Could be that reason... For example, the bank is calculating all of ur commitments including minimum payment of 5% of your oustanding of cc. Ie, outstanding balance of RM10k = minimum payment of RM500. So you just do a rough calculation on your nett income (after deduction of EPF, PCB and SOCSO). Of course, other expenses like car loan. I think your overall commitment is too high. Therefore, they rejected it

Well... You're fresh in borrowing, means that you don have any borrowing records at all (for the bank to justify your repayment behaviour, good, bad or prompt paymaster) Or you have lack of income docs, for example, you do not have proper payslips whereby your salary is collected in cash method (not bank-in) Or you don have EPF deduction on your earning income Or your basic is low, highly depending on commission/allowances.

Thus, requesting a guarantor to secure the loan. Blacklisted person is not eligible to be a guarantor in this case.

Just wondering - This is the current situation.

I've not applied for a car loan in the past 6 - 7 years so I'm a bit outdated on the current scene. Maybe someone can help shed some light?

I'm a sole proprietor with 2 active companies. Each with a +/- turnover of around RM20k a month. Company A filed for income tax last year with a nett profit of over RM60k. Company B never filed for taxes.

Recently (4 days ago), I decided to purchase another 2nd hand vehicle priced at RM108000. Agreed on a RM43k down payment and proceeded to apply for a RM65k car loan.

I have RM48k in credit card debts (RM100k are my cards limit) and my CCRIS shows 80% Zeros 20% Ones. No house loan. No car loans. They are all paid up.

So the question is, does the above warrant a loan from the banks? And I was under the impression that these applications take only a day or two. It has been 4 days! Is it normal? What deems you a creditworthy person?

Lastly, loans sux big time.

Hi Powerplay77,

Since you're the sole prop of the company A, your income tax declaration of 60k = RM5k average income per month. Company B does not have any tax declaration = zero income. But you can furnish your bank statement for 6 months as well (as additional comfort to the bank only). your current commitment = RM2,400 (5% minimum payment of your current CC debt). So basically, you have a nett income of RM2,600 It's enough to service the loan. But I do not know how long you asked for the repayment term and interest rate.

You said it's a second hand car. But I'm not sure is that recon or local... Recon car will normally drag longer as supporting doc from custom and puspakom is required. So few days process is normal.... TQ

Hey ccvv,

Thanks for the heads up. Guess it's just been a while now since my last purchase so a bit anxious

Bank statements for both companies submitted. Repayment term 7 years with an interest rate of 3.4% p.a. Which means the monthly repayment is somewhere below 1 grand. It's an imported car. Supporting docs from customs and Puspakom handled by dealer.

Thx again for sharing. Will update in a few days for the benefit of readers. Fingers crossed. Cheers!

Hi Powerplay77,

So your instalment is around 958 per month. It should be ok for your HP application. If you need the car urgently, just push ur car dealer (I believe the banker was introduced by the car dealer too). TQ

for personal loan ccriss record min 1 year ....if u have it thn is other reason dy

IF i take credit card, and pay monthly accordingly, can i have clean record in CCRIS and enable me to make loan in the future?

Technically, yes. Just watch your repayment periods because once you miss it, you have a CCRIS record. So keep that record clean!

Why a lot still misunderstood CCRIS. Pls visit the links in the first page under my post to understand better.

CCRIS record will be there be it missed payments or not. Anyone whom has a credit facility with the banks will have their records updated to CCRIS which includes credit line, outstanding balance and repayment history as well as related tagging eg. AKPK, legal actions, reschedule, restructure etc...

Anyone here can advise how long the CCRI or CTOS will clean from system for someone who have under AKPK DMP before he/she apply for new Housing loan, Credit Card or etc?
Anyone successful apply new loan/cc after exit from AKPK DMP?
Please share. Thanks

CCRIS and CTOS records are only available for last two years. But for serious cases like bankcruptcy....hmmmm...not sure....

cc debts that you've restructured to term loan (after negotiations with bank) / AKPK with BNM will appeared as "special attention acc" in CCRIS. Whenever you apply for loan facility, you will need to explain it to the FI. Preferably after settlement of that. Normally, the bank will asked for a settlement letter of the said debt. Appeared on CTOS when a lawyer is appointed, most of the cases (by sending lawyer's reminder for whatever outstanding debt)

my understanding is...
CCRIS >> 12 mths
CTOS >> forever

not 2 yrs...

Im having an urgent issue here.
I just received a call this morning from Maybank, they want to issue a summon for if i couldnt clear it within later in the day.
My CC still have 4.8k outstanding, they already sent it to lawyer, if i couldnt paid i will receive a lawyer letter and i need to paid extra 3500 + 4800 = 8500.
I already contact person in charge with my case and they said no discussion at all, just paid the outstanding within today or receive lawyer letter.

Please sent me advise or any consultant can help me in my case.
Your help will be highly appreciated.

No worries.

they are all Maybank Collection Agency tried to scare you with legal fees.

Based on your amount is too small.

Just tell them you have no monies, ask them to take action.....

But is the lawyer company appointed by Maybank, what if that's is real ?
they will sent the summon letter to office summore..
I agreed this amount is small compare with others, i couldnt take the risk that it's real..because this summon is will be sudd double up my outstanding..

Hi,

No Worries, Our Government law protect us, those greedy bank (lawyer) try to scare you off.

need to highlight :

If you receive letter from (lawyer) with the letter head end with SDN BHD. Please ask them to fly kite.

For your issue, Just ignore ask them to proceed, Then you wait and see...

In Mean time try to pay some amount monthly without notifying the banks or so called laywers

Hi Busted,

Where do u get ur outstanding amount of RM4.8k? How long that you have not paying the minimum payment? It's important to know that first...

Hi there, i get it from the my person in charge in maybank.
It's been 5 month where i had serious financial issue.
Any help or advise ?