1 more problem is, i am serving a car loan at the moment. My salary is RM2.5k after EPF and socso, only left with RM2.2k++
My car loan I have to pay RM800 per month. And the worst part is, i am owing credit card. I want to take this personal loan to clear up my credit card and help me pay up my car installment this month. lets say i want to take RM5k loan from bank and pay it back in 2 years. u think the bank will approve the loan?? I dun want to go for those "Licence Money Lender" as i know they will keep my ATM card for the bank that pays my salary. I also dun want to make any credit card balance transfer as i need cash at the moment. any financial adviser around can help me with this?
PS : my credit card only have 3k limit. so 1 of the card I already cash advance untill pok kai d. the second card is serving a 0% installment plan. so basicly cant do cash advance from CC also.
anyway just for sharing, on average, PL are on the 12% rate... if you take RM5k x 0.12 x 2 = total interest is RM1200. monthly repayment would be (5k + 1.2k) / 24 = 258.33 per month. (give estimate your income less rm260 per month la)
However taking RM5k loan does not mean you'll get RM5k into your account. after minus "service charge" or "admin fee" and also stamp duty (i forgot 5% or 10% of your loan), you get the balance only... so it's lesser than 5k, orait?
Al-Rajhi offered lower at aroung 8% but being so-called "islamic banking", "profit rate" and whatever fee, you get even lesser than a conventional PL.
Anyway, my personal opinion, try not to take if possible if your monthly salary can cover ngam ngam all the commitments. entertainment expenditure can cut ma cut lor... until all settled. debt-free is a very enjoyable freedom. dont dig a bigger hole to cover the first hole. if really needed to take PL, then take a big amount that you can afford and settle whatever card debt that does not have penalty if settle earlier. then concentrate on paying back this PL and dont incur any more card debt lor...
hope this helps.