correct, some of the banks like public bank, allianz bank, argro, koperasi, al-rahji bank onli provides the loans to gov staffs. and their rate is quite attractive as well. though.... the loan repayment method is based on monthly salary deduction la. this could affect housing loan application

weird. that would be killing off HLB's own PL
but i think they only offer to customers with good payment records.

i heard one of my customer with citibank creditcard, he said citibank provided him cash advance at 4%+ as well. not bad oso.
i guess they dint mention, once you default or made any late payments, the interest rate goes back to 17.5%

cash advance is dangerous!!! dont ever touch it. unless its really for emergency and you are sure you can repay it the next day.
most cash advance profit rate is calculated on daily rest

actually one of the reasons with the lower approval rates nowadays is due to the economic/market condition as well.
NPL pilling up for some banks. higher risk of lending.

of course, in terms of providing a loan and earning an interest. the banks take into account the risk.
many new policies is implemented in these 2 years.
policies that makes unsecured lending harder to applied than it used to.
ther's certain "non-target section" or "high risk nature of business", wher banks would not risk providing UNSECURED loan during these down times.

plz dont take it personal, its nothing to do with your dad, your family, your family's relation with HLB. its jus the market condition which caused the banks to alter their policies to minimize risk.

you can try with me
i believe my bank can provided competive rates compared with HLB
HLB is flat 12% + 20% cash rebate (after the 1st year and during the last year, with condition of prompt payment)

click my siggy for more info

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Added on November 7, 2009, 1:29 pmhard to apply due to short employment tenure/service.

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Added on November 7, 2009, 1:30 pmwhy stand chart when OCBC can provide competitive rates compared to stand chart. HAHA

This post has been edited by ahnien: Nov 7 2009, 01:30 PM

most personal loans use gross income calculation not net income.
gross income is use to calculate the maximum financing amount.

banks will opt to reduce loan amount if ther's too much commitment leading to negative net disposible income.

housing loans use net income.

any bad credit records in the pass 12months on your car loan/credit cards??
your TOTAL employment service including b4 current job??

UGPM

suggestions
Personal loans VS SME start-up loans

personal loans:
cons
higher interest rates
lower amount

pros
way faster processing & approval (SME may take up to 1-2months or more, fastest i heard was 1 month)
no collateral
way more easy & hassle free to apply
no legal fees & procedure
no business proposal required etc

and of course, SME pros & cons is the other way round

This post has been edited by ahnien: Nov 11 2009, 10:43 PM

depending on bank policies and loan contract t & c as well.
normaly for SOME banks, for early settlement,they will ADD in the penalty charge for early full settlement, then they will rebate back the remaining interest fee (if charged up front).

TIPS: to avoid being CHARGED too much early settlement fee. pay a lumsum amount of payment to reduce the outstanding amount till a low amount. then only you notify the bank you wanna make a full settlement. so the final penalty charge will be charge on the lower outstanding amount.
take note not too pay too much on for the lumsum amount, as you shud noe that currently the 19k, part of it is interest charges. so they will be rebates on the 19k(depending on banks t & c)
let say now your balance is 19k, you wanna make a full settlement at 19k. but now pay a lumsum of 15k or more. then after 1 month, call the bank to notify the early settlement, so your penalty charge will onli be charge on the remaining 4k.

This post has been edited by ahnien: Nov 12 2009, 08:08 PM

hi ther,

based on the information you had given. the highest posibility of rejection is you dont have any credit cards.

application for personal loans are clasified as unsecured loans(high risk loans). so they will need to evaluate your pass credit records on unsecured types of facilities. best example: repayment records on credit card. credit card are a type of unsecured facility.

without credit records, bank cant evaluate the risk of repayment default.

even people with car loans/house loans, but they dont have any unsecured facility, banks cant evaluate their repayment records based on their car/house loans. as car/house loans are secured facilities.

personal loans are very sensitive & risky. the banks evaluate every possible factors.

if you are a degree holder, i believe i can help you

This post has been edited by ahnien: Nov 12 2009, 09:34 PM

i dont know about other banks but, for my bank.

ther's an exception if you dont have any credit card/pass credit record/lack of credit records. the requirement is that the applicant is a degree holder

reason: its not about the education, but its one of the factors how banks evaluate risk for unsecured loans. degree holders may have HIGHER chances of getting a stable job, and LEAST chance of lossing a job during recession. all mere statistic based risk calculation?? normally degree holders have higher approval rates, but not nessasary always....
non-degree holders, but been in a stable n steady employment & income have very very high chances as well

note: all mere personal view & assumptions

This post has been edited by ahnien: Nov 13 2009, 01:49 AM

absolutely CORRECT!!!

