I did. It was not approved in 24 hours, more like 3 days.

I think you can get the 24 hour approval if you're an existing Citibank customer or work in government sector or a listed company.

Do allocate around 5 working days for processing.

he-sham,

With your salary you're either going to get a loan with high interest rate or not going to get any. Most banks are willing to give up to 4-5x ur salary or 10x if you're a government servant.

The economy is going to the longkang so most banks are more prudent in giving out secured loans, even more with unsecured ones.

They have a 'transportation fee' - RM250

I'd go with Citibank. Mine is 7.6% flat, Applied for 9k and got rm8955. Pretty good deal if you ask me.

Citibank used to be 7.9% flat

al-rajhi used to hv a weird rm250 sort of delivery (sorry, i cant remember the exact term now) charge for all personal loans. and some other fees as well.. unlike citibank who only will minus around rm50 for processing

I just paid off my Citibank personal loan 8 months earlier than scheduled. This is because my CC rate is 13.5%, but effective rate of that personal loan is 14.95%

Felt like a huge burden lifted from my shoulders

If your company is not listed then the rate is 6.0%. Still pretty cheap compared to other banks

Cheers.

Hi hafiz,

I know there's no penalty for early settlement, but I read that you have to cover the legal fees. How much is the legal fees?

Asking cause we're paying off our Al-Rajhi loan early and there's a clause mentioning
"The redemption sum doesnt include additional legal charges or any other fees that may be incurred in respect of this Trade Facility".

That's really a bummer

Thanks for your explanation. Will update if we kena charge legal charges somewhat.

Paid off the loan today

Now to tackle CC

Depends on number of years

No I'm not.. sorry

Nop.

You need to grit your teeth and tighten your belt for 3 years. Digging a hole to cover another hole wont work, physiologically.

Dude, what is your issue?

Usually only RM10000 but remember that there are usually processing fee, penalty for early settlement (usually at 3-5%) and other misc fee that they can impose on you. So you wont be saving money anyway.

Am wondering. Is 8.5% from Al-Rajhi?

I'm sorry for just shooting you and not explaining the maths.

Then you need to calculate the fees to apply for the second loan as well.

Processing fee : RM250
Stamp duty (0.5% out of RM10000) : RM50
Takaful (assume RM50) : RM50
Total fees : RM350

Interests for 3 years for first loan : RM10,000 x 11.88% x 3 = RM3564
Interests for 3 years for second loan : RM10,000 x 8.5% x 3 = RM2550
Total savings on interest for 3 years = RM1014

Minus Early penalty fee (assume what you said is true) for first loan = RM200
Minus Second loan's processing fee = RM350

Total savings = RM464
Total savings out of loan amount = 1.55%

---

Lets consider the variables :
1) This is assuming your early penalty fee is RM200
2) This is assuming your takaful is RM50
3) This is assuming your bank will give you FULL rebate of interests for the whole 3 years

Is it really worth your 1.55% ?

What I'll do :
1) Find out how much rebate on interests I'll get from the first lender
2) Find out how much is the early penalty fee from the first lender
3) Find out how much is my takaful charge from Al-Rajhi bank

And redo the maths. If it's worth your time and effort then do it. Else just go through it for the next 36 months.

Cheers.

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...

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

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

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

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.