U need to be at least 6 months working at your current job. FOr any enquiries on personal loan please contact 012-5802447

can u specify the reason?

no, both didnt say y they reject my app , but i think it must due to my other debts payment history

i'm thinking to apply loan to settle all my crdt crd bills arrgghh..

don't take frm h'leong.. they charge Rm50 for late payment!!!

what is the best rate for pl now? want to used cc to apply can i apply more than my cc limit? also i still owe cc 17% of the limit.

Its very difficult to say what is the best rate now as the rate varies according to income level, tenure period, etc. from bank to bank. And NO. You cannot apply more than CC limit. Infact it will reduce your CC limit. For example, CC limit is RM6k. Apply to buy motorbike 5k. So CC limit reduce to RM1k. Anyway its always better to take personal loan. Safer and longer repayment period. Always choose a payment amount you are comfortable with. Don't let it spoil your payment record. If you owe credit card more than 2 month, changes of you to obtain a Personal loan is very slim. If you want to know more about personal loan. Contact me directly at 012-5802447. I'm a loan officer.

1. No, I disagree with u that u can't get a personal loan more than your CC limit. A limit with 0% utilization has no bearing whatsoever on the Debt Service Ratio or LRR ratio evaluated by the bank.

2. Having an outstanding balance on your on-us or off-us credit card is a different issue alltogether. Obviously that will have a bearing on your credit standing and the quantum of the loan approved.

3. Not all banks charge based on risk based pricing like Stan Chart, for example. Some banks charge a flat rate irrespective of income level, tenure or whatever. So - I suggest customers really shop well.

4. Lastly, It is misleading and a bit sweeping to say that it is "safer" to take a personal loan. It depends on one's objectives. Let's face it - the interest you pay on your Personal Loan is going to be way higher than a credit card, once u convert it to an effective rate. It's just that most customers do not know what the heck a flat rate is. However, if u r talking about cash flow mgmt - then I agree with you. The monthly repayment on a p.loan can be more manageable as the loan tenure stretches up to 5 years or longer.

PS - i'm not a sales agent. So, i'm not in competition with anyone. Just stating my points.

1. Maybe I din explain myself well enough. I did not say you cant get a personal loan more than your CC limit. I'm saying if you are using your credit card to make installment, you cannot apply more than your CC limit.

2. Yes, this is obviously what I'm talking about. If you owe the bank an outstanding more than 2 months. You are simply telling the bank I'm not a good paymaster. So changes of you getting a PL is almost near zero.

3. Like I said earlier. It varies from bank to bank. But do keep in mind. Every bank has its pros and cons. I would say choose the bank which suits your needs best.

4. Yes. manage cash flow and liquidity. When i mean safety, I mean feel confortable paying the amount every month without having to starve yourself to pay back. There is flexible tenure which like said earlier 5 years or longer unlike credit card only 1 year. And if you are unable to pay the outstanding later convert to interest rate of a whooping 17.5%. However, banks do offer rates which are way lower than CC even after converting into effective rate. Like what you said. Customers really just need to shop well.

if someone's record shows he is a good paymaster, can he negotiate for better interest rates for PL?

I'm currently looking for PL to settle some of my debts. Wondering anyone can help me in this matter.

Income : RM2900
Attached with current company : 20months

2 banks had rejected my application due to some guarantor issue. But that had settle. Any comments please advise.

Public Bank. 4.99% for 4 years +. 3.40% for 2 & 3 years. I just made mine. About a week to get approval and the money is in.

http://www.publicislamicbank.com.my/pibb/e..._pfinancing.pdf

Mostly you need 2 years after you settle the guarantor issue to apply personal loan. If my opinion is wrong, someone please correct me.

private sector with salary rm2500 can apply or not?

The lowest tier for CC interest is now 13.5% if u are not delinquent for 12 months straight. Some banks even charge 9% on their credit card for non-delinquent cases.

Care to educate me which COMMERCIAL bank charges less than 13.5% effective rate for their unsecured personal loan? (I'm not even going to use 9% in my question, to give u some space)

I'd be most curious to know. Since, u mentioned that banks offer WAY lower than CC even after converting into effective rate.

Please educate me.

---

Added on October 29, 2009, 9:48 pmnope, if u look at the deduction table, you can deduce that it's for govt servants via Angkasa or AG network only.

This post has been edited by Phoeni_142: Oct 29 2009, 09:48 PM

Yes, very detail explanation on the CC. You basically have given a clear explanation on that.

Example of banks which offer low effective rates are like OCBC, Stand Chart. Some effective rates are affected by tenure period, the flat rates of course and the loan amount. But as far as I know, these rates are only offered to super high income earners.

This post has been edited by neveek1: Oct 29 2009, 10:47 PM

Currently the effective rate offer by my bank is 10.49%. If you interested, u can contact me at 016-3335956

Bank rakyat....

Yeap. Bank Rakyat for gov. If your private you can always contact me 012-5802447. Though my bank rates varies according to income level. But Currently the lowest effective rate offer by my bank is somewhere around 10%. (flat rate 5.5%pa)

neveek1

only 1 out of 50 customers will get the rate of 5.5% flat.

Obviously, you're on a risk based pricing platform

There is NO WAY u will have 5.5% flat rate as a board rate.

Your Approval Rate should also be very bad, and income survivability for you will be volatile at best. If u have problems and want other options in your career, you PM me.

Anson Lee

I asked which COMMERCIAL bank offers a rate lower than 13.5% effective rate. Please know the difference between a flat and effective rate first. Secondly, Bank Rakyat is a COOPERATIVE Bank. NOT a COMMERCIAL Bank. There's a HUGE difference. And I won't bother explaining more here. thanks.

Thanks Phoeni_142! But I'm doing just find right now =)