Hi everyone,

Is it possible to cancel an approved loan from the bank? Recently i applied for an ASB loan of 50K @ 15years thru Maybank and it was approved, but i did not sign anything as i have yet to go to the bank.

I want to cancel because recently something happened within my family that has caused me to channel my cash towards medical support for my parents. and after calculations, it was deemed that the monthly repayments may seem to be a bit of a burden (maybe cant afford) to me in the long run.

I was told by the bank officer that if i cancel the loan, i will be blacklisted by BNM and the Bank. is this statement true? can anyone confirm this? it has been really bugging me for some time and i need to make a decision now.

hope to get response from u guys soon.

Cheers~

no la..as long as you did not sign the loan aggrement.. u haf right to reject...i think they just want to scare you laa..

last time i reject a house loan from maybank..i said got better offer from other bank mahh..i talked face to face with the officer be gentlement..several month later i apply another loan with maybank at the same branch..no problem at all

Call BNM directly and ask them. After that tell them that the bank officer threaten u with such a claim. Should teach the bum a lesson.

That's great to hear, i will try to talk to the loan officer abt this then. thanks!


I was considering this option too. I already sent an email to BNM and still waiting for some response.

No, it's in no way any violation.
As a consumer, you have the right to cancel the loan before it was disbursed.

However, if the money was disbursed; then there might be penalty charges.

But, no you wouldn't be blacklisted.

If you're still unsure, there is a surefire way to confirm and put your mind at rest. Call another Maybank branch where they don't know you and rephrase the question. Ask like this ...

"I want to apply for an ASB loan, but I'm not sure if still can or not. Because a few months ago, I applied for a Maybank loan, but I cancelled it after it was approved, but before anything was signed. I had a good reason. It was not like I was not serious in the application. But the bank officer told me that my name would be blacklisted by Maybank and Bank Negara, because I didn't go through with the loan. Is this true or not? Does that mean I cannot apply for the loan with Maybank now?"

banks and BNM shouldn't blacklist sumbody just becos he cancel a loan which he didn't commit yet as he has not sign anything. we as consumers has the right to choose.

hah??...never heard of blacklisted with sum body never sign any agreement ler..

but b4 u take action, call to BNM n check for ensure tis matter..

Consumer has the right to choose thus the statement by the officer akin of playing poker with you.

No repercussion unless you serially applied multiple loans in 1 year.

I have cancelled two personal loans about 6 months ago after they were approved but before I signed anything. Last I checked at BNM there were no issues on my credit report.

CCRIS not only track 1 year repayment, it also track 1 year application.

Imagine if you applied like 10 PL approved in a span of 1 month....

you wont get blacklisted...the loan officer is bluffing ...

You won't get blacklisted. True. Just be weary of applying unnecessary multiple applications in short span of time.

wont get blacklisted.
as boon said, just pay something, like a penalty charge or a cancellation fee.
maybe enough just for the bank to pay for the lawyer if any work done.
rm100-rm200 ringgit i suppose

Thanks for all the input guys,

For your info, no, i haven't been serial loan applying for these past year, this is like say, my second loan after my car loan. my credit rating should be ok i think.

btw, here's the feedback i got from BNM. Not helpful, in the end they just ask me to issue a CCRIS report? wth?:

Dear Sir,

Your e-mail on the above subject is referred.

We would like to clarify that Bank Negara Malaysia (the Bank) does not have any blacklist system. The system that we have is called Central Credit Reporting Information System (CCRIS) that collects credit information on borrowers (only from institutions regulated by the Bank) and supplies the information back to lenders to help them establishing a view of the credit histories of potential or current borrowers. Further information on CCRIS would be available at http://creditbureau.bnm.gov.my

We would like to suggest that you apply for a copy of your credit information collected by the Bank to verify the reporting of credit by the financial institutions on you. Please refer to http://creditbureau.bnm.gov.my/index.php?c...7&ac=10〈=en for information on procedures to obtain your credit report.

Hope the above have clarified your queries.

Thank you.

BNMTELELINK
Bank Negara Malaysia
No Tel : 1-300-88-5465
No Faks : 03-21741515
Email : bnmtelelink@bnm.gov.my


Yeah, ive already canceled the loan, and they complied only after ive said that i have called BNM and have an E-mail as proof that there is no such thing as blaclisting customers. Quite troublesome la banks nowadays, act like gangsters or what not, no wonder people go to Loan Sharks.

This post has been edited by Fasap: Mar 30 2010, 10:46 AM

haha..good job TS..they also wan to do business ma..just they act like gangster only la..

