Hi, since you are stand chart staff, want to ask you about the early settlement for "Quick Cash Edge".
My loan amount is 12k and interest rate is 10%p.a. Loan tenure is 5 year.

Already paid installment for 3 years and plan to do early settlement.
I was told can save roughly 1k if doing early settlement.

But based on calculation, 1 year interest should be 1200 (12k loan, 10% interest). If I settle 2 years earlier, suppose I can save 2400, why now only save 1k?
I doubt how is the calculation and not fair to consumer.

Try Muamalat bank...
some islamic bank i think their interest is ok..

For your information, u will pay more on Interest during the first few months.
N the later months, u only pay for the principles.
So you settle the loan all ady?

Quick Cash Edge is works something like car loan. Flat Rate. That's why there is no early settlement fee or penalty. Usually the bank will give rebate, how much ..that one I have no idea.

For Personal Financing-i it is based on reducing balance.

I applied at Bank Islam for RM30k. I told the idiotic officer that I want to borrow for 3 years to settle my outstanding credit card amount of RM20k. She said can, no problem, and proceed to calculate my financial details. Here's what i have :

Car loan = 0

Housing loan = RM 1200, but since the house under 2 names, so it's assumed that i only pay RM600. This is what she told me

PTPN = She said no need.

So she said, ok, can, no problem, can apply, and i handed in all my documents.

One week later, i call the bank officer up and ask her the status, she said rejected coz commitment to high. WTF? She said can, now said cannot. Nvm, I applied for 5 years instead. Called another week later, and she still said rejected. I asked why? She said commitment too high, then I said I told her before that I borrow to settle my credit card bills, and she herself to me the bank can help me to settle the credit card bills directly, and if I do it this way, it'll be easier to borrow from the bank.

So I tried to apply for 8 years this time, and guess what, another week later, rejected again coz commitment too high. So disappointed with this bank. I already stated in the beginning that I borrow to settle credit card bills, and the stupid bank officer say it can be done, with Bank Islam settling my debts directly with the credit card companies. Wasted my whole time running up and down just to apply for this stupid loan

@munchinks
Why not just borrow 20k instead since your cc amount is only 20k

munchinks,

I kena before from Bank Islam... same thing.. really bodoh & waste my time. I was only paying my house about RM 600 and they say the same thing.

Well, when all else fails try Al-Rajhi bank... very good service towards me so far. no problems at all. I personally recommend the Taman Connaught Branch near the Giant. Very efficient & direct.

P/s: I got my personal loan from Al-Rajhi within 3 days.

I borrow 30k because I need the extra cash to do some side projects. But come to think of it, since borrow 30k for 8 years also rejected, I'm not surprised that I'll get rejected even if i borrow for 20k

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Added on June 4, 2010, 11:14 amWhat's the interest rate from Al-Rajhi Bank?

This post has been edited by munchinks: Jun 4 2010, 11:14 AM

When I got my loan previously it was 7%. last I heard now is 8%.

Well, at least it is cheaper than other banks..

Not settle yet, have to consider how much can save because now getting offer from SC cheque on call, interest rate is 3.99 per year.

Ok. Understand now, but regret getting this type of loan. The rebate is not attractive, only get 50% of what I suppose to get if compare to reducing balance.
So anyone who plan to take personal loan must learn this lesson as well.

From my experience, citibank is reducing balance. Al-rajhi should be not. Anyone can confirm that?

Cheque On Call ..max tenure is 18 months only. If you borrow large sum..then monthly repayment is gonna be a bomb.

I can't remember that, around 8-9%, around 3 years ago.

Yup. This is one of the drawback.

Guys Im an exec here under Maybank handling new product personal loan. The rate going is 9-11% interest depend on loan amount. 1 day approval. Minimal documents needed(ic and 2 months salary slip only thats all). Can call/sms me at 012-3594024(JC) for enquiries and application. Or you can refer to my thread in the services noticeboard.

Guys ... abit blur with the whole personal loan thing. As I understand got 2 types of interest? 1 is flat rate n the other is ... ? which 1 is better? does fix allowance can include as salary?

holy ghost,

you can include fixed allowances into your income.

[(basic + fixed allowances + side income(regular stream of income)] x 5 = max loan amt

i want make personal loan...around 20k...please suggest me which bank is good...PM me or msg me...0134005153...

im working at TM malaysia...my basic 1250 only and epf 151.00 and socso 6.25...so what max personal loan can go with my salary....

Maybank people are not very pleasant compared to EON people (even their security guard greets you). EON (Kota Kemuning) people are very welcoming hence I feel safe & they somehow make me feel that I can rely on them. There's this Branch Manager from Maybank (Kota Kemuning) by the name of Anita (Malay lady), she carries this unpleasant personally "very snobbish & easily gets irritates" . I guess she sees skin colour.

Shuyina, if you're a malay, definitely welcomed

This post has been edited by g r a p e k e y: Jun 8 2010, 11:19 PM

danny .. thanks. so which type of interest rate is more recommended? can do a comparison?

lol...im welcome to?maybank or EON?at kota kemuning?

hey all,

previously I used Citibank Celcom card and now they have discontinued the card. So I've to settle all my outstanding.

I've made a call to their customer service and talked about this, initially she said that I can still continue paying monthly. but then, a week later, I got a called from Citibank saying that I have to settle all of my outstanding. Imagine that.. initially my outstanding is only 3.7k.. but since i didnt pay full amount, now my outstanding becoming double!!!!

I am thinking of applying for personal loan. I wonder if i can apply to citibank personal loan : 10k and deduct all my outstandings with them. i would like to have a repayment period about 3 years.

alternatively, what do u recommend?

my basic salary is 3.2k (excluding OT and other allowances)

thanks.