Hello guys i need some expert advice on personal loan approval.

My annual income is 216,335 divide by 12 make it 18027 per month. (SELF EMPLOYED)
the figure according to my BORANG B, i just paid my tax few months ago.
my company established for 5 years.
i have no commitment ATM, but i have credit card with maybank and citibank.
my maybank credit limit 20k fully used.
my citibank credit limit 50k used 30k.
i just check on my CTOS report i have an 1 at MAY for citibank.

If i want to loan 150-200k 2-3 years, how high is my approval rate. how do i get a better approval rate.

Appreciated guys, thank you.

This post has been edited by daf200: Jul 16 2017, 08:12 AM

wow, what happen to you bro ? earn so high but yet high in debt (cc ) also ==

no commitment ATM ? you have car or house ? can sell to cover first

and wonder why u need take personal loan again since you have around 50k debt already

I got commitment for an mercedes before this, i made the car settlement 1 year ago.
well.. i was pretty tilt get myself into a shitty situation, i went to casino lost about 500k.
That's how i get myself into this situation.

Hahaha, I'm not the one who's 500k salty. Ouchie.

You can give the whole world's wealth to an idiot and they will still screw it up.

Along is always there for you.

First of all, I have to apologise but I really have to say this......it was extremely stupid and irresponsible of you to go gambling.
And to lose more than TWO YEARS of your annual income in a casino??? What the hell were you thinking???
Then again, for someone earning RM18k a month and still managing to rack up RM50k in credit card bills......unless those are used for your business and will somehow translate to income for you, otherwise, if it is purely from personal use, then I'm going to make a bold assumption that you are pretty bad at managing your own finances......(is that why you went gambling in the first place???)

OK, back to the topic, first thing you should do is to sell your Mercedes, since it is already fully settled.
If you really need a car, go and buy a cheap second hand car for now.
It seems you really need to take some drastic actions here, if you want to pull this through.

If you're earning that much, can try Ambank. I got their cards and they're offering credit limit of 160k on each card. Can do cash advance at about 5% effective interest rate for two years, I think. Can't recall exact details but you can give them a call.

This post has been edited by thesoothsayer: Jul 16 2017, 05:20 PM

so you need the personal to cover your casino debt or ?

yes i screwed up completely, i have an income will come end of august it will cover my losses.
that's y i am looking for a loan now.

thank you for the advice thesoothsayer, do you mean by their credit card or personal loan?

only need to return 50k to my friend, remaining i will keep for business usage.
my business require money rolling, i need to have money standby incase of emergency needs.

Credit card, but you can take cash advance from the available balance.

They offered me 2.99% for 1 year or 3.88% for 2 years. Just checked. Maybe that can help.

business require money rolling ? football starting soon bro

ibc , sbo and wft

thank you so much thesoothsayer!!

TBH i took most of the money from my business, and the cash flow is it pretty bad now.

Appreciated thank you, but i will just take the loan from the bank easier for me.
Just need the advice from the professional sifu here.

If you really only need RM50k to repay your friend, and the rest is "emergency funds" for your business which might not even be needed between now and end of August, as you say, then probably the best way is to get a credit card with the highest credit limit possible, and just take cash advance for the short term, as suggested by the other sifu here.
That way, you don't get tied down by a personal loan for 1 - 2 years, which will also incur penalties if you want to fully settle earlier.

Never ever loan money to repay loan. What you can do now, is pay your friend little amount say RM2k/month. No more loan/debts for you unless you can got the cash to settle it. Start cutting down on CC debts.
RM18k/month is more than enough for you to pay your friend, cut down CC debts, and start generating emergency fund for your business.

Earn 18k/month
- Give friend RM2k
- Keep RM2k for own expenditure + own emergency fund
- Balance RM14k pay off your CC bill + topup business emergency fund.

Borrowing to pay off debts = digging a bigger hole to fill up a smaller hole which eventually you can't get out.

Read this for more info.
http://www.mr-stingy.com/60000-debt/

This post has been edited by Ramjade: Jul 17 2017, 12:36 AM

I was thinking bout taking personal loan and have them settle down within half year, if penalties occur how much will that gonna be ?
was worried if i get new credit card they give me low limits, that's the main reason i thinking bout personal loan.

