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Latest Car Loan Rate 2012-2021| 2021
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mhj
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 Dec 11 2016, 11:58 AM
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New Member
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QUOTE(msdevious @ Dec 11 2016, 09:12 AM) Is it possible to take a loan without income/supporting documents but by pledging FD? Thanks. It's possible. I am not sure for other banks, according to a Public bank officer: e.g. if you take 40K loan for 4 years tenure, you have to put a pledge FD 40K, so the bank holds this FD for 4 years, you can only opt for a monthly FD interest for this FD currently is 2.95%, you can't opt for 12months FD option which gives you a higher interest rate. Let say if loan interest is 2.75%, so the merely 0.2% difference is it worth to go with the pledge FD? I am not very sure, anyone who can share his/her view would be appreciated. |
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mhj
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Dec 11 2016, 03:21 PM
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New Member
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QUOTE(Buydirect @ Dec 11 2016, 02:24 PM) No, banks will not grant car loans by pledging of FD but I stand to be corrected because policies may change from time to time. Public bank is doing it, the officer said that in a conversation last month. Unless any changes this month. Another member just told me, Maybank also provide this option too. |
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mhj
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Dec 11 2016, 03:35 PM
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New Member
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QUOTE(METALRAGE @ Dec 11 2016, 12:09 PM) May i know what is the use of pledging fd as compared to using the fd to pay the 40k outright? FYI, interest rates for car loans r not the same as for FD. It is more expensive. FYI, some of the new car loans interest rates ranging from 2.6 to 2.9, so it's lower than FD. Whereas used car or the new national car, it's always 3.x above, yes, it is higher than FD. So the catch is if it's slightly lower than the FD rate, eg. 0.2% should it be a wise choice? |
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