If you’re in Singapore and looking for a flexible and affordable way to transfer funds, Maybank CreditAble Fund Transfer might be the right choice. With CreditAble, you can enjoy low interest rates and minimal processing fees, making it one of the most cost-effective options in the market. In this review, we’ll take a closer look at the key features, eligibility criteria, costs and fees, and benefits of this Maybank CreditAble Fund Transfer review Singapore to help you make an informed decision.
Maybank CreditAble Fund Transfer is a personal credit line that allows you to transfer funds from your CreditAble account to any bank’s credit card, credit line, savings, or current account. You can enjoy interest savings when you move funds from your Maybank CreditAble to other accounts and benefit from low-interest rates and minimal processing fees.
Whether you need to pay off a high-interest debt, make a large purchase, or need extra cash, Maybank CreditAble Fund Transfer can be a convenient and flexible solution.
Key Takeaways
- With this Maybank CreditAble Fund Transfer review in Singapore, you’ll learn that the financial option is a flexible and affordable way to transfer funds in Singapore.
- With low-interest rates and minimal processing fees, Maybank CreditAble Fund Transfer is one of the most cost-effective options in the market
- This Maybank CreditAble Fund Transfer Review Singapore allows you to transfer funds from your CreditAble account to any bank’s credit card, credit line, savings, or current account, making it a convenient and flexible solution for various needs.
Maybank CreditAble Fund Transfer Review Singapore: Understanding the Facts
If you’re looking for a flexible line of credit, Maybank CreditAble may be your solution. With CreditAble, you can access a line of credit tailored to your needs. Here’s what you will discover in this Maybank CreditAble Fund Transfer Review Singapore.
What Is CreditAble?
CreditAble is a personal line of credit offered by Maybank. It provides you with a revolving line of credit, which means you can borrow as much or as little as you need, up to your credit limit. You only pay interest on the amount you borrow, and you can repay your balance anytime.
CreditAble offers a range of benefits, including:
- No annual fee
- Low processing fees
- Complimentary cheque book
- Interest savings when you transfer funds from your Maybank CreditAble to any bank’s credit card, credit line, savings, or current account.
CreditAble Term Loan Versus Personal Loan
Maybank CreditAble offers two types of credit: CreditAble Term Loan and Personal Loan.
CreditAble Term Loan is a loan that provides you with a lump sum of cash that you can use for any purpose. You repay the loan in fixed monthly instalments over up to 5 years.
Personal Loan is a loan that provides you with a lump sum of cash that you can use for any purpose. You repay the loan in fixed monthly instalments over up to 5 years.
The main difference between CreditAble Term, Loan and Personal Loan is that CreditAble Term Loan provides a revolving line of credit. In contrast, a Personal Loan provides a lump sum of cash you repay in fixed monthly instalments.
CreditAble Term Loans and Personal Loans offer competitive interest rates and flexible repayment terms. However, CreditAble Term Loan may be a better option if you need access to funds over an extended period. Personal Loan may be a better option if you need a lump sum of cash for a specific purpose.
In conclusion, Maybank CreditAble is a flexible line of credit that can provide you with the funds you need when you need them. Whether you choose a CreditAble Term Loan or a Personal Loan, you can enjoy competitive interest rates and flexible repayment terms.
Maybank CreditAble Fund Transfer Review Singapore: Key Features
Suppose you are looking for a personal line of credit to transfer funds to other banks’ credit cards, credit lines, savings or current accounts. In that case, Maybank CreditAble Fund Transfer is a great option. Here are some key features that make it a popular choice among Singaporeans.
Interest Rates and EIR
Maybank CreditAble Fund Transfer offers an interest rate as low as 0% with a processing fee of 2.28% (EIR at 4.87% p.a.) for a limited period. This means you can enjoy significant interest savings when transferring funds from your Maybank CreditAble account to any other bank’s credit card, credit line, savings, or current account. However, it is essential to note that the prevailing interest rate of 20.9% p.a. will apply after the promotional period.
Credit Limit and Loan Amount
With Maybank CreditAble Fund Transfer, you can quickly transfer up to 95% of your available credit limit to any other bank’s credit card, credit line, savings, or current account. This means you can access a significant amount of funds quickly and easily without having to go through the hassle of applying for a new loan or credit line. The loan amount you can transfer will depend on your available credit limit, which Maybank determines based on your credit history and income.
