Posted by
Mighty
17 yrs ago
I am sure lots of you guys are using HSBC and I am sure you receive ads. about this. I called their hotline and asked about the differences in interest rates of borrowing 100K from them using personal monthly instalment loan and RCF. I cldnt get a clue of what the guy was talking about, although he spoke my mother language. Can anyone enlighten me on this? Which facility benefits the borrower? Many thanks.
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By revolving credit facility I assume you mean overdraft. I am not sure which has a better rate, but I can tell you that if you want flexibility in paying off your loan amount early for example then the revolving credit facility is the way to go. If you take a personal loan and try to pay it off early, you incur penalties from the bank. So for smaller amounts like 100K for example where you have capacity to pay the loan of instead of accruing interest on the amount, a revolving facility is the way to go.
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Tks DB, thatz what I thought too and the amount as I said wl be something like 100K. Cheers.
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