How to get fast approved Personal Loan
We highly recommended the following guide in order to prevent any delay of your personal loan application
1) Check and recheck the application form – Many delays are due to missing or incorrect information in the personal loan application. The missing information is high especially on the employment part such as length of services and employer details (where it is very important for banks or financial institutions to access your creditability). Make sure you complete your application and if any part is unsure, contact your banker or the banks hotline for assistance.
2) Liabilities not fully declared – In all application, you need to declare all your liabilities to the banks or financial institutions. Liabilities like home loan, car loan or other personal loan. In all application, banks will run a credit bureau check to ensure that the borrower declaration of liabilities is true. If any liability is not declared, the application will be rejected, sent back to the banker where he or she will need to contact you for clarification. This will result on delays on your personal loan application.
3) Documents not completed – Many borrowers assume that since they have an account with the bank, they do not need to submit their income documents and photocopy of NRIC. This is totally not true. Firstly, banks required most updated income documents from the borrower to know how much are they earning currently. Secondly, the processing department does not have access to all details of customers. Thus, they might not have a copy of your NRIC. Always support banks with all the documents they need to process.
For a check list, you can get it here – Personal Loan Documents Needed
4) Income documents not the latest – Borrowers often support with the outdated income documents. The banks will reject such applications, as they need to know the borrowers current financial state and not how much they earn in the past. Thus, make sure your income documents submitted is always the latest copy.
