this is long thread. what bank gives out cheapest personal loan.
if only have ic and credit card can apply already?

Hey Neither actually.

My husband and I took personal loan 3 times in a period of 5 years - HSBC, Citibank, Al-Rajhi. We were overwhelmed by our CC spending and we had no savings. All we did was to cover one hole by digging another hole. One day I got really really sick of our financial situation and decided to pay more attention to loan T&Cs, and spent more time calculating stuff. We found out that :

1) Having personal loan to consolidate your credit card debt is a bad idea, since it's better to BT @ 0% for 6 months and become totally focused and disciplined on clearing it out whilst not piling any new debt on our cc.

2) Personal loans aren't as cheap as you think cause they're calculated based on fixed interest rate. Go anywhere now and you'll see lots of advertisements on billboards, sidewalk, taxis for personal loan. Why do you think they're aggressively marketed?

3) You'll not get full loan on personal loan. 0.5% will go to stamp duty regarless of any bank. Al-Rajhi has 'Delivery Charges' fees (I called it processing fee in my calculation above) and compulsory Takaful that you have to buy and it caught us by surprise because we were ignorant. We got almost RM400 less than our loan amount.

There are other physiological effect too (you'll think that you have more cashflow by reconsolidating your loans, you'll tend to spend more etc) and risks (you're doomed if you lose your job, become sick and unable to work etc) but I'll just stop here

Currently we have 0 credit card balance, 0 car loan payment, 0 personal loan payment, a few k in our 0% BT plan and emergency fund for 3 months expenses. Hopefully we'll never go back to that place again...

thanks, Syd G. but i calculated the same too.
what amazed me is the staff in bank doesnt really know their own product and rate and all they depend on is their system. they do not even know how to count.

all your prediction is correct though not exact amount ..
after i calculate, totally i save about RM500+
it's lower than i expected because previously i did not know Al rajhi is charging so many extra fees, they told me just today.
but anyway, i still save although not alot.

This post has been edited by loanneeded: Apr 7 2010, 03:58 PM

Tq for sharing...Ive just found out about koperasi loan...apparently their advert does not actually talk as what they walk...instead of charging 1.99% they are actually charging 18% per annum.

but got hell lots of hidden charges?

It's not that they didnt disclose it, it's just that people are too ignorant to care.

who's here familiar with personal loan for government staff? can i take the personal loan if i'm just recently join governemnt as PEGAWAI, permanent only 2months+ join.

Thanks.

Hi , i wanna ask anyone tried the RHB Easy-Pinjaman Ekspres ??

How does it work ? the website says :

No documentation required
On-the-spot approval and disbursement in less than 10 minutes
Flexible Personal Financing amounts from RM2,000 to RM50,000
Low monthly installment amount from less than RM60 per month
Flexible loan repayment tenure of up to 5 years (60 months)

Is it true ?

Try asking her - http://forum.lowyat.net/topic/1353900

hi guys,

i would like to ask if only need around RM2k-3k cash, is it better to get PL or direct using cc to get it.

fyi: i never hold any cc, most of the time debit card, and also never having a loan.

p/s: the rhb easy pinjaman express looks good..but is it too good to b true??

thnx~~

Hi guys, i want to make PL RM30k for 10 years.

work with government. Start Jan 2010. net salary RM2k a month

already rejected by CIMB, Bank islam n RHB-easy.

Didn't use CC and never made any bank loan before.

to any bank agent here. if anyone of u can help me, please PM me ASAP.

thanks

Tried MBSB?

sorry. what is MBSB?

MBSB is a subsidiary of EPF and they provide loans, personal or house. Their repayment is by salary deduction. Just google on the web MBSB and you can find their website... : )

I'm in the same boat with you

I'm trying to get a PL of 4k also hard due to I don't have any records with the banks even car loan

Hi y'all. I'm a degree holder working as a tax associate and just bought a car last week under Hire Purchase Financing from Bank Islam (Gradhitz).

I have been working for almost 4 months now. Anyone can advise me whether I'm eligible for personal financing (I need to pay ACCA exam fees) or not since I got rejected fro CIMB (probably because my income is not really that great, MYR1600 jer).

Peace out.

Would be better if you can furnish your desired loan amount and your car's monthly installment amount.

ACCA exam fee wont cost you a lot, try using a credit card to pay instead, better than taking a personal loan. Don't your firm sponsor your ACCA tuition fee? Perhaps get an interest free loan from your firm and repayment monthly by way of salary deduction. Not a wise move to get a personal loan for small amount cause the interest rates are exorbitant.

I pay RM497 monthly for car (I love Bank Islam) and I'm gonna need around RM4000 for personal financing. Since it is unsecured, I'm afraid I won't be eligible for that if I apply to RHB.

I work at really small tax firm, and they don't offer sponsorship or ACCA students.

Is it a good move if I pay using credit card, how to make monthly installement, care to elaborate. At a annual income of RM19200, I don't think the bank will accept my credit card application.

This post has been edited by drjake: Apr 11 2010, 06:49 PM

As much as you love Bank Islam, RM497 monthly on a RM1600 salary is already 30%. That hurts your chances greatly.

I'd try to change job or postpone the ACCA since you really cant afford it.