Monday, October 26, 2009

Hong Leong Bank's New Personal Loans

Low monthly installment from as low as rm133.33.

But is it as cheap as it suggest?



Assume you take the rm50,000 personal loan for 2 years.

Per month pay back payment is rm2583.33.

Or 30,999.96 per year.

Or 61,999.92 for two years.

Which means this loan will cost you 11,999.92 or a cool 24%!!!

How about 50,000.00 for 5 years?

Per month pay back payment is rm1,333.33.

Or 15999.96 per year.

Or 79,999.80 for five years.

Which means this loan will cost you 29,999.80 or a cool 60%!!!!

Good to be a banker, eh?

Still wanna test drive their loan for '30 days'???

oO


4 comments:

solomon said...

Could it tell that they could only afford one failure in four loans?

Anyway, it is too excessive...even worse than the credit card which is charging 15%-18% annually....

However,I think the other Banks also offer the same rate or might be slightly cheaper......sigh, maybe bad times qua?

hhc1977 said...

yo dude,

at least the banker is protected from law and they can throw their lawyer at defaulter if they failed to pay up.

Hilmi said...

The authorities should standardise the various rates in Malaysia so as not to confuse the public. We have so many rates - daily rests, monthly rests, flat rate, compounded daily, compounded monthly, compounded on reducing balance, etc, etc.

In the spirit of 1Malaysia, there should be 1 rate and the rate to be adopted is the one that is the least expensive to the public.

Moolah said...

Should banks like Hong Leong Bank be charging such insane rates for the personal loans?