I'm old and mellowed almost 40 years old, my opinion in case anyone wants to listen.

When I'm making 2.5k 3k a month as fresh grad, I took a 11k easy payment loan for camera (Nikon D3 or something I couldn't remember). It was stupid but this is what youngsters do back then I guess. Your loan for 10k for future child is noble compare to what I do, so I would think it's okay. Some personal loan have really low interest so it should be ok.

On the other hand, if you are preparing for emergency, wouldn't it be better to just prepare a credit card and use it instead? If you cannot afford to pay the balance for the month, just do a balance transfer. This high cost loan will make you think twice if you want to spend it unnecessarily, but at the same time, allows for emergencies. This is great if you have self control.

I am now much better off, thankfully, but I do still remember the struggles of living with 3k salary. Borrowing from parents is not possible as that's what they save in maybe 10 years I think, coming from a B40 family.

Coz the problem with taking loan is when u already enjoy getting money, u will probably thinking u can spend more hence taking another loan, and another and another until u cant pay back.
Worse case scenario lah sell property or AKPK lo

True hurmmm...tricky situations huh...

Ironing out money issue with wife is something every couple should do. Through thick or thin...

If you ask me, taking personal loan is really not recommended. From your situation, sounds like you dont need need the money but you want to have money in case of emergency.

I think you should discuss with your parents first.

Why not recommended? I just feel you tie up your cashflow and could make things worse in future for you because just keep increasing your commitment.

Personal loan with bank at low interest around 2% to 3% annually means effective rate is around 4% to 6%. can use this to calculate effective rate

I did a quick test. 3% annually, 5 years, effective rate is 5.68%. If ASB give >6%, then i agree with your wife, money should stay in ASB.

I rather you borrow from your parents. Set 2% rate, repay in 3 years. Haha.

Since your wife is government servant, it's cheaper to get a loan with Bank Islam or Bank Rakyat. Gov servants get much lower rate than other people. Apply under your wife name, but you pay the loan every month.

Long term though, try your best to increase your income, and cut unnecessary spending, and save every month.

Superbike on a salary of 2.5k seems a bit irresponsible.

Sell superbike problem solve

Not just for buying insurans lah, for everything else also for the baby, a crib, food, bottle etc. Kids nowadays cost a lot man..

TS, I’ve taken a couple of personal loans before via Citi Quick Cash…10k mostly and once 40k…and all these while still paying off my car loan and house loan and having kids….and I settled everything … so, you can do it too with some juggling and wife’s support

True also, good point. now will think twice before making a loan to ma parents

I wont be taking another loan after this, want to avoid loan if possible..

thats your assumption

i dont see people say the same about house and car loan and credit card.

Good advise, Thanks man,

10k sebenarnya tak banyak mana pun. Whatever bank you choose if possible select the kind of loan where everything is fixed and you can pay same amount every month until finished and not have to worry about changing blr rate. Pengalaman saya loan kfh bagus kalau hlb memang sakit hati.

Yeah man, superbike thing is not matured enough, planning to sell it though (back pain) LOL True I need to cut my expenses and save every month. My wife wont let me use her name for a loan, shes just that way, don't ask why...I just follow her rules LOL

Planning to sell but not now..

Thanks man for the advise

recommend a bank can or not??

KFH?? HLB??

Kuwait finance house, if available near your place.

Hlb is hong Leong bank.

This post has been edited by kucingrimau: Jan 25 2023, 02:00 PM

Thanks, will check it out now.. which document they usually ask for??