2. New aruz, 60k @ 2.45% 7 years - Ambank
3. New aruz, 60k @ 2.62% 7 years - PBB
4. New aruz, 60k @ 2.62% 7 years - Affin

Quotes from several banks for saga premium 30k 5 years:

Rhb 3.05
Ambank 3.07
Cimb 3.1
Pbb 3.05

Borrower is a govt servant without any outstanding loan, never late payment in previous loans and salary 5.5k average. Rates reasonable?

Corolla Altis 1.8G

2.26 @ HLB

URGENT!

Is there a compulsory insurance for hire purchase loan (called Auto life insurance?)

After I successfully applied for a loan with Affin Bank, the officer told me I need to pay an equivalent of 0.132% of compulsory insurance for my loan in case I am not able to pay the installment due to death / serious permanent injury.

Also, the money will NOT be return to me even if I can pay all the installments.

I have bought 4 (perodua) cars before and never once were forced to buy a compulsory insurance for car loan

Please help!!!! Thank you

mine under maybank they did offer but said not compulsary..better you check again or ask other bank for loan...

loooooooooooong ago (Sept 2015 in exact), applied HP with PBB for 2nd hand myvi 35k only.. but compulsory to buy the hire purchase decreasing term assurance RM200++ one off, for me okay lah, why not. cuz if anything happen to me, at least people who leave behind wont suffer...

recently with HLB, not compulsory but i requested, so...

assuming u loan 100k and if this is a one off, which is around RM132 for peace of mind, i would lah

This post has been edited by diners: Sep 6 2020, 06:16 PM

Thanks for the info, have done so and waiting for the approval.

Thanks for your inputs but I wrote wrongly. It is 0.132% per year which is 0.924% if loan for 7 years or 0.66% if loan is 5 years.

I can understand the benefits but I think that should be optional. Personally I don't think it is worth it coz the loan period is only few years. For me mrta for mortgage loan makes much more sense coz the loan period is much longer.

dangggg if it's per year then too much already x.x! and yes, mrta/mlta to mortgage makes much more sense...

Yeah. Plus, I am told some got even higher. I heard PBB charges close to 1.5% insurance in total. That's ridiculous imo.

This post has been edited by ru40342: Sep 6 2020, 11:28 PM

double post

This post has been edited by ru40342: Sep 6 2020, 11:27 PM

Hi! Just got my loan approved.

Loan Amount : RM150k
Loan Rate : 2.31%
Tenure : 9 years
Bank : PBB

Rate ok mou?

Have you try with other banks ? eg HLB, Affin

2.31 for 9 years - slight high

should below 2.3 on the current market.

Thanks! Will try on this two bank today.

It seem my sales person vv rush keep saying pbb offer is very good ask me to accept when I told him I want to try to submit other bank 😅

I can emphatize with the sales person, because usually we can tell more or less which bank is giving the lowest rate, in the market. The thing is if sales person were to submit one case to 8 banks and each time, ending up only 1 bank ( presumably with the lowest interest) gets to close the loan, the other 7 banks would shy away from processing applications from this sales person in future because all their effort do not turn into success and have "wasted" a lot of their time.
As such, those banks would rather concentrate of cases that have "higher" chance of closing. Therefore, sales person need to play fair with the banks so that they are treated favourably too.

Usually, sales person try the multiple banks application only, if the case is borderline eg one bank approve but others reject, so as not to waste precious waiting time. It is not so much on comparing interest rate. Just my 2cents.

Car: Proton Persona Executive
Rate: 3.02
Loan Amount: RM 49,000
Tenure: 108 months
Bank: CIMB

you proceed with the loan or found any better offer?

Yah agree with you too. Thanks for the explanation! 😊

so, you have to buy insurance to cover the bank's potential loss if the borrower dies; whilst the car legally still belongs to the bank = the bank take no risk at all and borrower pays all costs

That's the thing. I think under certain conditions the car will belong to my family if I die or under very specific permanent disabilities but these conditions are basically impossible to meet.

I did fight very hard and eventually was able to avoid buying it. I would recommend against such nonsense if other people are offered the same bs thing when they take car loan in the future.

its not right cos the bank owns the car until 100% paid up; if borrower defaults, for whatever reason, the bank can repossess the car and sell off to recoup the money

same like those mrta etc.,