Maybank Education Financing/-i

Maybank Education Financing/-i is financing facility that provides financial assistance to qualified student to finance (fully or partly) the tuition fees of their courses at universities based on programs and universities approved by the Bank. This facility applicable for Bachelor’s Degree and above and it is secured with property or any other acceptable collaterals i.e. Fixed Deposit (FD) and Amanah Saham Bumiputra (ASB) units.

Income requirements: Minimum monthly household income of RM5,000

Best for: Parents with children or student who are want to pursue Degree or Post Graduate & Professional Programme recognised by the Malaysian Qualification Agency (MQA) or Ministry of Higher Education (MoHE) at both local and overseas institutions, including twinning programmes.

Pros:

• Higher financing amount up to RM400,000
• Margin of Financing up to 150% of collateral value
• Competitive interest/profit rate
• Covers enrolment at both local and overseas institution, including twinning programmes
• Stretchable repayment period up to 30 years
• Flexible repayment schemes

Product Disclosure Sheet (Islamic)

Product Disclosure Sheet (Conventional)

• What is the maximum financing amount?

  For Unsecured Financing (No Collateral)

  The maximum you can borrow is up to RM150,000 or Margin of Financing (MOF) up to 105% inclusive of insurance, whichever is lower.

  Secured Financing (With Acceptable Collateral)

  The maximum you can borrow is up to RM400,000 or Margin of Financing (MOF) of the security to be charged/pledge, whichever is lower.

• What is the maximum financing tenure?

  Financing tenure means the period of your financing. The maximum financing tenure for Maybank Education Financing/-i is 30 years. Why does this matter? The longer your financing tenure is, the lower your monthly repayment will be. But it also means that you pay a higher amount by the end of your tenure.

   

  For Unsecured Financing (No Collateral)

  Up to 15 years (180 months) or age up to 50 years old at end of loan tenor, whichever is earlier.

  Secured Financing (With Acceptable Collateral)

  Collaterals	Loan / Financing Tenure
  Property	Up to 35 years / age 70 (ML portion) & Up to 20 / age 70 (additional unsecured portion)
  FD	Up to 20 years / age 70 (FD & additional portion)
  ASB	Up to 30 years / age 70

   

• What is Maybank Education Financing/-i interest/profit rate?

  For Unsecured Financing (No Collateral)

  1. SBR + 4.05% [Effective Rate: 6.55%] (During study period) – Servicing of interest/profit only.
  2. SBR + 4.75% [Effective Rate: 7.25%] (Remaining years) – Servicing of instalment (principal and interest/profit).

  *Standardised Base Rate (SBR) at 2.5% with effect from 12th September2022

   

  Secured Financing (With Acceptable Collateral) 

  Property	FD	ASB
  SBR + 1.60% (Effective rate: 4.1%)	SBR + 2.00% (Effective rate: 4.5%)	SBR + 1.85% (Effective rate: 4.35%)

  *Standardised Base Rate (SBR) at 2.5% with effect from 12th September2022

   

  The Standardised Base Rate (SBR) is a common reference rate for all commercial banks with effect from 1st August 2022 in the pricing of new retail loans pegged to base rates, refinancing of existing retail loans, and the renewal of revolving retail loans from 1st August 2022. The SBR is pegged to the Overnight Policy Rate (OPR) (ie SBR = OPR) and all existing Base Lending Rate (BLR) and Base Rate (BR) in turn are pegged to the SBR. In other words, SBR, BR and BLR will be adjusted in tandem with the changes in the OPR as determined by the Monetary Policy Committee (MPC) of Bank Negara Malaysia

• Type of collateral accepted:

  1. Property
  2. Fixed Deposit
  3. Amanah Saham Bumiputera (ASB) units

• Repayment Of Financing

  Servicing of interest/profit during the study period and to be extended another 6 months grace period.

  Repayment (principal and interest/profit) to start 6 months upon completion of study or upon employment, whichever earlier.

  Maybank Education Financing/-i  Repayment Table

• Joint's Borrower Requirement

  1. Up to maximum of 3 joint borrowers (excluding main applicant) which limited to immediate family members.
  2. Age 21 years old and not exceeding 70 years at the end of the financing period.

• How do I qualify?

  Income: Minimum monthly household income of RM5,000

  Age: Between 18 – 35 years old for Undergraduate Students and between 18-45 for Postgraduate/Professional Programme Students. 

  Other qualifying criteria:

  1. You must be a Malaysian citizen or Co-applicant (if required) must be a Malaysian citizen.
  2. Pursuing Degree or Post Graduate & Professional Programme recognised by the Malaysian Qualification Agency (MQA) or Ministry of Higher Education (MoHE).
  3. Existing or prospective student in possession of an admission/enrolment letter from the university concerned

• What is my monthly commitment looks like?

  As with any personal financing, you will have to make monthly repayment, which comprises of principal amount and a interest/profit charge.

  How much you pay per month depends on your financing amount, tenure and interest/profit rate. For example, if you are borrowing RM50,000 with an interest/profit rate of 4.1% over 1 year, your monthly repayment will be around RM4,337.

  Use our personal loan calculator above to estimate your monthly repayment.

• Do I need any insurance coverage?

  1. Customer is encourage to take up insurance as for coverage in the event of death and permanent disability.
  2. The insurance premium on single premium shall depend on loan amount, age and gender.
  3. It is recommended for customer to take up insurance coverage from Bank’s Panel Insurance (Etiqa Family Berhad) or other insurance operators approved by the Bank.