed individuals in the Philippines who earn at least Php18,000 every month.
What makes the personal loans from Maybank one of the most popular choice in the Philippines is their quick approval process, hassle-free documentation and minimum turnaround time to deliver the best customer service in the industry.
Personal loans from Maybank can be used for varied purposes ranging from medical emergencies, tuition fees, renovation of a house, home appliances, to celebrate an event, a trip that you have been fancying for long now or even an unexpected financial crunch.
With this loan you can borrow anything from Php50,000 up to Php1,000,000. Apart from offering one of the most competitive rates of interests in the market, personal loans from Maybank also ensure that you have the flexibility of repayment in terms of 12, 18, 24 and 36 months. You pay fixed monthly installments and avail this awesome facility without any collaterals.
Features & Benefits of Maybank Personal Loan
Personal Loans from Maybank is extremely popular among Filipinos due to the following reasons:
- High loan amount - Maybank offers personal loans ranging from Php50,000 to Php1,000,000. With a range as vast as this, you have the liberty to use this high quantum of money to take care of any financial requirement that may arrive without any prior notice.
- Flexible repayment terms - Maybank’s personal loan offers flexible repayment options with terms starting at 12 months and moving up to 18, 24 and 36 months. Borrowers can choose to repay at a term that suits their convenience. You can repay the loan over a longer period of time with smaller EMI options or slightly larger EMI’s over a short period of time and close the loan at the earliest.
- Convenient repayment options - The EMIs for the personal loan can be repaid in advance by submitting post dated checks. These checks can be written for future dates and can be cashed for monthly EMIs because you will know the fixed amount that you will be paying well in advance. This will help you budget finances for the future in a more organized manner.
- Quick processing - Maybank is known for it’s impressive turnaround time when it comes to processing personal loans. Application requests are accepted online and if all the necessary documents are put together and submitted on time, the loan will be approved and disbursed within 5 to 10 working days.
- Competitive rates of interest - The rates of interest offered on the personal loans by Maybank provide maximum benefit to borrowers. The rates of interest are on an add-on basis every month and range from 1.1% to 1.3%.
Eligibility Criteria – Maybank Personal Loan
Today, financial needs of people are constantly growing. Therefore, Maybank’s personal loans can be availed by employed and self-employed individuals. Below is the list of criteria that should be fulfilled to avail a Maybank personal loan:
For Employed Borrowers:
- Age - At the time of applying for the loan, the borrower must be at least 23 years of age and not more than 55 years at the maturity of the loan.
- Minimum Monthly Income - To be able to apply for a personal loan from Maybank, the borrower must have a minimum income of Php18,000 every month.
- Work Experience - Apart from being employed at a supervisory level or upwards, the borrower must have at least 2 years of work experience with the current employer. The employer must preferably belong to the top 7,000 corporations.
For Self-Employed Borrowers:
- Age - The self-employed borrower must have completed 23 years of age at the time of applying for the loan and not more than 55 years on the date of maturity of the loan.
- Minimum Monthly Income - For self-employed professionals, there is no specific minimum monthly income requirement, but the business/profession should have been operating for 5 years and seen profits in the last 2 years.
- Work Experience - The borrower must have been in the same business/profession for at least 5 years.
Additionally, it is highly advantageous if the borrower has a credit card and a checking account. Having a good credit rating is definitely a big plus point when it comes to availing a personal loan.
Documentation Requirements – Maybank Personal Loan
Having the correct documents in place will help in faster approval of the loan. Here’s the list of all necessary documents that one must have while applying for Maybank personal loan.
Documents that are common to both salaried and self-employed borrowers are:
- Filled and signed Maybank personal loan application form.
- Photocopy of 2 valid ID proofs issued by the government.
- If the applicant is a credit card holder, a photocopy of latest credit card billing statement.
- Photocopy of latest Income Tax Returns.
- Photocopy of latest utility bills from either PLDT, Water or Meralco.
For Salaried borrowers: Apart from the common documents, salaried borrowers need to submit either a month’s payslip or the original certificate of employment.
For Self-employed (Single proprietorship): In addition to the common documents, the borrower must submit a copy of the DTI, last 6 months bank statement, last two years’ financial statements and list of 3 major suppliers or customers.
For Self-employed (Corporation): The borrower must submit a photocopy of SEC and a list of 3 major suppliers or customers along with common documents.
Additional Documents: If the borrower has availed any loans from other banks, he needs to submit the bank certification. For loan amounts over P50,000, a statement of assets and liabilities is to be submitted.
Interest rates – Maybank Personal Loan
|For Employed borrowers||1.1% add-on rate per month|
|For Self - Employed borrowers||1.3% add-n rate per month|
Fees and Charges
- The processing fee on the personal loan is Php2,000.
- The Documentary Stamp Tax (DST) is Php1 for every Php 200, if loan is above Php 250,000
- Credit Life Insurance if applicable.
Other Products from Maybank