Aia loan

[davidtanwei]

Anyone try aia loan before?
If it is from the policy.?
Dont know if it is lower than most bank

 

[Wishdom]

Yes it is from your policy(only those with cash values). Interest at 6% per year.

Sent from Ilovennp using GAGT

 

[davidtanwei]

Is it 6 % standard... Or can work out better deal. Got hidden charge like admin..

 

[Trazora]

Is it 6 % standard... Or can work out better deal. Got hidden charge like admin..

Standard. No hidden charge

 

[bright_84]

6% is bloody high

 

[davidtanwei]

I think too... Most bank I think is 5.3 plus eir

 

[Trazora]

I think banks loan at 4.75% + COF.

Loaning from insurance plans is a standard 6%, all-in. No additional charges to my knowledge. Fuss-free, you just apply for it. They won't ask you for income proof etc, since if you don't pay, they will just deduct from your policy. Amount they loan to you won't exceed the cash value of your policy, so they don't have to worry.

Banks may have promotional rates eg SCB 3.88% p.a. with annual fees refunded
https://www.moneysmart.sg/personal-loan/scb-cashone

Can also go for 6-month balance transfer that give lower rates eg 1%fee with no interest, or 1.88% p.a. interest with no fees.

 

[davidtanwei]

I want borrow 10,000 dollar for some
Personal thing. I don't know how to calculate.
The banks for example put 4%pa. Then
Put another 8% eir pa. If I want borrow 1 year. Which one should I calculate?
How to calculate such that I pay minimum monthly and not incur interest. Thereafter, I pay off everything end of the year.
I see footprint saying 3% minimum monthly,
So I based on 3% * 10000 and which after no additional interest added.
I search through hardwarezone and there wasn't anything specify on this.

Thanks

 

[Trazora]

I want borrow 10,000 dollar for some
Personal thing. I don't know how to calculate.
The banks for example put 4%pa. Then
Put another 8% eir pa. If I want borrow 1 year. Which one should I calculate?
How to calculate such that I pay minimum monthly and not incur interest. Thereafter, I pay off everything end of the year.
I see footprint saying 3% minimum monthly,
So I based on 3% * 10000 and which after no additional interest added.
I search through hardwarezone and there wasn't anything specify on this.

Thanks

Can u share which website shows 4% p.a. then 8% eir p.a.? Need to read in context what the 4% refer to. Each loan have their own interest/fees and payment scheme. But then for simple comparison you can refer to the EIR.

 

[davidtanwei]

It's just an example.

 

[FP_IFA]

I want borrow 10,000 dollar for some
Personal thing. I don't know how to calculate.
The banks for example put 4%pa. Then
Put another 8% eir pa. If I want borrow 1 year. Which one should I calculate?
How to calculate such that I pay minimum monthly and not incur interest. Thereafter, I pay off everything end of the year.
I see footprint saying 3% minimum monthly,
So I based on 3% * 10000 and which after no additional interest added.
I search through hardwarezone and there wasn't anything specify on this.

Thanks

Always use EIR.

 

[gloryyang]

Anyone try aia loan before?
If it is from the policy.?
Dont know if it is lower than most bank

can just grab from balance transfer of credit cards? Usually lower than insurance companies policy loan' interest rate.

 

[gloryyang]

Always use EIR.

whats the formula for EIR?