EON Bank Personal Loan

It seems that banks are all now promoting their personal loan products aggressively. In the last week alone, I have received calls from Alliance Bank, Hong Leong Bank & Standard Chartered Bank all trying to sell me a pre-approved personal loan of RM50,000. To which I always answer “Why do you think I need the money?”. And sometimes, I get approached by the same bank twice in the same week despite my firm rejection. I really hope banks can stop all these irritating cold callings one day.

So now, EON Bank has coome out with the first “Give Back” personal loan product where they offer you a 1% rebate cash back on the 13th month of your loan subject to prompt payment in the earlier following months. Not quite sure about their interest rates but they claim to be as low as 0.75% per month which works out to be 9% p.a. So with the rebate, it’s only 8%p.a. Pretty attractive I would say, considering it’s a unsecured loan. The only setback I see is that since this is a fixed interest loan, you may end up paying above market interest rate since it’s widely anticipated that Bank Negara will be cutting interest rates again next year.