Club memberships are usually very expensive which make it difficult for you to buy one. Getting a membership means getting access to several amenities such as swimming pools, gyms, member-only events, and sports activities. RHB has recognised this want and introduced a new loan called Country Club Financing.
With this loan, you can borrow a certain percentage of the membership fees or 6 times your monthly salary.
The table below shows the interest rates applicable on this unique loan:
|Tenor||Interest rate||Effective interest rate|
|1 year||5.38% p.a.||11.67% p.a.|
|2 years||5.38% p.a.||11.01% p.a.|
|3 years||5.38% p.a.||10.67% p.a.|
|4 years||5.38% p.a.||10.43% p.a.|
|5 years||5.38% p.a.||10.23% p.a.|
Apart from the interest rates, fees and charges may make a loan look unattractive. But, when you select this loan, you might feel that the fees or charges are pretty reasonable. Here’s a quick look at the important ones:
|Types of fees/charges||Amount|
|Processing fee||1% of the approved loan amount|
|Late payment fee||S$100|
|Prepayment fee||1% of the outstanding balance|
|Cancellation fee||As mentioned in the Letter of Offer|
|Overdue instalment fee||5% p.a. more than the Prime Lending Rate or 3% p.a. more than the prescribed rate|
Suppose you take a loan of S$10,000 and choose a 3-year tenor. Then, the final loan amount you’re going to get in your account is S$9,900 (1% processing fee deducted from the approved amount).
Now, your monthly principal amount will be S$278 (10,000/36) and the interest rate charge will be S$533 (5.38/100x9,900). Divide the interest rate amount with 12 to get the monthly interest charge i.e. S$44.4 (533/12).
Hence, add the principal amount (S$278) and the monthly interest charge (S$44.4) to know your monthly instalment amount, which is S$322.4.
To be eligible to apply for RHB Country Club Financing, you must satisfy the following criteria:
Are you convinced and ready to apply? This is how you can do so in either of the following way:
With this country club loan, you can buy the membership plan anytime and enjoy all the benefits the club has to offer. RHB is the only bank that offers a loan, specifically for country club financing. Hence, fulfil your dream of owning a club membership.