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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__0:00-0:03.wav
You need to understand, is there any fees if I pay off early?
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How is the interest calculated?
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__0:10-0:12.wav
Welcome to CNA's Money Talks podcast.
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__0:15-0:17.wav
Now, we tend to have a lot of milestones in life.
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Marriage, a new home, further studies.
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You need funds for these.
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And we may not always have the money for these occasions, right?
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__0:27-0:29.wav
Now, we want to talk about loans
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because these are the things that will help you get that money.
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__0:31-0:33.wav
And before you take up a loan,
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__0:33-0:36.wav
there are quite a number of things that we need to consider.
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And it's overwhelming, especially if this is your first one.
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So let's enlist the help of our Money Talks guest today.
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__0:44-0:48.wav
She is Jen Ong, Head of Retail at GXS Bank.
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Jen, good to have you with us.
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__0:51-0:52.wav
We all have to take up loans, right?
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So what are the key items in a person's life cycle
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when a loan is a must-have and a nice-to-have?
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You started by saying that there are different milestones
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in someone's life.
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And I think one of the biggest one that we have seen is renovation, right?
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If you talk about marriage loan, a wedding loan,
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yes, you see people taking it.
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But most of the use cases that we see are renovation loans
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because renovation can get big.
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Now, when we think about loans,
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there's always this taboo about taking loans.
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But taking loans is sometimes you do need it.
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So putting the taboo aside,
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now you think about loans, you will think about interest rate.
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I think a lot of consumers out there are saying,
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hmm, which one gives me the best interest rate?
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And they make a decision based on that.
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__1:35-1:36.wav
But then you need to go into the nitty-gritty.
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audio_chunks/XTSexe4zuN0/XTSexe4zuN0__1:37-1:40.wav
is there any fees if I pay off early?
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How is the interest calculated?
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See, that's a big topic, right?
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How is interest calculated?
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Everybody will tell you interest is interest.
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But no, if your interest is monthly rest or daily rest,
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it becomes a different cost for the consumers.
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So what are the TNCs?
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So if let's say I have more money this time around,
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I want to pay off a little bit earlier,
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And if you look at what is happening in the market,
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there are fees like this.
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So fees that you will be penalized if you pay early.
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Then that goes against the grain of taking a loan
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Because if you have money to pay off a loan,
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you want to pay off a loan without penalty.
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So that's why you have to check the TNCs,
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know what you're getting into.
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And we will get into the nitty gritty,
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but just want to tackle the philosophical side of things first.
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How do I know what's a reasonable expense to take up a loan for?
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So you mentioned things like wedding loans,
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These are the more common ones.
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When do I know that taking a loan is a good versus a bad idea?
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Think about the opportunity cost then, right?
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I'll give you an example, broken kitchen sink.
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Now, are you saying that,
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oh, I don't have the money, I don't have the means,
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therefore I'm going to live with a broken sink?
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So you have to take a loan
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because the other alternative is just not possible.
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So there are areas that you have to think about
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when is a good time to take a loan.
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on the surface sounds like a taboo,
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Everybody takes a housing loan.
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So housing loan is there.
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So these are all utilitarian needs that you have
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and then you need to take a loan.
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be careful what is the cost of servicing the loan.
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That's where you need to remember.
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Taking a loan is something that you have to do.
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Then make sure that you can afford it.
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One of the biggest things to think about
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is the ability to pay back.
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So I can take a loan and don't pay back
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and stretch it too short.
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I will not have the ability to pay back
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because my disposable income
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cannot meet that monthly repayment.
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So you have to calculate your income.
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You need to calculate what is available
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after you put aside for all the necessities.
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Then check out what is a repayment capability.
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If you want to pay off in 12 months,
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you may have to stretch it a little bit more
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but then it makes your monthly servicing
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a little bit more sustainable.
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Now, when I'm shopping around for a loan,
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how do I make comparisons?
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What are the top three things, say,
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that I need to compare
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what's the best kind of loan
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So the first thing you want to look at
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Now, when we talk about interest rate,
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you need to know whether it is,
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a monthly res or a daily res.
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