Maybank Debt Consolidation Plan Review
Maybank Debt Consolidation Plan Review
ValueChampion Rating 
Pros
- Low promotional interest rates
Cons
- No guaranteed interest rates
Maybank's current promotions for its debt consolidation loan plans make these loans a competitive option. First, the bank is charging promotional interest rates as low as 3.88% p.a. (6.92% EIR), which is one of the most competitive rates available in Singapore. Additionally, it is offering a cash rebate of up to 5% for qualified borrowers upon approval of their application.
| Summary of Maybank's Debt Consolidation Loans |
|---|
| Low Advertised Interest Rates: as low as 3.88% (6.92% EIR) |
| Tenures of 1 to 10 years |
| Promotion: 5% cash rebate upon loan approval (refinancing only) New/First DCP customers can get S$1,500 cashback |
Table of Contents
What Makes Maybank's Debt Consolidation Loan Plan Stand Out to Borrowers
Maybank's promotional interest rates for its debt consolidation loans (as low as 3.88%; EIR 6.92%) make it an affordable option for borrowers that are able obtain the bank's best rates. Additionally, Maybank is offering a cash rebate of S$388 to approved applicants. Additionally, applicants can apply by SMS messaging Maybank at 79898 with the following message: < DCP > < NRIC > < Name >
Borrowers that are offered Maybank's lowest rates may find these loans affordable. However, unlike other some of its competitors, Maybank does not guarantee its debt consolidation loan rates (rates advertised "as low as"). Additionally, for those seeking the best cashback promotion will find that POSB and DBS offer even more in cashback than Maybank (up to S$1,200). Despite these drawbacks, Maybank is a great option for those that are able to secure its most competitive interest rates.
Who Can Apply: Eligibility Criteria
- Balance to Income Ratio
- More than 12x monthly income
- Early Repayment Fee
- 5% of outstanding balance or S$800, whichever is greater
- Late Payment Fee
- 5% of the minimum monthly repayment or S$80, whichever is higher
- Processing Fee
- N/A
Singaporean Citizens and Permanent Residents of at least 21 years of age are eligible for Maybank's debt consolidation loan. Applicants must have annual incomes of at least S$30,000 and less than S$120,000, and balance to income ratios of at least 12 times their monthly income. Additionally, individuals participating in the RAS scheme are eligible for Maybank's debt consolidation plan.
Other Charges and Fees
Maybank charges an early settlement fee of 4% of the outstanding balance or S$300, whichever is greater. It also charges a late fee and a fee to increase the size of an existing debt consolidation loan. Unlike many of its competitors, Maybank does not charge a processing fee for its debt consolidation plan.
| Fee | Amount |
|---|---|
| Processing Fee | Unknown |
| Early Redemption Fee | 5% of outstanding balance or S$800, whichever is higher |
| Late Fee | 5% of the minimum monthly repayment or S$80, whichever is higher |
| Loan Increase Fee | 4% of additional loan amount |
How to Apply: Application Process
To apply, individuals can simply click the button at the top of the page. Applicants will be required to fill out an application form and submit documents proving identity, debt, and income. For proof of income documents, salaried individuals must provide their latest year's CPF contribution history statement or latest computerised payslip. Commission-based individuals must provide their latest year's CPF contribution history statement or latest 3 months' computerised payslip. Self-employed individuals must provide their latest 2 years' income tax notice of assessment.
- Photocopy of NRIC (front & back)
- Latest Credit Bureau Report
- Proof of balances for all unsecured credit facilities
- Latest income documents
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Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.