Minimum Monthly Repayment
When you transfer funds using Maybank CreditAble Fund Transfer, you must make a minimum monthly repayment of 3% of the outstanding balance or S$20, whichever is higher. This means you can enjoy greater flexibility when managing your finances, as you can repay your loan over a more extended period.
Overall, Maybank CreditAble Fund Transfer is an excellent option if you are looking for a personal line of credit that allows you to transfer funds to other banks’ credit cards, credit lines, savings or current accounts. With its low-interest rates, flexible credit limits, and easy repayment options, it is a popular choice among Singaporeans looking for a convenient and affordable way to access funds when needed.
Maybank CreditAble Fund Transfer Review Singapore: Eligibility and Application Process
Eligibility Criteria
To apply for Maybank CreditAble Fund Transfer, you need to meet certain eligibility criteria. You must be a Singaporean or a Permanent Resident of Singapore with an annual income of at least S$30,000. Additionally, you must have an existing Maybank CreditAble account. Maybank CreditAble is a line of credit that allows you to borrow money up to your credit limit. If you don’t have a Maybank CreditAble account, you can apply for one online or at any Maybank branch.
Application Steps
Once you have met the eligibility criteria, you can apply for Maybank CreditAble Fund Transfer by following these simple steps:
- Fill out the Maybank Fund Transfer Application Form. You can download the form from the Maybank website or pick up a copy at any Maybank branch.
- Provide your personal and financial information. This includes your name, NRIC or Passport number, income details, and contact information.
- Choose the amount you want to transfer. You can transfer any amount up to your available credit limit.
- Choose the repayment period. Maybank offers 3, 6, 9, or 12-month repayment periods.
- Submit your application form and wait for approval. Maybank will review your application and inform you of the outcome within a few working days.
- Once your application is approved, the funds will be transferred to your designated account. You can use the funds to pay off your outstanding credit card balance or other expenses.
Remember, Maybank is a licensed bank in Singapore so you can be assured of their reliability and credibility. Applying for Maybank CreditAble Fund Transfer is simple and hassle-free, and you can enjoy attractive interest rates and minimal processing fees.
Maybank CreditAble Fund Transfer Review Singapore: Costs and Fees
When considering Maybank CreditAble Fund Transfer, it is crucial to understand the costs and fees associated with the service. This section will break down the charges related to the service, including processing fees and interest charges.
Processing Fees
Maybank CreditAble Fund Transfer charges a processing fee for each transaction. The cost varies depending on the amount being transferred and the transfer duration. For transfers with a 3-month or 6-month interest-free period, the processing fee can be as low as 1.38%. For transfers with a longer promotional interest rate, the processing fee can be higher but minimal compared to other banks.
Interest Charges
You will be charged interest if you do not pay off the transferred amount before the promotional interest rate period ends. The interest rate varies depending on the amount transferred and the transfer duration. For transfers with a 3-month or 6-month interest-free period, no interest is charged as long as you pay off the transferred amount before the promotional period ends.
It is important to note that if you do not pay off the transferred amount before the promotional interest rate period ends, the prevailing interest rate will be applied. The prevailing interest rate is currently at 20.9% p.a., so it is important to pay off the transferred amount before the promotional period ends to avoid high interest charges.
In conclusion, Maybank CreditAble Fund Transfer offers a low processing fee and no interest charges for transfers with a 3-month or 6-month interest-free period. However, paying off the transferred amount before the promotional period ends is important to avoid high interest charges.
Maybank CreditAble Fund Transfer Review Singapore: Benefits and Perks
If you’re looking for a flexible and affordable way to manage your finances, Maybank CreditAble Fund Transfer is an excellent choice. Here are some of the benefits and perks you can enjoy:
Promotional Offers
Maybank CreditAble Fund Transfer offers lower promotional interest rates than most credit cards and personal loans. You can enjoy a 0% interest rate with a processing fee as low as 0.68% p.a. (EIR at 2.80% p.a.) for up to 12 months. This can help you save money on interest charges and pay off your debt faster.
