A cousin of mine met me late last night. He was talking about applying for a personal loan. I asks him, what is the loan for?
He just said, I wanna settle my credit cards and perhaps wanna use it for my personal use.
My answer? If possible, refrain yourself from taking personal loans from the banks. Why? The amount that you have to pay back might be a lot more the amount of loan that you've taken earlier!!!!
This is what happened to someone I know. Ali took a personal loan from Bank Rakyat in 2005. He took RM30,000. The contract/repayment period is 7 years. The monthly repayment is RM551 per month. So let's calculate: RM551 x 84 (7x12)=RM46,284. That's like RM16k more than the initial loan amount. Imagine what you can do with an extra RM16k at hand....
So, I said to my cousin, think really carefully before you embark on your journey in getting personal loan.....
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