1. What is Maybank Personal Loan?

Maybank Personal Loan is a financing solution offered by Maybank Malaysia that provides customers with funds for various purposes. The loan features fixed monthly payments calculated using the standard amortization formula.

2. How Does the Calculator Work?

The calculator uses the standard loan amortization formula:

Where:

• \( P \) — Principal loan amount (MYR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Number of monthly payments (loan term in years × 12)
• \( PMT \) — Monthly payment amount (MYR)

Explanation: The formula calculates the fixed monthly payment required to fully repay the loan, including principal and interest, over the specified term.

3. Importance of Loan Calculation

Details: Understanding your monthly payment helps with budgeting and ensures the loan is affordable. It also helps compare different loan offers.

4. Using the Calculator

Tips: Enter loan amount in MYR, annual interest rate in percentage, and loan term in years. All values must be valid (amount ≥1000, rate >0, term 1-10 years).

5. Frequently Asked Questions (FAQ)

Q1: What is Maybank's typical personal loan interest rate?
A: Rates vary (usually 5-15% p.a.) depending on credit score, loan amount, and term. Check with Maybank for current rates.

Q2: Are there any processing fees?
A: Maybank may charge a processing fee (typically 1-3% of loan amount). This calculator shows principal + interest only.

Q3: Can I prepay my Maybank personal loan?
A: Yes, but early settlement fees may apply. Contact Maybank for specific terms.

Q4: What is the maximum loan amount?
A: Maybank typically offers up to 200,000 MYR for personal loans, depending on income and creditworthiness.

Q5: How long does approval take?
A: Maybank usually processes personal loan applications within 2-3 working days for complete applications.