Cash Rebates and Savings
Maybank CreditAble Fund Transfer also offers cash rebates and savings to help you save money on your monthly expenses. You can enjoy cash savings of up to 89% and a 0% interest rate with a processing fee from as low as 1.38% (EIR at 2.94% p.a.) for up to 6 months. Additionally, you can enjoy interest savings when you transfer funds from your Maybank CreditAble to any bank’s credit card, credit line, savings or current account.
Maybank CreditAble Fund Transfer also offers a flexible repayment period that allows you to repay your debt over a more extended period. Depending on your financial situation, You can repay your debt over 12, 24, 36, 48, or 60 months.
Cash Savings
With Maybank CreditAble Fund Transfer, you can enjoy cash savings of up to 82%¹. This means you can save on interest charges and pay off your debt faster. Maybank CreditAble Fund Transfer also offers a low processing fee of 2.28% (EIR at 4.87% p.a.), which can help you save money on your monthly expenses.
Overall, Maybank CreditAble Fund Transfer is an excellent choice if you’re looking for a flexible and affordable way to manage your finances. With its promotional offers, cash rebates and savings, and flexible repayment period, you can enjoy greater financial freedom and peace of mind.
Maybank CreditAble Fund Transfer Review Singapore: Terms and Conditions
With this Maybank CreditAble Fund Transfer review Singapore, you will learn that it is essential to understand the terms and conditions that come with it. This will ensure that you know what you are getting into and avoid any misunderstandings in the future. Here are some of the essential things you need to know about the terms and conditions:
Maybank CreditAble Fund Transfer Review Singapore: Repayment Terms
Maybank CreditAble Fund Transfer offers flexible repayment terms to its customers. You can repay the borrowed amount in 3, 6, or 12 months. The monthly repayment amount will depend on the amount borrowed and the repayment period chosen. You can refer to the Maybank CreditAble Fund Transfer website for the repayment calculator to determine the monthly repayment amount.
Maybank CreditAble Fund Transfer Review Singapore: Charges for Late Payment
It is essential to make timely payments to avoid late payment charges. If you fail to make your monthly repayment on time, you will be charged a late fee of 5% of the minimum payment due or S$80, whichever is higher. This charge will be levied on the outstanding balance.
In addition to the late payment fee, you will be charged an interest rate of 25.88% per annum on the outstanding balance. This interest rate will be charged daily until the due balance is fully paid.
It is essential to note that failure to make your monthly repayments on time will negatively affect your credit score. This could make it difficult for you to obtain credit in the future.
In conclusion, Maybank CreditAble Fund Transfer is an excellent option for quick cash access. However, it is essential to understand the terms and conditions that come with it to avoid any misunderstandings. Always make your monthly repayments on time to avoid late payment charges and negative impacts on your credit score.
Maybank CreditAble Fund Transfer Review Singapore: Position in the Market
Maybank is one of Asia’s leading banking groups and is South East Asia’s fourth-largest bank by assets. The group has a strong international network with branches in all ASEAN countries and commercial banking and investment banking subsidiaries in key markets.
Maybank is also a Qualifying Full Bank (QFB) in Singapore, which means it can offer a wide range of banking services to individuals and businesses.
Maybank’s Presence in South East Asia
Maybank’s strong presence in Southeast Asia is evident from its extensive network of branches and service locations. The group has over 2,600 branches across the region, making it one of the largest banking groups in the area. Maybank has a strong focus on customer service and has a staff strength of over 47,000 employees, ensuring that customers receive the best possible service.
Maybank CreditAble Fund Transfer Review Singapore: Comparison with Other Banking Groups
Maybank’s total assets of over MYR 853 billion (as of 31 December 2022) make it one of the largest banking groups in South East Asia. It is also one of the few banking groups in the region with a solid international network and a presence in key markets outside of the area. Maybank’s focus on customer service and its wide range of banking services make it a popular choice for Southeast Asian customers.
Compared to other banking groups in the region, Maybank is one of the few with a substantial investment banking arm, allowing it to offer customers a wide range of investment products and services. Maybank also strongly focuses on digital banking and has invested heavily in its digital capabilities to provide customers with a seamless banking experience.
