Debt Consolidation Loan Malaysia

It is actually a highly workable debt consolidation model if you do it strategically by taking advantage of the difference in interest rates between a credit card and a personal loan. List down all your financing. It can be your personal loan credit card car loan and so on.

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To qualify you must meet the minimum criteria such as follows.

Debt consolidation loan malaysia. Any malaysian individuals working in the public and private sectors can apply for bank rakyat personal financing i for debt consolidation pembiayaan peribadi i penyatuan hutang. What is debt consolidation. Debt consolidated with citibank s personal loan. Must be 18 years old and not more than 60 years at the time of application.

Then if there is a cash out after the debts settlement you can receive it in cash. For example if you owe rm8 500 and rm6 500 on two credit cards plus another personal loan of rm10 000 you can simplify these three separate debts by consolidating and paying for all of them in one rm25 000 loan. And you use this to pay off all your credit card debts. That s a savings of rm1016 91 in total interest costs.

Taking up a personal loan. Household indebtedness has been on the rise in the past eight. Click to know more. Useful tips for bank rakyat s debt consolidation.

This facility allows people with multiple debts to merge all their high interest rate loans into one larger loan that offers a comparatively lower rate. It s called refinancing for the debt consolidation loan. You have the same cards but now you apply for rm15 000 personal loan from citibank at 6 5 p a. Basically the refinancing debt consolidation loan does is directly settling your existing debt.

In fact we have one of the highest debts in the region alongside thailand. Apply for debt consolidation and loan assistance services online with citibank malaysia to refinance your debts. Generally the more you borrow the lower your cost of borrowing interest rate charged on the loan. According to the financial stability and payment systems report 2015 by bank negara malaysia bnm malaysia s household debt to gross domestic product gdp ratio had increased by 2 3 to a whopping 89 1 last year.

Your total interest cost will be 6 5 x rm15 000 x 3 years rm2 925. With a simple debt consolidation application process get quote for benefits such as simplified financing better cash flow management interest rate savings better loan tenure. It refers to the combination of several loans into one large loan. Apply online now at standard chartered malaysia.

Applying for a financing is a major decision therefore we have prepared a step by step guide to help you make a decision all in three steps. March 22 2013 balance transfer card cards. Consolidating credit card debt in malaysia. A debt consolidation loan is a type of loan that you take to consolidate or combine different loans.

With cashone debt consolidation plan you can consolidate and easily manage personal loans in one simple account.