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Added on November 17, 2009, 12:47 pmat times, cant really blame them oso. the job market oso a problem.
jus for example, nowadays, in banking fields or investment sectors, they RARELY hire freshies. most are internal transfers or scounting for external talents frm other comps.

This post has been edited by ahnien: Nov 17 2009, 12:47 PM

telemarketing / external referrals.

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Added on November 17, 2009, 11:32 pmcurrent market norm 12% - 5.5% (flat rate)

24%++ - 13.5% (reducing balance)

might be inaccurate. but its roughly ther.

some banks may offer very very low rates, as low as 7% - 4% (flat rates), but take note the eligibility. normally onli for government servants / certain setors employee with auto monthly salary deduction.

This post has been edited by ahnien: Nov 17 2009, 11:34 PM

Bro, i'm selling loans. but...

seriously, IF your credit card interest rate is really at 13.5-15%, then DONT apply a personal loan to settle the outstanding balance.

cuz - based on the employment info & income info you had provided

1. i doubt ANY banks in the market can provide a competitive rate thats lower than 13.5-15% interest rate
2. 13.5%-15% rate is relatively low rate for credit cards
3. with your current outstanding balance in credit cards, i doubt you have high chance in securing any other personal (unsecured facilities) loans. even if you did, either the rates wont be low, or the amount wont be enuf

either way, i doubt you can get any profitable rate for you possition from personal loans.
if you really do get a personal loan, you MAY still get some interest rate rebates from your settlements on the cc outstanding balance.
and you can pull longer the repayment tenure to lower the monthly repayments.

TAKE NOTE: most personal loans in the market now provides FLAT RATE based interest rates. your credit card interest rates is REDUCING BALANCE. calculated by effective interest rates & assume your credit card interest rate is really at 13.5-15%, the effective rate for FLAT RATE lower than your cc is for sure lower than 6-7%(rough calculation).
while for current market norm personal loan interest rates range from 4.99%-12% flat rates.
i doubt you can get 4.99% flat rates unless you are premier banking customers or government servants

My advice, get balance transfers.
or stick with a very strict schedule payment for your credit cards. eventually, you can settle it.
as if you are entitled for 13.5%-15% interest rates in ur credit cards, i'm sure you have very prompt payments for your credit cards.
stick with it. its already the least expensive way to settle it.

but of course, if you are still interested to know more about personal loans, you can click my siggy or pm me

cheers

This post has been edited by ahnien: Nov 18 2009, 10:31 PM

i think it stands for "standard chartered" & "hong leong"

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Added on November 19, 2009, 6:10 pmnot prejudis or biased. but fyi, i think there's no bank in the country that approve unsecured loans to mlm agents.

unless mlm agents pay income tax and have tax receipt & borang b or atleast a credit card.

mlm agents fall under "non-target segment" or "non target nature of business" group.

This post has been edited by ahnien: Nov 19 2009, 06:13 PM

not nessasary 100%. but approvals are high at 80%+

normally if you are jus in your 1st year of your contract. then i believe you are not eligible for any loans in the market.
even those bank that provides p-loans to gov servants.

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Added on November 23, 2009, 9:31 pmhairstylist fall into non-target segment of quite a lot of banks for personal loans. try CIMB (min income requirement is RM800 - i think)
dont have high hopes. due to the job segment. the approval rate is not that high.

This post has been edited by ahnien: Nov 23 2009, 09:31 PM

go for BT with, lately PB offering a good bt package with longer tenure.

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Added on November 24, 2009, 9:19 pmthats the problem when you are applying from agents / agency

go applying with bank branches. or atleast enquire with branches or call their customer service. they will assign you further help with their bank sales staff

normally, the loan will disburse after deduction of the cost. which nowadays, not much banks charge processing fees, legal fees, stamp duty etc.

normally onli deduct the takaful charges. note: takaful charges are based on charges set by Takaful Malaysia.
its not set by bank itself

This post has been edited by ahnien: Nov 24 2009, 09:19 PM

then no banks in the market can help you

basic calculation:

total monthly commitment (based on ccris) / monthly income x 100% = <50-60%

jus a sample.

the monthly commitment includes all:
- monthly car, house, personal loans, term loans, OD, EPP, or installment, refinancing, etc repayment
- total cc outstanding x 5% minimum payment
- any other monthly repayments to any financial instituition

onli LISTED companies LISTED in their list can be processed.

thats what my fren from al-rahji told me.
many companies are reluctant to conduct the salary deduction thingy

i believe since you've jus worked less than 3months in your current company, you wont have much success rate in applying for a loan.

anyway, BT provides better interest rates. go survey around to see which serves you best.
PBB's BT seems quite interesting

i can help you. click my siggy

UGPM