Hi,

I recently went to Maybank branch to discuss regarding opening ASB account and packages that Maybank provides.

Below is the screenshot of the pamplet.

Front;


Back;

*sorry, need to censor some personal data.

The red box on the back page is for RM 30,000.00 sijil, and the payment will be RM 180.00 (RM 175+RM 5 for Islamic services charge) for 25 years. The payment will be deducted automatically from my Maybank2u account.

My question are;
1 - Is it recommended to get this package? I am somehow prefer this one instead of manually adding the money into ASB due to busy-ness.

2 - If I count correctly, RM 175 x 12 months x 25 years = RM 52,500 (EXCLUDING 8.00% bonus [consider the mimimum rate for example]).
So what does this actually mean? I pay RM 175 per month for 25 years but I only get RM 30,000 instead of RM 52,500? Or I am missing something?
I don't have chance to ask the second question because our meeting was interrupted by personal business and also just thought about that on the way home.
Please kindly advise ya.

Please do not make any conclusion without fact which might confius other read...

moderator, should we create confusion info for other reader?

I thank you for your explanation as well as time consumed to enlighten me on this issue for start and in advance.

1 - Are we talking about CCRIS, that will kacau me during my house and/or car loan?

2 - If I agree to proceed with this loan, it mean that I will have RM 30,000 credited into my account, and start receiving 8%* dividend per year? And I am paying back to Maybank RM 175 (+RM 5) for 25 years to clear this RM 30,000 loan? Is it the idea?

2.1 - Based on your calculation, by 25 years (based on RM 30,000 loan - if Question 2's answer is yes), I will have nett RM 167,500 within 25 years, and it will be 100% mine?

2.2 - The staff did said that "once you completed the payment for 25 years, you can claim your sijil worth of RM 30,000 in this particular branch". This is the point where I start to confused; I can't integrate the idea of Question 2.1 with her statement.
*example
EDIT : adding some points.
EDIT2 : Bolding Question 2.2, for better emphasization.

Thank you lucifah for the comparison.

On the bolded statement, the calculation proves that the loan is relatively more profitable within 25 years.

1 - The PROS of this method (not applying for RM 30k loan) are I will not have problem with applying for future loan for car and house, yes? Do I have any other major PRO with this method?

2 - The CONS is since my starting capital is low, hence my dividen will be not as much as with the help of RM 30,000 loan. Apart from this sole point, do I have any other major CONS with this method?
EDIT : typo.

to me, if i have money..i keep the value of money back to my revenue.
dun let others 3rd party collect/use the value from my own money to share profit.

my 10cents..

my asb saving http://brunialamira.blogspot.com/

Hi,

2 - Even if they hold the cert, what will written in my ASB book soon? If I am not mistaken, the minimum needed to open an ASB account is RM 10, and for example I bank in RM 10 into my account, it will written only RM 10 OR it will written RM 30,010.00?

the loan must be more than 1 year than u can ignore it. ASB loan will come with special codes in CCRIS so we know when to ignore it in the commitment

At least we haven't reached the stage of those in the states where even your behavior in paying bills such as your mobile phone actually contributes to your credit/FICO scores

Wah u buy everything cash ka?

So Nice   

so sad 

I don't like when the banks would send all kind of "rubbish" to me. Offering me Insurance (they even given me insurance account number), calling me on my h/phone, Pre-Approved card etc. 

Anyway, it's good decision to use your 100k loan to invest in as1m. ASB already max out?   What my understanding, those already max ASB would be investing in as1m  

Enjoy your dividend compounding effect after few years

Is AS1M still available?

thanks for the reply.. may i know what is the max quota for bumi? is it 200k like ASB?

Just looking at old thread V2.  Saw a lot of people commented that AS1M Non-Bumi portion won't be sold out, expected dividend rate only 4%, suspicious why gomen open so many scheme etc. That time a lot of people don't wanna invest.

Now year 2013, AS1M non-bumi portion already sold out. Some people are going to the ASNB offices & banks daily to ask if there's any unit available. No one expected this scheme to be sold out 

If those people (who complained initially) ever read the quote by Buffet in your signature, they wouldn't be in such a predicament eh? hehehehe

Yape, I managed to pump in most of my monies into the AS1M account during the time where everyone is so negative about the fund..

Unfortunately, when the fund first declare the dividend, everyone of the non-bumi rushed in to invest, making it full now..

As for ASW2020, I did not have the account so i dont even have the chance to trial and error at the counter unlike ASM and AS1M which I have the account and can try over the counter..

just came back from maybank....first intention to apply for 2nd housing loan 
and suddenly switch to asb loan....accidentally applied for 50k asb loan...hopefully everything will be ok

It's a malaise affecting the Malays in my books. To be fair, those who were part of the baby boomers generation were awesome savers. The savings rate back in the day was easily triple to what it is today. I guess these generation knew how hard money was to come by and wanted to be sure that every single cent is made to work just as hard for them.

However, it would be quite simplistic to generalize that all Malays save poorly. I think because in general the majority of Malaysians are Malays, even if 1% of the entire Malay population have little or zero financial literacy, the number can easily look very big. What I've realized is that financial literacy is highest among the Chinese but that too, only in the Gen-X age group. This generation still went through a rather "tough" growing up phase where wealth was still quite limited.

Gen-Y and millennials however are a different story. These are the one's where wealth has already been built-in to their respective families and the story of "how hard it was to make money" may not have been repeated nor felt by them. Ask any UTMC and they will tell you that these age-groups represent the smallest number of customers (exclude amount in comparison) compared to the other age groups. Some may say that this is due to the fact that they don't have much to save but I'm of the opinion that these people do not see the reason to save and/or invest because wealth seems to be already part of their lives.

When it comes to these age groups, savings rate are at an all time low while private/personal debt levels are the inverse of the former. Again, just my 2 cents based on my own personal observation and hypothesis.

don't understand 
both argument same meaning
what the differences after and before

but the officer from maybank said that there is no lock in period for islamic asb loan,
can terminate anything