Personal Loan Refinancing Malaysia - PowerPoint PPT Presentation

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Personal Loan Refinancing Malaysia

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Personal Loan Refinancing Malaysia – PowerPoint PPT presentation

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Title: Personal Loan Refinancing Malaysia


1
  • Refinance your Personal Loan
  • Aysha Maria

2
  • Everyone is aware of refinancing your mortgage
    loan or car loan but not many might not know that
    you can refinance your personal loan. Even though
    it might seem absurd that you might want to add
    more debt by refinancing your personal loan, it
    has its advantages. Refinancing your personal
    loan will work out in your favor rather than
    against you in certain situations. Lets learn
    more about refinancing and refinancing your
    personal loan in particular.

3
  • Refinancing basically means paying off your
    exisiting loan with a new loan. Usually this is
    done by transferring the loan plan to a different
    bank loan or financial company. Refinancing your
    loan will allow you some leeway in changing some
    minor details of your loan and thus help you
    improve your financial situation. Refinancing is
    very common with mortgage loans. Refinancing can
    either act as a boon or bane depending on the
    reasons for which it was done for.

4
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5
  • There is no denying that personal loans are
    expensive.
  • Personal loans come with a very high rate of
    interest as it is but most of us opt for it since
    it is the best way to avail quick cash.
  • But paying a high personal loan rate of interest
    till the end of your loan term will take take a
    toll on you financially.
  • If the rate of interest on your loan hasnt
    changed since the first repayment, it is time to
    refinance your loan.
  • Refinancing your loan will help you get a lower
    rate of interest.

6
  • Life is unpredictable and everything wont work
    out according to your plan.
  • Sometimes situations such as a sudden medical
    emergency, demotion or expiring bills may put you
    in a situation where you are unable to make
    repayments on your loan.
  • Since you cant stop making repayments , you can
    take another loan for a longer period, lower
    interest rate and hence, smaller monthly
    instalments.

7
  • Sometimes you might find yourself needing more
    money than you what you thought would be enough.
  • Taking another loan while you already have a
    personal loan weighing down on your shoulders is
    not a wise idea.
  • The best option to go for when you need
    additional cash is to refinance your personal
    loan.
  • This will give you additional money and you
    wont have to make two separate payments.

8
  • Thank You
  • Aysha Maria
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