1. What is Maybank Credit Card Balance Conversion?

Maybank Credit Card Balance Conversion (like Auto Balance Conversion) allows cardholders to convert their outstanding credit card balance into a term loan with fixed monthly installments (EMI) at a predetermined interest rate.

2. How Does the EMI Calculation Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal amount (MYR)
• \( R \) — Monthly interest rate (Annual Rate ÷ 12)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated Monthly Installment

3. Understanding the EMI Formula

Explanation: The formula calculates the fixed payment amount required each month to pay off the loan over the specified tenure, including both principal and interest components.

4. Using the Calculator

Tips: Enter the principal amount (outstanding balance), loan tenure (typically 36 months for Maybank), and the annual interest rate (typically 13% for Maybank). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Maybank balance conversion?
A: Maybank typically offers balance conversion at 13% p.a., but this may vary based on promotions or customer profile.

Q2: Is there any processing fee for balance conversion?
A: Maybank may charge a processing fee (typically 1-3% of principal) which is added to the loan amount.

Q3: Can I prepay the converted balance?
A: Prepayment may be allowed but often with a penalty fee (check terms and conditions).

Q4: How does this differ from minimum payment?
A: Unlike minimum payments which extend indefinitely, balance conversion has fixed tenure and lower interest than revolving credit rates.

Q5: Is this better than a personal loan?
A: It depends on rates and terms. Compare with personal loan options before deciding.