No it is not true, certain banks does offer personal loan to individual with CCRIS less than a year record, but at a higher rate of interest which could be up to 15% p.a. it really depends on the bank.

It is impossible for you to apply for any personal loan through banks as you don't have a set of income, like what others said, try to borrow from relatives/parents. Thats the most rational way to solve this problem.

Alternatively, try to explain your current situation to the college authorities, let them know that you're undergoing the application of PTPTN and would only be disbursed upon July (maybe ask for extension for the payment of fees OR you could tell them to split it into installment and try to gather money for the meantime so you dont need to pay 5k in one lump sum), i'm sure they would take it under consideration if your PTPTN loan is actually approved.

This post has been edited by fornax: Apr 10 2014, 11:05 AM

With 3k income per month, i highly doubt that you could get personal financing from any banks which could go up to 100k, usually maximum it could go up to 10X of your income.

I guess the only viable medium you could get 100k loan ASAP is through those LICENSED money lender. But still i wouldnt recommend on that.

Exactly, but there are still a FEW genuine licensed money lender, but still they will charge you sky rocket interest rates compared to what banks would charge you. For example, one of my friend actually opt for a loan from these licensed money lender, they are charging my friend 10% on the principal as interest every month.

For instance, my friend actually loaned RM5000 from them, he is required to pay RM500 everymonth as interest payment, and the RM500 interest paid every month would not decrease the principal balance of the RM5000 he loaned.

If your friend already settled with the bank regarding the previous owing, he should be able to get letter of release from the respective banks in regards of the complete payments. Do try to attach the letter of release alongside with his application of loan to maybe raise the chances of approval, but still it is still subject to the bank in terms of approval.

do you have any exisiting credit cards with any banks? if you dont have, you could still apply for p.loan provided you have a fixed income or a set of income with valid documentation as proof. But since you have no ccris record with any banks, the interest rate would tend to be slightly higher.