PETALING JAYA: Malayan Banking Bhd (Maybank) expects a minimum of 30% growth in its personal financing segment this year, boosted by the newly launched Maybank Personal Digital Financing.
The bank today launched its new Maybank Personal Digital Financing on Maybank2u web and MAE app – offering a fully digital experience for its customers. The solution leverages its comprehensive credit risk metrics and modelling capabilities to provide instantaneous approval and subsequently disbursement within 10 seconds.
All existing and new customers between 21 and 60 years old can apply for Maybank Personal Digital Financing, for up to RM100,000 or four times their monthly salaries, whichever is lower. The financing is subject to the customer having a salaried account with the Maybank, a minimum annual gross income of RM42,000 and meeting its other eligibility criteria such as having a healthy credit profile and score. Customers can also opt for a longer repayment tenure of up to six years.
Maybank community financial services group CEO Datuk John Chong remarked that this digitised end-to-end solution provides quick and easy financing to customers, especially in their time of need, by eliminating laborious physical submissions.
“From our experience, we know that customers value speed and convenience when it comes to personal financing, as the funds could be intended for urgent use such as medical emergencies,” he said in a statement.
In addition to fast disbursement, the digital financing does not require collateral or a guarantor, making it ideal for customers who need cash in hand immediately.
With the resumption of normalcy and the reopening of country borders next month, Chong expects consumer spending to pick up considerably this year and return to pre-pandemic levels.
“Since Q3’21, we have seen a growing trend among personal financing applicants requiring financial support for wedding-related costs, travel, and home downpayments and renovations,” he added.
This solution is the bank’s latest digital offering within the last two years, which has been designed to offer customers greater access to financial solutions despite the pandemic, and make banking more accessible and convenient for customers.
