Tips To Approve Bank Loan Application In Malaysia

The process of applying for a loan can be a headache, but do not worry! Follow the tips below to find out what you need to do so your loan application is not rejected by the bank!

Check your Financial Records

Before you begin an application for a loan, first check your financial records. The first thing that will be seen by the bank is the financial record of someone applying for a loan. If you have a bad refund record, for example you often fail to make a credit card payment, the bank will not approve your loan application.

The bank is a financial institution that receives deposits from the bank, and the deposit will be used to provide loans such as personal loans, mortgages and car loans. The bank will then charge for the loan. Lending with bad repayment records has a high likelihood of continuing their behavior.

So this is one of the reasons why you need to keep your financial records in good shape as it will help you when you want to apply for a loan or any application in the bank. If you have a poor financial record, take some time to increase the record before you apply for a loan. It's better than going through a loan application process then being rejected because you already know you have a bad financial record.

Bank Negara has a Central Credit Reference Information System (CCRIS) system that collects all credit information from banks in Malaysia and provides credit reports to banks. You can also get this report to see your credit standing. You need to present to the State bank to get your CCRIS report.

There is another credit report that you should see also CTOS. The bank will also check the CTOS credit report of the applicant before making a decision to approve or reject the application. You can get the CTOS credit report from MyCTOS.

Disciplined!

Before you apply for a loan, make sure you are already disciplined by paying all your financial commitments such as car loans or credit card refunds in a timely manner. Start this attitude at least 6 months before you apply for a loan, but the sooner you start the better. Remember, even if you do not have the intention to apply for a loan in the near term, paying all your early financial commitments is a good attitude. It will help increase your chances when you make an application at the bank.

Your disciplinary attitude in repayment will also determine how your financial records will look. This is because if you are often slow or worse, not making any payments for your other financial commitments will appear on your financial records. The bank will then dismiss your application for viewing your bad payment pattern. So remember, you need to be disciplined if you want the application to be approved!

Start your Credit Record

Some banks refuse to approve loan applications for individuals who do not have a credit record. This means that individuals who do not have any financial commitments like car loans, mortgages or credit cards. Individuals like these do not have any credit records, so banks can not view or manipulate their payment patterns. So, before you apply for your loan it is recommended to start a credit record as it will increase the likelihood of your loan application approved.

try to put yourself in the bank's place. That way, you can judge yourself by the way the bank will evaluate you. This can also help you to move more wisely before you apply for a loan from the bank. Banks have different processes and systems while processing the applications they receive. However, if you follow the tips given above, you can increase the chance of your loan application being approved.

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