Thanks for that ramjade, but i really need some money to pay of my friend first.
i had promised to pay back end of the month, understood completely.

With cash in pocket, ts is more likely to seek revenge in genting before making repayment.

haha true icemanfx, but i don't have that choice available anymore.
because end of the month my gf from taiwan will come over and stay with me, she will have financial control of my money.
i made that choice, i believe it will be better for me.

True, with credit cards, you really never know how much credit limit you will get until you actually get the card.
But with a RM18k monthly salary, if you can prove it with payslips, I'd be surprised if they give you anything less than RM60k credit limit per card (approximately 3 times your monthly salary).
I don't remember how much penalty you will get for early settlement of loans, I think it is in the order of a few percent of your total loan.

Just go to ringgitplus and choose your desire bank.
Alot of banks can loan up to 25 times of your salary or 150k financing.

https://ringgitplus.com/en/personal-loan/

TS, your annual income is gross income or nett income?

Jumlah Pendapatan Total Income RM 216,335
Pendapatan Bercukai Chargeable Income RM 196,469
Jumlah Cukai Yang Dikenakan Total Tax Charged RM 35,052.56

I think this is clear enough.

2 roads, 1 black 1 white.

Black,
IF U STILL got cc. Can deal with "some guy" to swipe out as much as it could by transaction like buying something. BUT there's a "processing charges" by those guy.

White,
IF you do have a solid business for years, apply OD with the bank which manager close to you. Interest=7%+/annum (since u gonna USE ALL od u got)

Everyheavy gambler, deep in their heart know that shyt gonna haunted them forever. I means the mind set ofgamblers.

GOOD LUCK TS.

This post has been edited by heavensea: Jul 17 2017, 05:57 PM

Don't gambling again, do not considered gambling as solution of your financial/mood problem. If you still do=gg.

if u can win u already dim and now x need "run mountain" for that few hundreds k.

Focus on how's your life before lost so much of money, don't keep thinking abt how to "gain back" and etc. Because you won't.

This post has been edited by heavensea: Jul 17 2017, 05:58 PM

Thank you for the advice heavensea, can i use my car to get a loan? like refinancing?

Car cannot, pls don't go for along also, remember this.. 100k loan can become double in months.

U got asset like property? Do refinancing? Why don't use business "name" to borrow overdraft from bank? Just skl business purposes la.

thank you so much for the helpful advice, i will head to the bank tomorrow ask about the overdraft thing.
i googled ambank got car refinancing, was curious bout that.

I didn't know that, maybe you can try to call ambank abt this. You're welcome.

yea u can refinance ur car

Another post which "run down" other people and doesn't contribute to the topic at all

You are really a sadist

Do u know which bank support the car refinancing now, I called ambank they don't have it available anymore.

Flamer is everywhere, nothing we can do about it.

be frank, if you earn this much you should have own decision making instead asking on forum.

Simply hit up any bank they probably will get a repayment for you, or just try to refinance should able to solve your problem

The moderator goldfries already given him warning. He better behave. Later my son kena ban

Ok...sorry for OT. I am out

Strange my BE shows higher than TS but I never got 160k credit limit...

Anyway... just got SMS from Ambank offering "cash loan from CC" 2.99% 12 month, 3.88% 24 month, 5.88% 36 month.... +6012 249 8345

If only you understand psychology or human behaviour.

go to car dealer to assist you

Some bank tolerate 1

Tips

Banks that dry for client

Not maybank cimb public

The black option have 1 catch - the money will only be interest free for 1 month and after that need to start paying back. And credit card interests are high (13-18% pa)
Do you know how to find these 'some guy' ?

this is one of the last resort...
are u in serious trouble and need those "some guy"? Can u simply brief me why?
I'm afraid of "helping you=send you to gg road only"..

I'm not that desperate to that road yet guys, i just had a word with some ambank agent they proceed with my car refinance for 200k.
i'm waiting for approval, they said it will takes 3-5 business days.
I will update if i need anymore help guys, thanks.

be clear la bro, u lost 500K is your own cash or borrowed?? beside the CC outstanding 50K, any other debt??

if the lost 500K is your own cash, just let it go...look forward, focus on your business, why need another 150-200K loan???
don't even think to loan to chase after the done lost.

what about your business /or company overdraft facility. if don't have, time to apply one now...
50K just apply personal loan la, I think approval rate is high.

again, my dearest advice to u, bro.. move on, never ever think of chasing after the done lost.

