OK so I took this ASB financial loan about 3 years ago under RHB and before taking it the person in charge told me that I can terminate it anytime and I WILL also receive the surrender value which is the accumulated principal amount. I ended up terminating the loan on the 34th month and suddenly now the RHB told me that there is no surrender value because I still have a lot not cleared up and received only RM300 lol. It's not even clear what that RM300 is. When I asked them through the phone they said will check with ASB first if there is any extra amount from my dividen. I told them I have the dividen amount but not the surrender value and they keep giving me the same answer "because I terminated it early and still have a lot pending".

Has anybody experienced it before or know how it is actually working? It almost seems like RHB is lying to me.

Is the person in charge still there?

Yeah and when I told her I registered under her, she denied it lol

asb loan surrender value calculator
https://www.google.com/search?q=rhb+asb+loa...sclient=gws-wiz

How much you loan and how much is the outstanding loan amount before you terminate it?

I have checked this already and there should be few thousands of surrender value they should give me but they said I can't get it. That's why I am unsure now.

I took 55k and still have about 44k something if I'm not mistaken. That's for 30 years term. But I did the investment for only 34 months long. Still, I should receive the surrender value amount upon termination. They even gave me the reason that there was this moratorium during MCO and said that I only invest for 2 years. I was surprised that they said that cause I did not take any moratorium and I paid monthly until I terminated it.

Maybe you can have a rough estimate by self calculating including this factor? ,
How much is the dividend you get pa for 34 months?
Minus
How much is the amount of interest rate charged by the bank for that loan for 34 months?

I did some rough calculation actually. The dividend and the surrender value are paid differently. The dividend will be paid every end of the year. The surrender value will only be given when I terminate my investment. Well, I have contacted ASB financial advisor already and he told me even though I invest less than 3 years, I will still get the surrender value amount. The RM300 amount they credited into my account earlier happened to be the exceeded amount that I paid upon termination which is a different case.

So my assumption here is, the bank is trying to lie me and take my money for their own. If not, they won't give me a lot reasons and gave me the wrong info. For example, they said I did not pay during the MCO moratorium but I did pay. Since I insist, they asked me to give them a week to talk to their HQ or ASB HQ idk. Cause they sounded very rushing when I was on call with them.

I talked to ASB before I called them actually and the ASB told me, the surrender value is not under them to manage. They only do for the dividend.

👍That you managed to know that rm300 is not the surrender value,...
Hope you will get the real value soon

Just file a complaint to tribunal. See what happen.

Why you wanna terminate

Youll need to look at how your loan is structured but in most loans with a fixed payment, the majority of the earlier payments go towards the interest portion hence not much of the principal is paid down.

Hi, so how the update after lodge the tribunal report? .. because i just terminate my ASB for 100k on march 2022. My asbf from 2016 and only get rm165.21 for my surrender value n my insurance Rm1700, i already argue with a customer service cimb bank and csr will make a report to hq(ASBF Departmen) to call me for explanation and acc statement for the last 2016 until march 2022. Im still waiting they response from hq (3day working).

Hi actually u can check the asb loan balance thru cimbclicks, from there u can have an estimated surrender value. Did u manage to check on that?