Hi,

I have came across the bank islam's new promotion advertisement for PL.
5.1% p.a

i have made the following calculations:

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loan amt - RM20K
repayment tenure - 3 years
int rate (flat) p.a. - 5.1%
mth repayment - RM640.56

simple rate p.a - 9.49%
EIR - 9.91%

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is it correct to use the EIR (9.49%) here to compare with the credit card rate (13.5%)?
if tat is correct, is it worth to take PL?

thanks.

thx for the explanation