Like I explained countless times also, there's no such things as "blacklist".
You can learn more about CCRIS in this pinned topic: http://forum.lowyat.net/topic/741069


And yes, most banks are intimidated by BNM. So put forth that you've talked to BNM, most of the time they would comply already.

car also bank asked gangster to take your car if not paid..

good to hear you able to cancel you loan without hassle..any loan without signing agreement, can be cancel..like car loan also..no worries..

did u sign the acceptance offer or letter offer? If not you are def not obligated to the loan.

i advise u to report the bank officer ethical to the branch manager to put him/her into investigation and even can report to bank negara

ppl cari makan only, maybe the method is wrong, don't send that guy career to hell la... haiyo chill la...
BAFIA ACT no joke one.

TS, wont be blacklisted by bnm, its just a lame closing sales skill use by that banker...
TS, advice him to stop saying those crap or he will be in trouble one day.

---

Added on April 9, 2010, 3:04 amHowever certain bank will not allow you to apply any loan facilities with them if you rejected their offer, for a period of 1 year.
only certain.


This post has been edited by yssee85: Apr 9 2010, 03:04 AM

I have question here...i have applied housing loan and it was approved. I have signed it. I also have paid the annual insurance for housing loan.

However, the monthly bank loan has not yet started.

If let say, i want to cancel the loan before the montly housing loan payment started..is it possible?

How much is the penalty? I tried to ask the bank agent, but he seems not to answer my question. He keeps saying, he is not sure how much is the penalty.

For your info the interest is 4.96%.

Anyone has this kind of experience?? Really need your help.

How to cancel my personal loan application? I ddint sign any agreement yet . Asking the company that i asking for the lom, they said i need to go to legal firm to get the letter of cancellation and go to LHDN ti get the stamp duty. Is it necessary to do that? Help me... how much the legal fee to get the letter

What does LHDN have to do with personal loan...?

Mind telling us more about the firm and the application process? Why do you want to cancel?

Anyway, since you mention that you applied the personal loan from a COMPANY, did the agent tell you to pay any upfront fees/legal fees/any fees prior to disbursement of loan?

Hi. I applied personal loans from Maha Money Makers Sdn Bhd and i want to cancel the loans. The office staff told me that if i want to cancel i will be blacklisted in bank and BNM, is that true? And they said i will be blacklisted because i cancel after the agreement was done but I didn’t even sign or received any agreement. And they said if i want to cancel i have to pay RM450 for penalty fees, RM540 for stamping, and before I apply for the loans they ask to pay RM720 for agreement on hold. I already paid RM720 and RM540 to them but now they ask me to pay RM450 for penalty fees. If I didn’t pay for the penalty fees will i get blacklisted?
Anyone please help to me about this. I don’t know what should i do now.

Hi. I applied personal loans from Maha Money Makers Sdn Bhd and i want to cancel the loans. The office staff told me that if i want to cancel i will be blacklisted in bank and BNM, is that true? And they said i will be blacklisted because i cancel after the agreement was done but I didn’t even sign or received any agreement. And they said if i want to cancel i have to pay RM450 for penalty fees, RM540 for stamping, and before I apply for the loans they ask to pay RM720 for agreement on hold. I already paid RM720 and RM540 to them but now they ask me to pay RM450 for penalty fees. If I didn’t pay for the penalty fees will i get blacklisted?
I don’t know what should i do now.

they will continue to ask and ask again.....until you can be brave enough to ignore their threats.

if you are scare and have alot of money in you bank...just continue to pay and pay and hopefully they will stop asking for more.

if you don't know what to do, go to police station or BNM

Hi. I have a situation that my car loan has been approved. It's a new car. I did inform the car dealer my preferred car color so he will reserve a stock for me.

At this point i haven't paid any booking fees and didn't sign any offer letter. My loan is full loan.

But I had a second thought that i want to cancel the deal because i want to keep my current ride until it's paid off.

How should I tell the dealer about this without making him angry?

I am not worry about the approved loan because i can cancel it any time at this stage.

Just a bit scare to tell the dealer.

Need some advices. Thanks

Hi, i have tried to apply for loan for a used car few months back but my company affected so they announced paycut (but didn't in the end) and i got 3 banks approved my car loan but i did not proceed with it. 4 months later the loan amount still shows on my CTOS score as Approved pending signed. Will it stay there for a long time?

If the model is hot stock and selling like hot cake, the dealer should be able to sell it off to another buyer quickly. worst still, they forfeited your booking fee
by normal practise, upon cancellation, you should be able to get back your booking fee refund within the time frame set by the car dealer.