Kuwait Finance House (KFH) has a very competitive personal loan package with profit rate (interest rate) as low as 4.99% per annum.
Unfortunately, the loan package is only for government staff and government agency, which have salary deduction via Coshare Holding Berhad’s (Coshare) / i.destinasi sdn bhd deduction.
Another benefit of personal loan from KFH is fast approval and 100% payout.
The table below is the features of the loan package.
MBSB or Malaysia Building Society Berhad, a subsidiary of KWSP is offering 3 personal loan packages with profit rate (interest rate) as low as 3.5%. This promotion will end on 31st December 2011.
The loan packages are 1 Malaysia, Waslah and Exec-i Package. These loan packages are only for government staff, government agency and government link company(GLC) which have salary deduction via Biro Angkasa.
Another benefit of personal loan from MBSB is low fees, fast approval and individuals who blacklisted by CCRIS & CTOS are eligible to apply.
The table below is the comparison between the three packages.
Why it’s not always cost efficient to use personal loan to clear credit card debt
The subject matter has become a common scenario among credit card debtors. Taking a personal loan to settle credit card sales method has also been adopted by banks in pushing their personal loan product. But is that wise? Key question – is the total sum paid to settle the personal loan actually less than the sum which would otherwise be paid to settle the credit card debts?
For that, a few factors need to considered. Firstly, the tenor; while credit cards have an indefinite tenor with a minimum of 5% of outstanding balance to be paid, a personal loan offers a range of between 1-7 years for repayment. This sounds better. Secondly, and more importantly, what is the actual annual interest rate of the personal loan (which differs from the nominal fixed rate quoted for personal loan) as compared to the annual interest rate of the credit card, which is about 18%?