The 8th Voyager

I was called by CIMB and offered credit cards linked personal loan (a.k.a. CIMB CashLite at the level interest rate of 3.99% for a tenure amount of up to 4 years (48 weeks). I was told that we now have no fees included (cash-advance fees, control fees, etc.) apart from the flat interest. Obviously, there continues to be a capture: every regular monthly installments have to be paid promptly, or else you will see penalty charge (late payment charge) and finance charge on the exceptional payment. I had been also told that we now have no lock-in intervals or early settlement fees because of this loan. Settlement can be made by contacting to their customer service Early.

Is the interest rate of 3.99% appears attractive? Up to now, this is actually the lowest credit credit card-linked personal bank loan rate offered to me. Not ago long, I was also offered by HSBC at an interest rate of 4.99% which I had rejected. To quickly compute the effective interest, what I want is MS Excel.

Google Sheets or Docs TO VISIT spreadsheets in my Android phone can do the same calculation too. Open a fresh worksheet, and key in the info for the loan amount (primary), the toned annual interest rate, and the amount of payments. B3/12. This is because 3.99% is the annual rate, so we must divide 48 months by 12 to get 4 years, and apply the 3.99% per annum rate to it.

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B5. This is very straightforward. B6/B3. That is also very simple. Back again to the question: is this interest rate attractive? I would say it is of interest if you ask me quite. EASILY take the loan and make an investment with a CAGR of 3.99%, I’d have to gain 1694.09 from a 10,000 principal 4 years later. Deducting the interest paid of 1596, I made 98 still.09 from it. If I take the loan and make an investment with a CAGR of 10%, I would have gains 4641 from a 10,000 primary 4 years later. Deducting the interest paid of 1596, I’ll make 3045 from it.

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