Maybank Salary Financing-i

Maybank Salary Financing-i allow you to manage your commitments to a stronger financial foundation with financing rates as low as 5.80% p.a exclusively for employees of designated companies and state government.

This is an unsecured personal financing which is calculated on reducing balance basis and offered to all employees of:

• Maybank Group of Companies
• Government Linked Companies/Top Tier Corporate/Large Enterprise
• Companies under Corporate Employee Privilege Scheme (CEPS) program
• State Government /Statutory Bodies /State Government Subsidiaries /Public Universities
• Financial Institutions/ Government-Linked Investment/ Healthcare Industry

Income requirements: Minimum monthly salary of RM3,000 (inclusive of fixed allowances)

Best for: Employees of designated companies, public universities, state government and its subsidiaries.

Pros:

• Affordable monthly repayments as low as RM108 per month*
• High loan/financing amount up to RM400,000.
• Ease of making monthly repayments through salary deduction
• Flexible repayment periods from 2 years to 10 years or to retirement age.
• No collateral or guarantor required.
• Options to add on Insurance/Takaful protection.
  
  

 LIST OF DESIGNATED COMPANIES FOR SALARY FINANCING

Product Disclosure Sheet (EN)

Product Disclosure Sheet (BM)

• What is the maximum financing amount?

  The maximum you can borrow is up to RM400,000 or 20x basic salary inclusive of fixed allowance, whichever is lower.

• What is the maximum financing tenure?

  Maybank Salary Financing-i is 8 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.

• What is Maybank Salary Financing-i interest rate?

  Normal effective Rate:

  Repayment table here

  Tenure (years)	2-3 years	4-10 years
  Salary Deduction at source/ M2e by employer	SBR + 3.05% Eff. Rate @ 5.8%	SBR + 3.1% Eff. Rate @ 5.85%
  M2e.net services	SBR + 3.1% Eff. Rate @ 5.85%	SBR + 3.15% Eff. Rate @ 5.90%

  * Current Standardised Base Rate (SBR) is at 2.75% with effect from 7 November 2022

• How do I qualify?

  Income: Minimum monthly salary of RM3,000 (inclusive of fixed allowances)

  Age: Between 21 – 58 years old

  If you are an employees of designated companies and state government:

  1.  Maybank Group of Companies

  2. Government Linked Companies/Top Tier Corporate/Large Enterprise

  3. Companies under Corporate Employee Privilege Scheme (CEPS) program

  4. State Government /Statutory Bodies /State Government Subsidiaries /Public Universities

  5. Financial Institutions/ Government-Linked Investment/ Healthcare Industry

  List of Designate Compaies for Salary Financing: Here

• What other charges do I have to pay?

  Items	Amount
  Stamp Duty	Ad-valorem i.e RM5.00 for each RM1,000.00 of the financing amount to be borne by customer by deducting from the financing amount
  Advance payment	Two (2) month's instalment payment will earmarked from financing for the purpose of payment of arrears in instalment (if any)
  Bankruptcy Search - to be paid to solicitor	To be borne by customer

  Note:
  All the above fees are subject to any tax at the prevailing standard rate (if applicable). In the event we change the fees and charges, a twenty one (21) calendar days’ written notification will be given to you before the effective date of the implementation.
  
  

• Late Payment Charge

  We have the right to be compensated on late and default payment based on the following mechanism:

  1. Overdue Instalment or Scheduled Payment
     For your failure to pay any payment due from the date of the first disbursement of the Facility until its maturity date, a LPC sum equivalent to one per cent (1%) per annum of the overdue
     instalments/payment or by any other method approved by BNM.
     
     
  2. On Maturity
     For your failure to pay any payment due and which failure continues beyond the maturity date of the Facility or on judgment, whichever is earlier, at the LPC rate which will be the prevailing daily overnight Islamic Interbank Money Market (IIMM) rate on the outstanding
     balance due and payable or any other method approved by BNM from time to time.

  In spite of the amount of LPC charged, the said of LPC will not be further compounded.

• Do I need any insurance coverage?

  1. You are encouraged to take takaful protection plan for coverage in event of death and permanent disability.
  2. The takaful contribution on single contribution will depend on facility amount, age and gender.
  3. It is recommended to obtain takaful coverage from our panel takaful operators (Etiqa Family Takaful Berhad) or other takaful operators approved by us.

• 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 profit charge.

  How much you pay per month depends on your financing amount, tenure and interest rate. For example, if you are borrowing RM50,000 with an interest rate of 5.80% over 4 years, your monthly repayment will be around RM1,285.

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