View all Loans FAQs

1. What is MyLINE
2. What are the benefits of using MyLINE?
3. What are the charges involved?
4. Can you give me an illustration on how interest is being computed for using MyLINE?
5. How is the security taking (pledging) process like?
6. What types of assets does Maybank accept as pledge?
7. Can I pledge more than one type of assets?
8. Who can apply for MyLINE?
9. Can I arrange for a joint application for MyLINE?
10. Do I need to show any proof of income?
11. When do I need to open the PremierOne account, which is a current/chequing account?
12. How do I apply?

1. What is MyLINE?

   MyLINE is a secured line of credit available upon pledging of acceptable collateral.

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2. What are the benefits of using MyLINE?

   MyLINE offers you the following benefits:

   • Cash access while staying invested
   • Line of credit for cashflow needs at attractive interest rates
   • Standby line of credit for emergencies
   • Further investment opportunities

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3. What are the charges involved?

   There is no processing charge involved in opening a MyLINE account.

   For pledging of assets, the charges are as follows:-
   

   Unit Trusts
   Transfer Fee	S$10.70 per fund
   Structured Notes, (Inclusive of retail notes & retail bonds) Bonds and Other securities (Registered with CDP)
   Transfer Fee	S$10.70 per security
   CDP sub account quarterly maintenance fee	S$ 2.14 without security; S$16.05 with security
   CDP transfer fee	S$10.70 per security

   
   

   For pledging of shares, please refer to Schedule of Fees & Charges for Share Loans.

   The following PremierOne account charges for operating of MyLINE will be waived: Minimum Initial Deposit, Minimum Balance Fee, Monthly Account Fee and Charges for first and subsequent chequebooks. For other miscellaneous PremierOne account charges, please click here to find out.  

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4. Can you give me an illustration on how interest is being computed for using MyLINE?

   Please refer to the following example:
   
   Customer A has a MyLINE account:
   Interest rate = 6.25% p.a.
   Credit Limit = S$100,000

   He utilised S$30,000 on 5th of the calendar month and another S$20,000 on 10th of the same calendar month. On the 20th of the same calendar month, he paid down S$50,000.

   Hence the interest incurred for the calendar month is:
   (S$30,000 x 6.25% x 5/365) + (S$50,000 x 6.25% x 10/365)
   = S$111.40 (subject to a minimum monthly interest on debit balance of $20)

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5. How is the security taking (pledging) process like?

   The security taking process varies slightly for various assets to be pledged. In general, it involves 2 steps:

   • Execution of legal charge or assignment documents (e.g. Memorandum of Charge on Securities)
   • Execution of transfer documents to effect transfer of assets to Maybank (e.g. CDP 4.2 form)
   
   For more details, simply approach any of our Relationship Managers at our Branches. Alternatively, SMS the following text to 9450 6890 and we will get in touch with you:
   
   “MyLINE<space><Name of Branch*><space><Your Name><space><Contact No.>”
   
   Note: * "Name of Branch" refers to the Branch where you place your deposits and/or investments with. Please indicate your preferred banking branch if you currently do not have any deposits/ investments with Maybank.

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6. What types of assets does Maybank accept as pledge?

   We accept pledging of all Singapore Dollar and foreign currency time deposits that are placed with us. Pledging of other securities is subject to the Bank’s discretionary approval. 

   For more details, simply approach any of our Relationship Managers at our Branches. Alternatively, SMS the following text to 9450 6890 and we will get in touch with you:
   
   “MyLINE<space><Name of Branch*><space><Your Name><space><Contact No.>”

   Note: * "Name of Branch" refers to the Branch where you place your deposits and/or investments with. Please indicate your preferred banking branch if you currently do not have any deposits/ investments with Maybank.

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7. Can I pledge more than one type of assets?

   Yes, you can. Please note that you need to open a PremierOne account, which is a current / chequing account for each asset type.

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8. Who can apply for MyLINE?

   Individuals aged 21 years old and above can apply for MyLINE. Please refer to the Terms and Conditions Governing Secured Overdraft Facility for the full eligibility criteria.

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9. Can I arrange for a joint application for MyLINE?

   Yes, the joint applicant must also be an individual aged 21 years old and above.

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10. Do I need to show any proof of income?

    There is no need to produce any proof of income as there are no minimum income requirements for MyLINE application. The line of credit is granted upon pledging of your asset(s), subject to the Bank’s approval.

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11. When do I need to open the PremierOne account, which is a current/chequing account?

    You can complete all account opening documents upfront during application for MyLINE. Subsequently upon the Bank’s approval, we will open the PremierOne account for operating of MyLINE.

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12. How do I apply?

    To apply, you can visit your nearest Maybank Branch or the Branch where you and/or your chargor(s) place your / his / her deposits and/or investments with. You will also need to arrange for the following:  

    • A duly completed and executed application form
    • A copy of your NRIC/ Passport (front & back)
    • Open PremierOne account(s) for operating of MyLINE
    • Chargor(s) to duly execute the security taking process

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