Maybank CreditAble Fund Transfer Review Singapore: Additional Services and Products
The bank offers additional services and products to complement its CreditAble Fund Transfer. Here are some of the options available to you:
Maybank CreditAble Fund Transfer Review Singapore: Credit Card and Debit Card Options
Maybank offers a variety of credit card and debit card options to suit your needs. With their credit cards, you can earn rewards points, cashback, and other benefits on your purchases. Some of their popular credit cards include the Maybank Family & Friends Card, Maybank Horizon Visa Signature Card, and Maybank Platinum Visa Card.
If you prefer using a debit card, Maybank also offers several options. Their debit cards come with features such as contactless payments, cashback, and rewards points. Some of their popular debit cards include the Maybank Family & Friends Platinum Mastercard Debit Card and the Maybank Manchester United Platinum Visa Debit Card.
Maybank CreditAble Fund Transfer Review Singapore: Insurance and Protection Plans
Maybank offers a range of insurance and protection plans to help you safeguard your financial future. Their offerings include personal accident insurance, travel insurance, and home insurance.
Maybank’s personal accident insurance covers accidental death or injury, while their travel insurance covers medical expenses, trip cancellations, and other travel-related incidents. Their home insurance protects your property and belongings against damage or loss due to fire, theft, or other unforeseen events.
Overall, Maybank’s additional services and products provide a comprehensive suite of options to help you manage your finances and protect your assets.
Maybank CreditAble Fund Transfer Review Singapore: Lifestyle Benefits
As a Maybank CreditAble Fund Transfer customer, you can enjoy various lifestyle benefits, including shopping and dining privileges. Here are some details:
Shopping and Dining Privileges
In this Maybank CreditAble Fund Transfer review Singapore, you will learn you can enjoy exclusive discounts and deals at various merchants across Singapore. This includes discounts on dining, shopping, and entertainment. For example, you can get up to 20% off your total bill at participating restaurants or enjoy discounts on fashion and beauty products at selected retailers.
As a Maybank Creditable Term Loan customer, you can also enjoy exclusive offers on personal credit. For example, you may be eligible for a preferential interest rate on a personal loan or credit card. This can help you save on interest charges and reduce your overall debt.
Overall, from this Maybank CreditAble Fund Transfer review Singapore, you uncover a range of lifestyle benefits that can help you save money and enjoy more of what Singapore offers. Whether you’re looking for discounts on dining, shopping, or entertainment, Maybank CreditAble Fund Transfer has something for you. So why not apply today and start enjoying the benefits of Maybank CreditAble Fund Transfer?
Frequently Asked Questions
What are the interest rates for Maybank CreditAble?
Maybank CreditAble offers a prevailing interest rate of 20.9% per annum. You only pay interest on what you use, and you can enjoy flexibility on your monthly repayment.
How can I cancel my CreditAble account with Maybank?
To cancel your CreditAble account with Maybank, call the Maybank Customer Service hotline at +65 1800 629 2265. Alternatively, you can visit any Maybank branch to request an account closure.
What is the process for transferring funds to another bank using Maybank?
With Maybank CreditAble, you can quickly transfer up to 95% of your available credit limit to any other bank’s credit card, credit line, savings, or current account. You can enjoy interest savings, plus no interest charges for 3 or 6 months. To transfer funds, log in to your Maybank2u account or call the Maybank balance transfer hotline at +65 1800 629 2265.
Who can I contact at the Maybank balance transfer hotline?
You can contact the Maybank balance transfer hotline at +65 1800 629 2265. The hotline is available from Monday to Friday, 9:00 am to 6:00 pm (excluding public holidays).
How can I obtain an annual fee waiver for my Maybank CreditAble account?
To obtain an annual fee waiver for your Maybank CreditAble account, you need to spend at least S$10,000 per year on your CreditAble account. The annual fee waiver is only applicable for the first year. Subsequent annual fees will be waived if you continue to spend at least S$10,000 per year on your CreditAble account.
What is the typical processing time for a Maybank CreditAble fund transfer?
The typical processing time for a Maybank CreditAble fund transfer is 3 to 5 working days. However, the actual processing time may vary depending on the recipient bank’s processing time.
