Guys, don't just look at the interest rate of the personal loan.
Pay more attention on the *terms and condition part.

I was eyeing to get a loan of RM80K, then i saw this advertisement offered from a local bank, it is 1% flat for personal loan, minimum is 50K.


So i was so excited, 1% --> it will mean RM500 only for interest! But after i look at the repayment and calculate the total interest, my eyes pooped!

They requirement loan repayment period of 5 years, and RM1333.33 installment each month, if u sum up,

RM1333.33 x 12month x 5 years = RM79999.80!!!!

Interest = RM29999.80 ! but advertisement interest = 1%*

This post has been edited by ohserena: Apr 22 2009, 12:22 AM