Yes. It would show the balance outstanding and line assigned too.
It would also show your last 12 months applications and also in the event you had been served a summons by the banks, it would appear too.

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.

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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

I think in a way we proved that by paying up the credit card debt by using the amount of "installment amount to be paid to personal loan" is more worthwhile than securing a personal loan to pay down credit card.

Cheers.

Not really.
You have to bare in mind that Credit Card interest is on reducing balance.
You just need to compare it in excel and do a simple calculation side by side.
Couple of us did it before in the previous pages and seems that CC mostly won over UPL. That is if you have the discipline of not to spend further after you repay.

Let me do a simple match for you.
You take loan 12,000 for 2 years with interest rate of 9% pa. So interest for 2 years is 1080x2 = 2160.
So total amount + interest is 14,160 where by 24 months monthly repayment is RM590.

So it doesn't differ much.

Remember once again, CC debt is reducing balance. i.e. you pay RM600, your next balance would be 11,400 where you add in 13.5% pa interest charge = RM11,528.25. 5% minimum charge than ia already at RM576.41. So why still pay RM590 for the next installment whereby if you're committed enough, you'll be paying less as the balance reduced.

Correct me if I'm wrong; but takaful charge is only meant for Islamic product right? So if it's not an Islamic loan, there shouldn't be any takaful charges.

Pls spend time and go through the topic which we've previously discussed about CC pay down vs Personal loan pay down.
At least go through my post: http://forum.lowyat.net/topic/479971?author=b00n

Don't think PL tenure is that long.
Usually max 5 years I think.

There should be early settlement charges as they have to recoup back some of their interest earning which is going to be forfeited if one settles early.

With so many commitment (like you put it) and you do not even have 10k for house downpayment; are you really sure your can afford the house?! Done any personal financial planning at your own side?!

Ever wondered why you are being rejected?
Could be because your current commitment already over geared?

As far as I know, no bank can disburse the money in such a short time.

Koperasi loan usually only applicable for government servant.

I don't think that cheap. But if it's true; then it's better to cover with the lower interest for the same amount and tenor you're getting for the 11.88%.
But better make sure of the early settlement amount before committing.

And what makes you think that PL interest is lower? By just looking at the nominal interest value?!
Go do research on effective interest rate as well as know the difference of CC interest rate which is on reducing balance whereas PL is on fix interest rate. So understand the difference first before jumping the gun and thinking PL interest rate is lower.