Personal Loan, Any inquiries you may raise here.
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 Aug 9 2007, 04:56 PM
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#1
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Senior Member
1,488 posts Joined: Oct 2004  
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QUOTE(lee088 @ Aug 9 2007, 12:18 AM) OCBC power credit is a standy revolving loan - it is like a reserve and the interest is only charge when the money is withdraw from the account. The rate is slightly lower than credit card, I think is 1.4% p.a. You must mean 1.4% per month and not per annum.  |
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Aug 10 2007, 12:36 PM
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#2
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Senior Member
1,488 posts Joined: Oct 2004
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QUOTE(hanalolu @ Aug 8 2007, 08:07 PM) Depend on tenure. I've calculated the corresponding effective interest rate for comparison.2 years - 7.60% 3 years - 7.68% 4 years - 8.40% 5 years - 9.18% Interest in on flat rate, anualy  Citibank flat rate - effective rate 2 years - 7.60% - 13.97% 3 years - 7.68% - 14.00% 4 years - 8.40% - 15.00% 5 years - 9.18% - 16.00% OCBC Power Credit 1.4% per month = 18.16% effective per annum Normal Credit Card 1.5% per month = 19.56% effective per annum This does not take into account all the other charges (eg processing fees etc) Hope it helps. This post has been edited by vergas: Aug 10 2007, 12:38 PM |
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Aug 11 2007, 09:24 PM
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#3
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Senior Member
1,488 posts Joined: Oct 2004
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QUOTE(hackwire @ Aug 11 2007, 07:33 PM) why u did not put al -Rahji bank in ? Are they better than your citibank...ehehe Because I don't know their terms (duration of the loan). So I can't calculate. I need flat rate and the duration, in order to convert to effective interest rate. |
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Aug 13 2007, 08:23 AM
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#4
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Senior Member
1,488 posts Joined: Oct 2004
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QUOTE(hanalolu @ Aug 12 2007, 12:23 AM) Al-rajhi Interest rate 8.5% p.a. flat. Regardless of durations? |
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