isnt bank Bank Muamalat juz offer for govenment sector? i ask them they said they offer to military and bomba nia.. direct reject frm front door ... T.T

Hi all,


I am planning to apply for personal loan for myself? Do anyone know which bank is the most efficent one?
Does all bank provides personal loan?
what is the requirement to apply for personal loan?


Hope anyone can Help me?


Thanks guys....

I went to cimb today to enquire about their personal loan
then this officer show me some flexicash it's reducing balance

i asked her about the interest.. she said it's BLR + 6.1% = 11.6%
is it normal to have blr for personal loans? i thought blr is for home laons?

I am actually looking for personal loan however I been having record in Ccris / Ctos. But I manage to have income to payback at least RM1.5k per month on installment of loan. I only need RM15k loan to settle all my existing credit card debts, as I calculate the credit card interest is much more than Personal Loan therefore I hope can apply for it but none of the bank approved me the loan. So if you guys, can introduce to me where I can get the loan or 100% can get approval. Please do PM me and let me know.. Appreciate on your information.

Thank you so much..

Are you a government servant? If yes, then I can assist you...!!

Too bad. I am not. Any other ways?

Show me the way you calculate the interest?
Credit card is on reducing balance whereas term loan or personal loan is on flat interest where the effective interest rate is higher than credit card when it comes to final few years.

By constantly paying your CC with your 1.5k like you mentioned for a balance of 15k; it takes you appropriately 10+ mths to clear it with the extra interest paid as RM720.64 (total interest is only 4.8%)

By taking a loan of 15K say for the same tenor - 12 months at the interest rate of say 9.99%. You'll be forking out RM1,498.5 as interest. Double what I've calculated for you.

So pls do not be misled by personal loan's interest rate as you have not done the full calculation yet. There's a big difference! Just pay monthly your RM1.5k like you mentioned you can afford instead of taking another debt to cover current debt.

---

Added on March 19, 2009, 9:38 am
Look at the above.
First column is your starting balance of say RM15k.
2nd row onwards would be your (balance - payment)*(1+{interest rate/12}).



p/s: If anyone thinks that my calculation is wrong; pls correct me.
Everyone is here to learn.

This post has been edited by b00n: Mar 19 2009, 09:38 AM

Enter Act Pmt>1500.00 Enter int> 1.500%
Principal Int per mth Int charge O/S Amt Min Pmt Act Pmt
15000.00 1.500% 225.00 15225.00 761.25 1500.00
13725.00 1.500% 205.88 13930.88 696.54 1500.00
12430.88 1.500% 186.46 12617.34 630.87 1500.00
11117.34 1.500% 166.76 11284.10 564.20 1500.00
9784.10 1.500% 146.76 9930.86 496.54 1500.00
8430.86 1.500% 126.46 8557.32 427.87 1500.00
7057.32 1.500% 105.86 7163.18 358.16 1500.00
5663.18 1.500% 84.95 5748.13 287.41 1500.00
4248.13 1.500% 63.72 4311.85 215.59 1500.00
2811.85 1.500% 42.18 2854.03 142.70 1500.00
1354.03 1.500% 20.31 1374.34 68.72 1374.34

---

Added on March 19, 2009, 11:32 amTotal Payable 16374.34
Int Payable 1374.34
Months 11

---

Added on March 19, 2009, 11:34 amdo a balance transfer bro.
try Public or Maybank or EONbank. so far this is the best deals....also stanchart..4.99%pa for 9mths.
OR take the zero interest plan...dont know got "truly" zero or not lah...usually its very short tenor...
RHB 6% reducing balance used to be the best but now no more.

This post has been edited by Vieri777: Mar 19 2009, 11:55 AM

Thank you guyz for the calculation. Now I am more clear on the calculation. But any how I have bad record in ccris due to last few months didnt make payment coz jobless. So will the balance transfer affected>? Any advice from banker?

can a RM2k income earn 30k loan? I can provide payment slips, confirmation letter those, but EPF like so ma fan...hard for me to go obtain them, somore my current job right now not paying EPF yet,im working for 4 months d with them... n i never had a credit card...

so what are my chances year?

thx in advance

I presume you're not a government servant, and belong to the private sector.

If that's the case - your chances of getting 30K is 0%

For 4 months on the job - i'd say even getting an 8K loan - the odds are also againts u (perhaps about 30 to 40% chance)

thx for the reply helps me alot, so i shud forget about personal loan now...cant buy a car yet >.<

u getting a pl for buying a car? doesnt tat evolve u on 2 loans later on?

if i didnt have payment slip, how to apply loan? work in family business. income net RM2300 per month. no EPF. previous loan, PTPTN. age 23 years old.
what document i need?

Ur family business got a company right ? use the company to issue you salary slip up to Rm3k per month....hehe~ less than RM3k no nd pay tax...so they cant check your form J...thx

after weeks n weeks of looking, i've decided to go with Stanchart.
and Public for balance transfer
hope all is okay. wish me luck.

Good luck with your application. Do update us on your progress if possible.

here are some tables for those wondering the comparison of the personal loan rate and the credit card interest rates...

Personal loan rate 12%
Equivalent credit card rate
1 yr 21.457%
2 yrs 21.571%
3 yrs 21.200%
4 yrs 20.754%
5 yrs 20.310%


Personal loan rate 10%
Equivalent credit card rate
1 yr 17.972%
2 yrs 18.157%
3 yrs 17.918%
4 yrs 17.600%
5 yrs 17.274%


Personal loan rate 8%
Equivalent credit card rate
1 yr 14.452%
2 yrs 14.677%
3 yrs 14.548%
4 yrs 14.345%
5 yrs 14.125%

as an example i loan 10000rm personal loan at the 12% rate 5 years i would have to pay 266.67rm back every month, however if i did not take the personal loan and choose to pay back to the credit card at 266.67rm every month, the credit card interest would have to be 20.31% instead of 18% for the final balance to be 0 at the 60th month. if the credit card uses 18% i would be able to finish paying on the 56th month with 266.67 monthly. this example ignores the 5% minimum payment of credit cards...

in some cases the personal interest rate of 12% is an illusion that it is lower than the 18% credit card rate. the equivalent credit card rate was calculated from using the excel tools->solver function to reverse calculate. correct me if wrong, hey i am also learning

2 cents

This post has been edited by mouldybread: Mar 25 2009, 03:57 PM

can i use "payment voucer" as my pay slip? look like a cheque but with company name @ the top. can this consider as strong document ?? hehe..

Hi, you got the principle right - but the rates wrong. Basically - the 12% is a flat rate. Yes, you have to convert it into an effective rate for an apple-to-apple comparison with credit card rates.

there's too much to type - and it's been a long day. Basically - pls google up "Rule of 78". That's how personal loan interest is callculated. Interest is already predefined every month - and is NOT reducing balance.

Using your example of 12% - the equivalent effective interest rates is as follows:

Year 1: 22.4%
Year 2: 20.2%
Year 3: 18.3%
Year 4: 16.8%
Year 5: 15.5%

If you noticed - Rule of 78 allocates a much higher disproportionate amount of interest in the earlier part of the loan tenure. The effective interest rate over the 5 years is 20.3% - based on the 12% flat rate.

If I've managed to confuse you - pls google up Rule of 78. It'll be clearer then. Hopefully, awareness of this issue will be spread to the unsuspecting public.