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Need Funds? Here's Why You Need to Consider the Maya Personal Loan

Princess Anaviso

Princess Anaviso

Last updated January 29, 2024

Do you have an urgent expense or a quick emergency that you need to cover? Try applying for a Maya Personal Loan.[1] Application is easy as everything’s done online—plus, you have flexible options for the loan amount, loan term, and loan repayment. 

If you need a quick and easy way to get funds, here’s how to avail of and get approved for a Maya Personal Loan.

What is the Maya Personal Loan?

how to avail of and get approved for a maya personal loan - what is the maya personal loan

Maya Personal Loan is one of the newest lending products[2] of Maya Bank, accessible via its mobile app. As it’s essentially a multi-purpose loan, you can use it in many ways, including paying for the following:

  • Home upgrade
  • Downpayment for a house or condo
  • Business capital 
  • Store or office renovations
  • Medical expenses
  • Tuition and other education-related expenses
  • Utility bills
  • Travel funds
  • New gadget or appliance
  • Special occasions like weddings, christenings, etc. 

Why Choose Maya for Your Personal Loan Needs?

Maya Personal Loan has features that rival those of many major loan providers in the Philippines. Before you go into the details of how to avail of a Maya Personal Loan, check out these Maya loan features first. 

✅ Easy Online Application 

To apply for a Maya Personal Loan, all you have to do is download the Maya mobile app,[3] [4] go to the personal loan application platform, and answer a few questions to complete your application.

Related: How to Apply for a CIMB Personal Loan Quickly and Easily

✅ Quick Approval and Disbursement

Assessment is done in a matter of minutes, so you’ll know if you’re eligible right away. The Maya Personal Loan approval time, Maya claims, is “instant.” After submitting your application within the app, you’ll be shown the status of your loan within seconds.

Once your loan is approved, it will be disbursed to your Maya Wallet within one banking day. Your exact approved loan amount, interest rate, and monthly installment matrix will be reflected on your Maya app the moment you apply.

✅ Flexible Loan Amount and Loan Terms

how to avail of and get approved for a maya personal loan - loan amount and terms

Maya Bank Personal Loan offers can go as low as ₱15,000 and as high as ₱250,000, payable for up to 24 months. Payment terms are set to increase to up to 48 months soon.

While Maya’s maximum loanable amount is only a fraction of that of the personal loan products offered by traditional banks (e.g., BPI personal loan offers up to ₱3 million), it’s still relatively high for a digital banking app. 

Compared to a non-banking financial institution like Home Credit, Maya wins in terms of available loanable amounts as the former offers only a maximum of ₱60,000.

Just note that Maya’s personal loan offer is subject to credit evaluation. This means that the amount you apply for is not guaranteed. For example, even if you apply to take out a loan worth ₱100,000, it’s possible you’ll get approved for only ₱30,000. 

Ultimately, it’s Maya that will determine your approved loan amount based on factors like your income source and credit history.

✅ Competitive Interest Rates

Even before Maya officially introduced its personal loan product, many keen-eyed users already anticipated its launch. This is because Maya Personal Loan interest rates were expected to be relatively low compared to those of other loan providers. 

Maya certainly did not disappoint. With a monthly add-on rate of as low as 0.77% for a  24-month installment period, Maya has caught the attention of many loan applicants looking for the best deals. 

You can view the exact monthly add-on rate for your loan, including its equivalent monthly effective interest rate, on the Maya app and your disclosure statement.

✅ Waived Fees Due to Early Access Promo

Maya currently offers an early access promo that allows approved loan applicants to enjoy zero service fees and documentary stamp tax. If you're eligible for this promo, you have to pay only the interest fees of your Maya Personal Loan—no more processing fees and other extra charges to worry about.

Take note, however, that the early access promo doesn’t cover late penalty fees, so if you don’t pay your monthly dues on time, expect to shell out 0.17% of your unpaid principal amount per day until you’ve fully settled your bill.

✅ Standard Documentary Requirements

As a digital bank, Maya's loan requirements are almost identical to those of traditional banks. The only added advantage is you don’t have to go to any physical location to drop off these requirements—you can simply submit them online.

If you’re a salaried individual, you must submit any of the following: 

  • Latest pay slip
  • Certificate of employment and compensation
  • Latest income tax return (ITR)

If you’re self-employed, you must submit the following documents upon loan application:

  • Proof of income
  • Business registration

✅ Convenient Repayment Options

Just as you can apply for a personal loan via the Maya app, you can also pay your monthly dues through the app. 

However, if you want to pay in cash, you can do so by heading to the nearest Maya Center. Just provide your bill statement and wait for your payment to be processed within three business days.

Maya Personal Loan Review: What Do Users Actually Say?

how to avail of and get approved for a maya personal loan - review

Maya’s personal loan product is relatively new, so there’s still much to see about how effective it is in keeping its promises.

Many users who try to take out a Maya Personal Loan find that while the loan application process is easy, the approval process isn’t. Eligibility criteria are strict, so it’s easier to get denied than approved. 

Those unable to take out a loan are encouraged to improve their credit score and increase their Maya app usage to be reconsidered in the future. While this piece of advice is helpful to others, some users point out that it’s not tangible enough to give them a clear directive on what to do to get approved. 

To cover all your bases, make sure to maximize the Maya app by using it to pay your bills, store your savings, and buy digital products through the built-in shop feature.  For good measure, add other sources of income as well to increase your chances of getting a higher loan amount. 

There’s no single surefire way to get a personal loan in the Maya app, so the only advice you can take for now is to cast a wider net to get more opportunities for loan approval. 

Once you get approved, you can join the thin crowd of users who get to enjoy the competitive features of Maya’s personal loan product. Insiders say it’s worth it in the end!