This post has been edited by jojolicia: Jul 19 2017, 03:01 PM

With that sum of income ts suppose to achieve financial freedom easily within few years... great life ever after... envy die me..

450k is mine, 50k my friend lend me.
i pawn my watch for 60k, i need to take back my watch as well.
and my cash flow is running very very low, i need the cash so bad now.
new month is coming up, need lots of money to pay up.

i did call up maybank asked about the overdraft facility, they said im qualified but then they didnt send me anything for me to submit my document.
and the ambank agent follow up with me, so i took the car refinance first.

i think i have archieved half way already, just so bad move... so so bad.

quick quick follow up w/ ambank OD application.. & other bank too..
u have to leverage on your company past year revenue/records for OD facilities & get stand-by cash flow in ready ready mode now.

This post has been edited by jojolicia: Jul 20 2017, 10:29 AM

bro better take loan, but just put 50k to roulette black color directly.

wat business u do bro ??

i have few business partner can help u

I've read thru the thread. You have a need for cash + you can lower your cost of funds. What you can do:

1) Car refinancing, which you've already done. It's a sound move, but not the cheapest

2) Unless you can pay down your credit card debts immediately, find the best credit card balance transfer program. There are some at 0% interest rate for 12 months if you transfer more than RM1000. E.g. https://loanstreet.com.my/credit-card/bank-...rd-mastercard-i

3) Your company's (or business?) accounts if they are clean, you should be able to get a clean OD facility up to RM500k with no need to pledge any collateral. Standard Chartered and Alliance Bank has this.

4) If you have a house, i highly recommend doing home refinancing. Aside from 0% balance transfer, this is the cheapest way in the long run. But the money comes the slowest (4-6 weeks).

5) Based on your Borang B + last 3 months income submission, you should be able to get a personal loan of up to RM100k easily (Salary x5). But between car refinancing, card balance transfer, or OD, this is the least preferred.

6) You live pretty large. Big car, expensive watch etc. Consider if it makes sense to forget about redeeming that watch and hold on to the cash instead. You could start wearing a fit bit instead which is an entirely legit reason to not keep up with the joneses in your circle of friends. Of get a cheaper luxe watch.

Finally, I wish you success in conquering your demons.

This post has been edited by METALRAGE: Jul 21 2017, 11:39 AM

advertising.

jesus, i need the take the watch back so bad.
if i sell the watch it has value of 80k, i pawn for temporarily only.

Beware of T&C for early settlement, I am now stuck in a situation where the bank actually charge me 18.5% of penalty from my actual loan amount if I wish to early settle, not including the principal amount.

Anyone have any similar experience to this? and whether we can dispute the T&c of that product?

This post has been edited by Mr.World Weary: Mar 21 2018, 05:13 PM

Home loan? And which bank is that?

Please clear ur debt credit card ruining your credit score

It's a personal Loan from local bank.
Hidden charges, not mentioned in T&c.

This post has been edited by Mr.World Weary: Mar 22 2018, 09:55 AM

Share the T&C here.

I would like to see which bank is stupid enough to hide their fees on their t&c.

If i'm the bank i would state every penalty on the t&c so in future there will be no dispute.

Ya, let's translate this, maybe this worth immediate attention of public and central bank, which we all including BNM are being fooled by this T&c. In T&C, customer who early settle is entitled for a rebate, and the bank did not mention anything about penalty and eventually after the amount is generated, there is 18.5% huge "unknown fee'' silently charged to a genuine customer who wish to return back the money to the bank earlier.

