i was thinking of applying a personal loan of RM30k for house renovation, but the interest rate is bloody high! something like 10% per annum. pls correct me if i am wrong, but is is my method of calculation correct?

Loan:RM30k
Interest Rate: 10%
Tenure:5 years
Total Interest: RM15k
Total paid: RM45k
Monthly: RM750

This post has been edited by jags: Sep 20 2010, 10:31 AM

wtf! thats fcking madness! the interest is half the amount of the loan!!
bro the renovation is out of necessity, i will never apply for a personal loan just for the sake of making the place look better .

don't compare with ah long la! they are fcking criminals!

will probably try shitty bank since someone here mentioned that they are offering 5.xx interest rate and i also have banking facility with them. worse come to worst will probably dig into my stash, no way i am going to pay RM15k interest for a RM30k loan.

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Added on September 20, 2010, 9:13 pmtrust me, you're better off in the long run
This post has been edited by jags: Sep 20 2010, 09:13 PM

just a quick update, for citibank, you must have a current account or credit card with them. if not, forget it

samquah,
i think you payment record must be good. it doesn't make sense for them to transfer your credit card debts to a personal loan with 5.xx% interest, as they can probably earn more money from the credit card interest. however pls don't take my word for it, as i do not know anything about personal loan/credit cards. only using logic