When applying for a personal loan such as Maybank Personal Loan, it helps to know how the application is actually processed. This will give you a clear idea of how loan officers consider your eligibility. All banks pretty much use the same method when it comes to processing applications, a fact that is definitely useful if you plan to apply in more than one bank.
Once your documents are already in, the bank will start checking your papers immediately and establish your ability to pay. Everything you put on your application form will be checked thoroughly. At this stage, expect to receive a call or two from a loan officer as part of checking the veracity of your information. They will be asking questions pertaining to your personal information, working history, business history (for self-employed) and your bank account.
The loan officer will investigate your credit history by checking for existing loans and credit card debts. He will be on the watch for delinquencies such as late payments and bounced checks. All this is necessary to make sure that you are capable on paying back what you owe.
It is the bank who will decide how much money you will get once you get approved for the loan. They will ask you to indicate your desired amount and they may give less or more. The approved amount will depend on your capacity to pay, which will be dictated by your credit history and financial standing.
Reasons for NOT Getting Approved
With so many people applying for personal loans such as the Security Bank Personal Loan, the bank will not hesitate to reject applications not deemed worthy of the risks. Here are some reasons why loans get rejected and ways for you to possibly get around them.
A credit history is essential for the bank to check your capacity to pay. This is a common problem for first-timers who have no existing loans or credit card usage. There is no way for the bank to check for payment behavior. If you have no credit history to speak of, you may want to consider applying for a starter credit card first. Regular usage will establish your credit history, therefore making you more eligible for personal loans.
There is simply no reason why a bank will give you money if you already established that you can’t pay your debts. If you have multiple loans currently going on and you are having a hard time paying them, the bank will definitely see that as a red flag and simple reject your application. You are considered a high-risk borrower.
Sometimes outside factors can affect your chances and it’s not even your fault. You may end up blacklisted even though your credit history is spotless. It could be that there are errors in your credit report, such as closed accounts and incorrect payment reports. If you encounter such problems, you have to consult with the bank in question or the credit bureau and demand that these be corrected.
With these in mind, you can now improve your chances of getting approved for a Maybank Personal Loan. If you need help with your application, you can always get support online or talk to a loan officer in person to get your documents in order.