Depends on market situation. Mine is fully flexi but similar, so I basically see it as another FD, just works the opposite way (tekan interest instead of giving you dividend/interests)

Whatever effective interest rate I am charged (eg 4.25% in recent months) vs whatever else I can gain outside today (in today's context, not much). So dump dump dump!

This is true.

In my case, the monthly account fee is -RM5, and minimum "outstanding" is -RM100K so even if I deposit and make my account balance 0, I'll still incur the bare minimum interest rate charges using RM100k as the outstanding base.

Though when I did my comparison many years ago it was still worthwhile, considering that it's so much more flexible to have online and zero-notification facility without having to meet stringent requirements too. Back then the Semi-Flexi loans I compared had requirements like "must be in multiples of RM1000 to knock off principal; and must notify bank in writing/via counter". Should be better now I guess, but hasn't been comparing loans so don't know where the banking industry is taking us now

Mine is Maybank. They did not specify percentage-based value but hardcoded(?) value. Loan on its inception was approximately ~500K so, 20% if percentage wise?

At that point in time I only found two FULLY-FLEXI providers - Maybank and HSBC. HSBC obviously rejected the loan offer since it's a small ikan bilis package and they only goes for the big ones

I had same conclusion as you for semi-flexi (CIMB and RHB) during my shopping. That troublesome minimum RM1000's tranche and withdrawal fees put me off so I just went with Maybank. Depending on economic situation next few years I may just wipe off my loan early, or keep it as a easy drawdown loan with mortgage-level interest rates for cashflow purposes.

That's what the HSBC staff told me back then their rates were worse than Maybank anyway.

Also I just relooked at my loan offer letter, I might have remembered the RM100k wrong (or it was removed in my latest signing). There's no limit on paying down principal, it seems. I also just used my latest March 2024 statement (since I did dip below -RM100k balance after depositing some cash for few days) to calculate my daily interest. Cant get exact amount as Maybank but:

Calculation Method	Interest Amount
Maybank	472.25
Daily Interest Calculated based on Day End Balance actuals * Interest / 365 days	472.02
Daily Interest Calculated based on Day End Balance actuals * Interest / 365 days, Except if above -100k then use -100k to calculate	474.57
(ROUND UP) Daily Interest Calculated based on Day End Balance actuals * Interest / 365 days	472.18
(ROUND UP) Daily Interest Calculated based on Day End Balance actuals * Interest / 365 days, Except if above -100k then use -100k to calculate	474.74

This post has been edited by polarzbearz: Apr 28 2024, 12:18 PM