PRODUCT REVIEW OF MAYBANK PERSONAL LOAN
Public Notice – Disclaimer: We currently do not partner with Maybank and details about Maybank herein are solely for information purposes only. For other loan provider alternatives, check out below. For partnership concerns,click here
If you are looking specifically for Maybank Personal Loan, please visit their website at www.maybank.com.ph or contact them at (02) 588 3888. Thank you.
Like any other banks, Maybank looks into different factors prior to loan approval, especially the borrower’s age, income, availability of a co-borrower and payment preference.
To qualify, borrowers should be between the ages 23-55 years old. He or she must have a minimum salary of PHP 18,000 for employed individuals and PHP 200,000 for self-employed applicants. Salaried individuals must have at least 2 years of tenure in the current company. Meanwhile, business owners and self-employed applicants must present a proof that their business is already operating for at least 5 years.
Borrower-applicants are required to submit the following upon application:
– Duly accomplished application form
– 2 valid IDs (Photocopies)
– Utility bill of the borrower’s residence
– Latest BIR or ITR (Photocopy)
– Certificate of Employment with the latest payslips
– List of 3 major customer or suppliers for those self-employed and business owners
– DTI/SEC Certificate of Registration
– Latest credit card history (Photocopy)
Maybank’s Personal Loan is of an unsecured type, meaning there’s no need to present any property as collateral. It’s also not necessary to have a guarantor, although those who’ve passed the bare minimum of income requirement may need one for added assurance of payment. Also, one has to pay PHP 2,000 for the processing fee and an additional delayed payment charge of 5.00% per annum of the outstanding balance.
Loanable amount starts at a minimum of PHP 50,000 up to PHP 1,000,000, which is payable for 12 months to 3 years. Interest rate starts at 1.10% to 1.30% per month for both self-employed and employed borrowers, depending on the amount to borrow. The bank also offers four methods of payment: 1) online banking, 2) ATM Transfer, 3) check or 4) cash.
Maybank loan approval usually takes about 5-7 business days for employed applicants and 7 to 10 business days for self-employed individuals.
For more information contact the Maybank Branch nearest you or call (02) 588 3888. You can also visit their website at www.maybank.com.ph.
WHAT OTHER OPTIONS DO YOU HAVE?
If you doubt being approved by Maybank or want to skip the time-consuming task of waiting in line from one bank to another, best work with us. Loansolutions.ph offer alternatives in which we help you choose the type of loan and the loan provider to apply for a loan. By simply filling out a single online form in less than 3 minutes, your application is then made available to multiple lenders.
This is our way of helping improve the country’s consumer lending industry and raise the public’s awareness on the need to simplify access to financing.