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 Personal Loan - V2, which banks offer the best deal?

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kenshin1
post Sep 29 2011, 11:07 PM

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QUOTE(budakdegilz @ Sep 29 2011, 06:49 PM)
bro...this is the place to discuss...
not to self promote....
i don't see any good info provided in any of your post except only to promote your service....
and it's seem that you only taking advantage for thoses who needed by offering your service..

braging about your salary doesn't help it....
people here looking for the "best" solution for their problem...
and you keep saying you're the best!!!your bank are the best!!!
you're the top seller!!!...
that's not a mature way to discuss...sorry "kids" laugh.gif

anyway a "good" salesman should do their research...
have you compared your bank product with others bank???!!
i'm certain that every product bank have to offer had some pro and con
why don't you share with us then???? nod.gif
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yes, in the history.. i did all, i gave all advices to all people....after rej, shld giv the last best shot at where ....i even dont usually promote my product..as u can see in the history
but tat guy started talking like that to me...i aint trying to do some show off...im pretty sure he is ex alliance stuff..just try to tell him, how alliance,just only to HIM...not to anybody else..i really dont knw y he react like that ...

yes, i am here willing to people...alot people still dont knw wat is ploan n how it process...im here to help...avoid cheaters like agency..
b00n
post Sep 29 2011, 11:40 PM

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Never seen any salesmen in here showing the effective rates of Ploans yet depending on how many tenors one is choosing.

Most of the time is fellow forumers whom advised on it... whistling.gif


Anyway, with BNM tightening on Credit Card regulations; we predict the next to come would be on Ploan. BNM and the government are already concern on the rising debts. Thus the word is BNM is coming up with a guideline to request banks to take full documentation of income proves as well as calculation of DBR.

Card's business is the 1st to hit where BNM had requested for full income documentation and verification. Last time it's just applying 1 card then you can get many more from other banks. Now you can't. Thus the next to hit sure is Ploan.

So good luck to all the sales. I know Citi is one that is moving away from Ploan where they have developed another product similar which is a mixture of cards, ploan and OD. Cards because it's revolving. ploan because one can have term payment as well by converting the balance. OD because it's daily rest interest and there's a checking facility.

Some countries like Singapore Citi is using this product as a saving account as well which gives interest upon saving into the same account. Not likely to see it in Malaysia yet. But think that's their concept in coming out with an all-in-one kind of product.
Gen-X
post Sep 30 2011, 02:09 AM

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QUOTE(b00n @ Sep 29 2011, 11:40 PM)
Never seen any salesmen in here showing the effective rates of Ploans yet depending on how many tenors one is choosing.

Most of the time is fellow forumers whom advised on it... whistling.gif

Anyway, with BNM tightening on Credit Card regulations; we predict the next to come would be on Ploan. BNM and the government are already concern on the rising debts. Thus the word is BNM is coming up with a guideline to request banks to take full documentation of income proves as well as calculation of DBR.
*
I posted below at CC section

I just read an article at Malaysian Insider where MBB CEO commented on Personal Loans. This guy only last night said he wanted BNM to maintain lower interest rate and today asking BNM to start monitoring Personal Loans. It is as if our BNM award winning governor needs to be told what to do (maybe she does because household debt is now 76% of GDP!). Anyway here is the breakdown of debt in Malaysia

Housing loans meanwhile accounted for 45 per cent of household debt followed by car financing at 20 per cent, personal loans at 15 per cent and credit cards and purchase of securities, each at 5 per cent.

To read the full article click here.

Car Loans and Personal loans are 4X and 3X higher than CC debt.


From what you said above, if you bankers already know BNM is in the process of tightening personal loans, then the statement by MBB CEO will make it seems as if BNM taking his advise, smart guy.

As for Effective Interest Rate for personal loans, I did an article about RHB Easy Cash where the interest is 8% and was surprised to note that one may even pay less interest with credit card interest rate of 17.5% (reducing balance) rclxub.gif Click here to read my article Credit Cards - Apps iPhone & Android, Easy Cash and Bankruptcy.

