Just do it next time. You'll be more financially and emotionally prepared for it

SMSed back n forth with Liza .. very helpful n highly recommended

Min gross RM800 for Xpress Cash Financing-i by CIMB

http://www.cimbbank.com.my/index.php?ch=ci...t=cimb_islamic#

The interest rate is 2% monthly

7.76% flat is sure lower than normal PL since it doesnt have processing fee, stamp duty, etc

Sure. Change the same amount to 9.9% flat (Al-Rajhi current rate) and the APR is 18%

Yes. Higher risk for company to lose money / close down, hence for you to lose your job, hence default, hence higher interest rate.

But hey it's a good thing - it will prevent you from loaning more than you need and payback faster.

Bank doesnt care how you're planning to pay your current commitments when you're studying. All they know is you're going to be jobless for a year and ding ding ding alarm bell goes.

You've already signed for a condo, a car and 2 personal loans. If I'm a bank, its gonna be very hard for me to loan you more money.

I'm just wondering :
1) Why didnt you try to save money first instead of relying on banks?
2) How are you going to sponsor your life when you're studying

I personally think you're too broke to study.

I'll spare my comments on the wedding loan

So you're going to withdraw from EPF under which scheme?

Since your dad has a property (assuming that it is paid off), you can use that property as collateral whilst getting an overdraft facility instead of refinancing.

Cant ask for your Canadian relatives to help you with the fees first?

For CIMB, OD interest is a lot lower that that. The best thing about OD is that you're only charged interest for the money you withdraw, not the whole amount like refinancing. And there's no monthly payment!! . Usually banks will give around 80%-90% value of the property for OD. So you can have around 50k 'standby credit' and use 25k first to pay the first part and be charged interest for only that amount. Less paperwork is needed also compared to refinancing

When you're there and working, you can pay off the OD and this way you wont be hit with the normal 'lock-in period' penalty like a mortgage. But I think only the owner of the property can do this. Ask your dad first. After OD is paid off you can release the lien on the house if you want. But no more OD for you lah after that.

But banks will also take consideration your dad's current commitments. If you wanna open a joint current account, I suggest you clear off your personal loans first before applying for OD. Most banks do have OD facilities actually, it's just not well known

I have no contact for it but if I have to do it myself I'd go with CIMB. Just personal preference based on how they worked with me previously.

Good luck.

Yea it's something like OD but you have to pay monthly installment and pay interest on money you're not utilizing. Unless you're doing Flexi then it's far from the same

Bring your business elsewhere then. Call Maybank and ask for their CashLine Facility. I didnt do much research when I needed OD last time because CIMB/Maybank/RHB offered them so you're gonna have to do this yourself

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

Er why not just get a ASB loan then. The rate is so much lower than normal personal loans.

cimb, bank islam and bank rakyat's personal loan is around 6%.

but got restrictions - deduction have to be from angkasa so you have to either be a government servant or selected companies only

and they have koperasi fee, this fee that fee so the real cost of borrowing is on par with other normal personal loans. dont just look at the interest when making a loan, people

Yes. But make sure you pay ALL 7k (not minimum amount) before 6 months is over.

In this case BT will only buy you some time, before slapping the full interest back on the balance that you couldn't pay. Banks will rely on probability that you'll swipe more on that same BT card thus enabling them to charge you double-tiered interest. Do your calculations throughly, cause it may end up costing more than a normal personal loan.

18% annum = 1.5% monthly. Just divide by 12.

I personally used CIMB - 0% for 6 months and paid it off. But those were real retail transactions (not money coming to my savings account) that I postponed paying cause I was clearing up 2 personal loan messes.

Now we sleep better at night - never again

That was from another CCs. You cant BT from the same card. You can do the same but you wont get that extra 3k money in your savings account. It all depends on what you're trying to do. If you need the cash then this wont work much.

Btw I dont think interest rate is the issue here. You'll still be in deep doodoo after 6 months has lapsed if you dont pay them off. I personally suggest working extra, finding freelance works, selling stuff and doing things that make more money instead of extending the payment period.

You can go to CIMB and get a OD against your ASB certs at BLR-1.65%. Better than personal loan

Can you even get a personal loan if you're 18?

Prolly you can apply loan with your ASB certs as collateral