Altis HSBC Loan - Any hidden conditions?

[Dhillon]

Hi,

 

I intend to take up the HSBC loan which gives $1500 cash rebate. The minimum loan period is 1 year and amount is $20000.

 

I worked out the sum and found it unbelievable. The total interest that i need to pay at the end is $440 which means i will have a savings of $1060 !!! It is better than paying all in full.

 

It is quite unbelivable. Does anyone know if there is any hidden conditions?

 

Thanks !

[Guyver]

Hmm.... wow!! take loan better than pay in full... no wonder so many pple taking 10yr loan liao....

[Scwee]

tat is interesting,

 

loan $20,000

rebate $ 1,500

----------------

balance $18,500

interest$ 440 (2.2%)

----------------

payment $18,940

 

if it is true, those who pay full rugi liao. even if u can afford to pay full amount must also take up the loan to save the $1,060.

[Scwee]

bro, loan period is only 1 year. every month $1,578 instalment.

[Guyver]

But since taking loan and u earn $$... then should take more right??

[Scwee]

but there is a breakeven point, ie if u take $21,000 loan u save only $60 etc.

[Guyver]

Oic...