This post has been edited by Gen-X: Sep 30 2011, 02:10 AM
kenshin1
post Sep 30 2011, 02:44 AM

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yes...it is...BN is trying to take over ploan very soon...
everything that u make installment with AEON,COURTS,TOYOTA CAPITAL,NAZA..any....are goin to b keyed in into ccris...as ur commitment too..
shiroikun
post Sep 30 2011, 09:25 AM

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QUOTE(kenshin1 @ Sep 30 2011, 02:44 AM)
yes...it is...BN is trying to take over ploan very soon...
everything that u make installment with AEON,COURTS,TOYOTA CAPITAL,NAZA..any....are goin to b keyed in into ccris...as ur commitment too..
*
Looks like GOV going to take control in everything related to $$$. It will be a hard time for those with many installments and huge ploan amount.
cherroy
post Oct 1 2011, 12:16 AM

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QUOTE(shiroikun @ Sep 30 2011, 09:25 AM)
Looks like GOV going to take control in everything related to $$$. It will be a hard time for those with many installments and huge ploan amount.
*
It is good measure.
Household debt is increasing in an alarming pace.
>70% of GDP, this is not a healthy sign at all.

We don't want to see Malaysia people facing debt problem afterwards eventually bring the economy down together.
We already see how debt problem in overseas, that can affect the country entire economy greatly and even threaten the whole banking sector across and systemic risk across.

If not household debt is increasing in alarming rate, BNM won't want to intervene at all.


Added on October 1, 2011, 12:18 amIn fact, BNM move is seen very mild, some even view not tight enough.

This post has been edited by cherroy: Oct 1 2011, 12:18 AM
Ninieshah
post Oct 3 2011, 02:04 AM

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hi, i'm looking for ploan...

salary - rm3100/month
working period - 3yrs +
private co
no cc
car loan 2yrs+

how much that i can get?

tq
kenshin1
post Oct 3 2011, 08:23 AM

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QUOTE(Ninieshah @ Oct 3 2011, 02:04 AM)
hi, i'm looking for ploan...

salary - rm3100/month
working period - 3yrs +
private co
no cc
car loan 2yrs+

how much that i can get?

tq
*
standard x5 of gross mthly income...
but, basic rule to apply ploan is to hv a cc >1 yr....
u only can choose alliance n rhb....
Phoeni_142
post Oct 3 2011, 02:00 PM

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QUOTE(cherroy @ Oct 1 2011, 12:16 AM)
It is good measure.
Household debt is increasing in an alarming pace.
>70% of GDP, this is not a healthy sign at all.

We don't want to see Malaysia people facing debt problem afterwards eventually bring the economy down together.
We already see how debt problem in overseas, that can affect the country entire economy greatly and even threaten the whole banking sector across and systemic risk across.

If not household debt is increasing in alarming rate, BNM won't want to intervene at all.


Added on October 1, 2011, 12:18 amIn fact, BNM move is seen very mild, some even view not tight enough.
*
actually B*M may not be very consistent as well. Regulation needs to be applied across the board & needs to be consistent. A few examples

1. We have 1.4 mil government servants in this country. Nearly all of them have koperasi loans - Debt Burden Ratio (DBR) of about 110% on average.

2. B*M needs to ensure that any regulation it introduces also applies to non-bank entities like Koperasi's, and non-bank entities like MB*B, B*N and Bank Rak*at. Again, the entities here are regulated by either SKM or the ministry of consumerism & cooperative affairs. This situation is akin to having 3 tigers on top of a mountain. It's not just implementation that is a concern. It's also who the regulation should apply to, and the consistency of its application.

3. These entities can't just rely on salary deduction anymore. It is very dangerous to do so, and is not sound credit practice. Repayment capability can't just favour those insitutions that have a first mover advantage towards salary deduction platforms. In the even of systemic failure, the risks may then spill over towards the traditional banking center. That is a concern.

just my humble 2 rupiahs.

This post has been edited by Phoeni_142: Oct 3 2011, 02:01 PM
kenshin1
post Oct 3 2011, 02:27 PM

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...