What Are the Requirements for a Maya Personal Loan?

How to be eligible for a Maya Personal Loan? Like those of other digital loan providers in the Philippines, Maya Personal Loan eligibility criteria are easy to accomplish. To be eligible for this loan product, you simply must meet the following conditions:

  • 21 to 65 years old
  • Filipino citizen currently living in the Philippines
  • With an upgraded Maya account
  • An active user of Maya, with frequent transactions

Just take note that, as of writing, Maya Personal Loan is on early access, which means only select users can apply for this loan. 

While Maya hasn’t disclosed any specific criteria to be able to qualify for early access, you can check if you have this by checking the Loans tab on your Maya app. You will be greeted with either a Success or a You’re Not Qualified screen. 

How to Avail of a Maya Personal Loan

how to avail of and get approved for a maya personal loan - how to avail

If you’re one of the lucky ones with early access, applying for a loan will be a breeze. All you need to worry about is how to get approved for a Maya Personal Loan.  

Here’s how to apply for a personal loan in the Maya app.

  1. From the Maya app dashboard, go to the Loans tab.
  2. You will see an option to apply for a Maya Personal Loan right at the top. Tap Apply Now to get started.
  3. If you have early access, tap Continue at the bottom of the introduction screen.
  4. Enter the loan amount you want to borrow in the loan calculator.
  5. Enter your personal information, then tap Submit.
  6. Double-check the information you provided. Review your loan amount, interest rate, and repayment terms before tapping Continue.
  7. Enter the one-time password (OTP) sent to your mobile number.
  8. Once approved, you will receive your loan proceeds on your Maya Wallet.

How to Settle Your Maya Personal Loan

Paying for your Maya Personal Loan is also as convenient as applying for one as you can do everything via the Maya app. Note that Maya charges a late payment fee of 0.17% of the unpaid principal amount per day, so be sure to make your monthly payments early or on time.

💸 Pay via the Maya App

how to avail of and get approved for a maya personal loan - how to pay

Here’s how to settle your Maya personal loan via the app:

  1. From the Maya app dashboard, tap Bills under the Wallet tab.
  2. From the list of biller categories, choose Maya Bank.
  3. Tap Maya Personal Loan.
  4. Enter the amount you’re going to pay then tap Continue. Make sure you have enough funds in your Maya Wallet to make your monthly payment.
  5. Double-check your payment details, then tap Pay.
  6. Review your receipt, then tap Done to go back to the dashboard. You can also tap View Receipt to open the transaction summary. 

💸 Pay via Maya Centers

If you prefer paying with cash, you have the option to pay at your nearest Maya Centers. You can use the Maya Center locator on the Maya website or the Maya app. Just bring your bill statement and proceed to payment. 

It will take three banking days to process your cash payment.

Related: How to Start Your Metrobank Personal Loan Application

Final Thoughts

Now that you know how to avail of and get approved for a Maya personal loan, you have everything you need to succeed in your loan application journey. 

Looking for more loan options? Compare personal loan products from other legit and reputable providers below. You can also apply directly via Moneymax:

Personal Loan 
Loan Amount

Monthly Add-on Rate

Minimum Annual Income

Approval Time

UnionBank Personal Loan
unionbank-logo-300x92
Compare Now
Up to ₱2 million
1.29% 
₱250,000
As fast as 5 minutes
UNO Digital Bank Personal Loan
uno digital bank
Compare Now
₱10,000 to ₱200,000
2%
₱180,000
As fast as 7 banking days
Metrobank Personal Loan
metrobank
Compare Now
₱20,000 to ₱1 million
1.25% to 1.75%
₱350,000
7 days
BPI Personal Loan
bpi logo
Compare Now
20,000 to  ₱3 million
1.2%
180,000
5 to 7 banking days
RFC Loan
easyrfc-1
Compare Now
10,000 to  ₱150,000
4%
120,000
As fast as 24 hours
Tonik Quick Loan
tonik
Compare Now
₱5,000 to ₱50,000
Starts at 4.26%
₱180,000
As fast as 1 hour
Tonik Big Loan
tonik
Compare Now
₱250,000 to ₱5 million
0.5825%
None
7 days
Tala Loan
tala

Compare Now

₱1,000 to ₱15,000
15%
None
24 hours
HSBC Personal Loan
2560px-HSBC_logo_(2018).svg
Compare Now
30,000 to ₱500,000
0.65%
168,000
5 to 7 banking days
CIMB Personal Loan
CIMB-Logo-1
Compare Now
30,000 to ₱1 million
1.95%
180,000
As fast as 24 hours
Maybank Personal Loan
Maybank logo 2011-1
Compare Now
50,000 to ₱1 million
1.3%
300,000
5 to 10 banking days
RCBC Bank Personal Loan
rcbc-logo-2
Compare Now
50,000 ₱1 million
1.3%
360,000
5 to 7 banking days
SB Finance Personal Loan
SB-Finance-e1631324202933

Compare Now
₱30,000 to ₱2 million
2%
₱180,000
5 banking days
CTBC Bank Personal Loan
ctbc-Mar-28-2022-12-20-39-62-PM
Compare Now
₱500,000 to ₱2 million
1.39% to 1.79%
180,000
1 to 5 banking days
PSBank Personal Loan
PSBank-300x207-1
Compare Now
₱20,000 to ₱250,000
1.75% or 2.5% 
₱180,000
5 to 9 banking days

Sources:

Princess is a seasoned writer with over seven years of experience in digital marketing and corporate communications. She took master's degree units in Creative Writing at the University of the Philippines Diliman and graduated with a bachelor's degree in English Language and Literature from Saint Louis University. Beyond writing, she enjoys reading novels, watching series, and crocheting. Follow Princess on LinkedIn.

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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