10. Early Settlement. The Borrower may at any time effect early
settlement of the Facility in full by giving three (3) months’ prior
written notice to the Bank, or payment of three (3) months’ interest
on the amount redeemed, in lieu of notice. A rebate for early
settlement ("Rebate") on the remaining interest to be charged will
be granted to the Borrower over the unexpired period commencing
after the three (3) months’ notice period. The Rebate shall be
calculated in accordance with the following formula**:

R = (n-3) (n-2) x I where, N(N+1)

R Rebate (RM)
n Number of Monthly Instalments
over the unexpired period
N Loan Tenure
I Interest payable for the whole
Loan Tenure (RM)


An illustration of how the Rebate is calculated for a 60 month Loan
(5 years) with a principal amount of RM50,000 and interest rate of
12.5% per annum, but with early settlement after 20 months (where
early settlement notice is served on the Bank before the next Monthly
Instalment due date), is provided below:

N = 60
n = 60 - 20
I = 50,000 x 12.5/100 x 5 = 31,250
R = (40-3)(40-2) x 31,250 = RM12,000.78
60(60+1)

Note :
**The Rebate will be calculated based on the "Rule of 78" or "Sum
of Digits" whereby the method of calculation of the proportion of
principal and interest payable for the entire loan assumes that the
interest forms a larger percentage of the monthly instalments during
the early stage of the loan. The Borrower shall repay all Monthly
Instalments payable over the unexpired period subject to the Rebate

Unfortunately, if you have pay like half the loan tenure you would have already paid at least 70% of the total interest. That's why you would feel the principal settlement it's higher than what you would expect and it's not hidden charges as per what you claim.

Well, when I calculate the amount of my remaining principal money (minus out the interest), compare with the amount given by the bank using that formula, there's is a different of 18.5%, and It also means that I have to pay 18.5 months of interest blindly. And the "Rebate" formula varies among bank, which this bank is significantly higher.

How is ts doing now ? Settle everything by putting 10k to 29,7 and 28 ? Hope all well ends well

TS very hard lah, live so luxurious...
Just 200k+ p.a. can drive luxury conti car, wear 80k watch... Lol

Should tone down on the lifestyle expenses

rhb can 150k max..but interest rates 10%? worthy?

assuming clean commitment.. ur cc debts ard 50k.. have u converted into balance transfer? how long the tenure>

Boss u pls dun encourage ppl to go for PL la. If its not seriously needed then its more like suicide wei.

i need loan. haha .which the best rate?

damn yall taking personal loans, such risk seekers

well, no pain no gain

if have income tax 2019 declared,

6 month bank statement,

but under SG FORM B (with business) , not employee under company..

possible to apply personal loan??

any other documents?

according to this
https://www.maybank2u.com.my/maybank2u/mala...sonal_loan.page
If you are self-employed:
Copy of NRIC (both sides) AND
Copy of Business Registration AND
Latest B form with official tax receipt OR
Latest 6 months' Bank Statements


https://www.google.com/search?source=hp&ei=...Q4dUDCAc&uact=5

companies, not so easy...as they require more..doc

6.5%..

This post has been edited by RO Player: Jul 24 2020, 02:37 PM

you mentioned that....

but SG (salary group)...with business entity..

if you want to apply using this category and yet you think it will be troublesome due to more documentation requirement....
then try what?

as per that same site..
Application form together with:
Copy of NRIC (both sides) AND
Latest 1 month salary slip OR
Latest EA form OR
Latest BE form with official tax receipt
Latest 3 months' savings account activity/current account statements (optional)

or you could try search yourself from the another link (google link) in my earlier post, for some banks that only requires those info that you can easily provides

This post has been edited by MUM: Jul 24 2020, 03:29 PM

Good news is TS is earning money from business
Bad news.. To stay away from toxic habits
Taking debts to cover debts that will end up a vicious cycle

If you are self employed, most bank requires at least 2 years of your business account.

If you are a director of a Sdn Bhd, then just ask your company secretary to give you the company forms + your own formB but still need at least 2 years in operation.

I tried to get a new cc from other bank all get rejected due to less than 2 years in operation.

Nothing too troublesome if you are looking to get capital to invest into your business.

Currently it is very difficult for biz owner to get personal loan.. banks impose high requirements. May i know how long is your biz and what is the average monthly turnover for the past 6 mths?

Pm, if u r bank, if u are agent or third party buzz off..

which bank is the easiest to get under RM100k loan with 5k income?

Read before... Someone mentioned Aeon has the least stringent requirement screening...
Just not sure if it is still valid

min 7.92%..

maybe that is the reason for being less stringent or easiest to get loan? ....

others..5 to 7% for banks....for license money lender 1-1.5% per month

Borrow from credit card can get cheaper. Provided your card limit is high.

lol..