This post has been edited by kenshin1: Oct 3 2011, 02:37 PM
sweetcat
post Oct 3 2011, 04:03 PM

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if blacklisted any loan beside ah long can get personal loan?


nokiaXP
post Oct 3 2011, 06:00 PM

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QUOTE(sweetcat @ Oct 3 2011, 04:03 PM)
if blacklisted any loan beside ah long can get personal loan?
*
sometimes depend of wat blacklisted.owe bank money then only ah long can loan u
Phoeni_142
post Oct 3 2011, 10:06 PM

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QUOTE(sweetcat @ Oct 3 2011, 04:03 PM)
if blacklisted any loan beside ah long can get personal loan?
*
chief, just to clarify....

when u mean blacklisted....

do u mean:

(a) CCRIS Special Attention account?

(b) Or do u mean CTOS Section D or E?


sweetcat
post Oct 4 2011, 02:42 PM

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QUOTE(Phoeni_142 @ Oct 3 2011, 10:06 PM)
chief, just to clarify....

when u mean blacklisted....

do u mean:

(a) CCRIS Special Attention account?

(b) Or do u mean CTOS Section D or E?
*
i am not sure which category he falls into, but he didnt pay up his credit card bill due to no income at some point then the credit card has been barred from using, but now he have gotten a job, but the credit card amount has roll up to double (from 3k to 6k+), he would like to finish it off in a lump sum which the bank offered him at about 4k.

so he is thinking to get a loan or some kind because he dont have that much to pay off at once.

so, in this case, he should be in a or b? rclxub.gif


I.hunter
post Oct 4 2011, 04:11 PM

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Does anyone know the maximum interest rate that can be charge on a private loan(non-institutional lenders such as friends and family) to be consider legal malaysia? I've heard of something called Usury Law and in some countries where the lender can only charge a maximum of 20% interest on the loan. Is there something similiar in malaysia?
kenshin1
post Oct 4 2011, 06:51 PM

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QUOTE(I.hunter @ Oct 4 2011, 04:11 PM)
Does anyone know the maximum interest rate that can be charge on a private loan(non-institutional lenders such as friends and family) to be consider legal malaysia? I've heard of something called Usury Law and in some countries where the lender can only charge a maximum of 20% interest on the loan. Is there something similiar in malaysia?
*
yes, there are
I.hunter
post Oct 4 2011, 07:10 PM

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What are the rate?
kenshin1
post Oct 5 2011, 10:38 AM

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QUOTE(I.hunter @ Oct 4 2011, 07:10 PM)
What are the rate?
*
sorry .. not so sure... but i saw flyers.. around 20% pa...
b00n
post Oct 5 2011, 01:05 PM

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QUOTE(kenshin1 @ Oct 5 2011, 10:38 AM)
sorry .. not so sure... but i saw flyers.. around 20% pa...
*
Why would they be fliers if it's borrowing from friends and families?
It's just an agreement stamped for legality.

As far as I know, there's no such ruling in MY on a cap of 20%.

Even for some bank loan facilities, effective interest rate can go above 20% p.a - OD for instances.


Added on October 5, 2011, 1:09 pm
QUOTE(sweetcat @ Oct 4 2011, 02:42 PM)
i am not sure which category he falls into, but he didnt pay up his credit card bill due to no income at some point then the credit card has been barred from using, but now he have gotten a job, but the credit card amount has roll up to double (from 3k to 6k+),  he would like to finish it off in a lump sum which the bank offered him at about 4k.

so he is thinking to get a loan or some kind because he dont have that much to pay off at once.

so, in this case, he should be in a or b?  rclxub.gif
*
After he fully settled, request for a release/settlement letter. Use that as a prove.
Then after that it's the bank's discretion whether or not to lend based their underwriting policy. Some might lend with a higher interest rate because of past default history. Some might reject still.

This post has been edited by b00n: Oct 5 2011, 01:09 PM
I.hunter
post Oct 5 2011, 03:49 PM

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QUOTE(kenshin1 @ Oct 5 2011, 10:38 AM)
sorry .. not so sure... but i saw flyers.. around 20% pa...
*
No, i do not mean personal loans from banks or any lending institution. It is as mentioned, private loan one which is between friends or family usually.

From my research there is a Moneylenders Act 1951 which caps interest rate on loans given out by moneylenders at 12% per annum for secured loans and 18% per annum for unsecured loans. But i'm not sure the statement's "moneylenders" includes individual lenders or licensed lenders only.

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