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 Personal Loan with Reducing Balance?

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TSminde
post Oct 10 2018, 11:13 AM, updated 8y ago

dreamt a king, woke up still king
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Joined: Jun 2005
From: KL



Hi all,

Am looking to take a 3 year personal loan to purchase a motorcycle. I have access to government preferential rates which is cheaper than taking a motorcycle loan but their minimum loan amount (MBSB) is much higher than what I need (2x more). Hence I might forego the government rates.

I'd like to consider any reducing balance loans instead as it may be cheaper. May I ask if there are any with reducing balance in Malaysia? Am I right to make this assumption?

Please advice
Thanks

This post has been edited by minde: Oct 10 2018, 11:31 AM
TSminde
post Oct 10 2018, 11:57 AM

dreamt a king, woke up still king
*******
Senior Member
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Joined: Jun 2005
From: KL



QUOTE(powerlinkers @ Oct 10 2018, 11:36 AM)
Yes. 
Housing loan top up(you need existing property loan with a bank,  top up loan based on current value - 90% of property) 
Hong leong bank credit card balance transfer.
Gold pawn loans.

If you have difficulty,  go for bank Rakyat personal loan,  only Bank Rakyat and agrobank do not charge RM 30/month fee for BIRO ANGKASA deduction.

AMBANK quick cash offers 3.88%p.a. Flat rate interest (NOT REDUCING BALANCE) w/ terms available up to 36months  for quick cash.
*
Thanks.

Is the Hong Leong credit card BT program on reducing balance ? how about bank rakyat personal loan?
TSminde
post Oct 10 2018, 05:08 PM

dreamt a king, woke up still king
*******
Senior Member
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Joined: Jun 2005
From: KL



QUOTE(powerlinkers @ Oct 10 2018, 05:02 PM)
Only Hong leong bank offers on reducing balance:4.99% p.a

Bank Rakyat personal loan is at flat rate 4% would be approximately 7.2% p.a. on reducing balance.
10 years loan available under bank Rakyat
*
hong leong bank's credit card offer indeed seems appealing. Anyway to withdraw cash from my other credit cards? purchasing item from private seller with no access to credit card POS.
TSminde
post Oct 10 2018, 05:25 PM

dreamt a king, woke up still king
*******
Senior Member
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Joined: Jun 2005
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QUOTE(powerlinkers @ Oct 10 2018, 05:21 PM)
Which bank credit card do you have have at the moment?
*
mbb,pbb and citi
TSminde
post Oct 11 2018, 09:00 AM

dreamt a king, woke up still king
*******
Senior Member
2,911 posts

Joined: Jun 2005
From: KL



QUOTE(powerlinkers @ Oct 10 2018, 05:44 PM)
First option
1.Apply bigpay
2.BALANCE transfer MBB to PBB(Promotion will end soon). Apply today itself. 0% for 12 months.
3.Top up big pay with PBB credit card once you get your bigpay card: top up the card with the money from balance transfer(money in  PBB).
4. Find a Maybank ATM which dispenses RM 100 notes, withdraw rm3k each withdrawal(money from bigpay-only charge rm6 per withdrawal )  do not abuse this service: they will cancel your card  maximum is RM 10k/ month,  try not go overboard.
5. If you think that you would difficulty paying the amount over 12 months from Maybank, you can apply Hong leong bank credit card and balance transfer to Maybank credit card.
Second option
1.Apply AMBANK ISLAMIC (Remember :islamic)  credit card.
2.Apply balance transfer from Maybank or Hong leong bank or public bank to AMBANK Islamic credit card.
3.Go to counter(Not ATM) and cash advance the amount that you have balance transferred.
AMBANK Islamic only charges rm50/cash advance. No other fees except annual interest rate of 18%, if you have already have extra money in the credit card (from balance transfer) : you will be imposed only RM 50/each cash advance

Third option
1.hong leong essential card withdrawal fee is 2%,  annual interest rate of 10.8%, you could balance transfer to this card and withdraw as well
*
wow, im impressed!

Thanks so much!
TSminde
post Oct 15 2018, 10:42 AM

dreamt a king, woke up still king
*******
Senior Member
2,911 posts

Joined: Jun 2005
From: KL



QUOTE(powerlinkers @ Oct 10 2018, 05:44 PM)
First option
1.Apply bigpay
2.BALANCE transfer MBB to PBB(Promotion will end soon). Apply today itself. 0% for 12 months.
3.Top up big pay with PBB credit card once you get your bigpay card: top up the card with the money from balance transfer(money in  PBB).
4. Find a Maybank ATM which dispenses RM 100 notes, withdraw rm3k each withdrawal(money from bigpay-only charge rm6 per withdrawal )  do not abuse this service: they will cancel your card  maximum is RM 10k/ month,  try not go overboard.
5. If you think that you would difficulty paying the amount over 12 months from Maybank, you can apply Hong leong bank credit card and balance transfer to Maybank credit card.
Second option
1.Apply AMBANK ISLAMIC (Remember :islamic)  credit card.
2.Apply balance transfer from Maybank or Hong leong bank or public bank to AMBANK Islamic credit card.
3.Go to counter(Not ATM) and cash advance the amount that you have balance transferred.
AMBANK Islamic only charges rm50/cash advance. No other fees except annual interest rate of 18%, if you have already have extra money in the credit card (from balance transfer) : you will be imposed only RM 50/each cash advance

Third option
1.hong leong essential card withdrawal fee is 2%,  annual interest rate of 10.8%, you could balance transfer to this card and withdraw as well
*
hey would you recommend taking fixed rate or floating rate for personal loan?
TSminde
post Oct 15 2018, 04:14 PM

dreamt a king, woke up still king
*******
Senior Member
2,911 posts

Joined: Jun 2005
From: KL



QUOTE(powerlinkers @ Oct 15 2018, 11:08 AM)
If you are taking 36 months loan: go for floating
*
Do you know if they calculate the spread using rule 78? or normal ibra method. want to calculate the rebate for early settlement.

 

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