18th August 2013 - 4 min read
Personal loans are handy when you need cash because life just happens; whether or not you have the budget for it. So no matter if it’s for emergency funds or something less critical, banks are realising the need for fast approval loans with minimal paperwork in addition to competitive personal loan rates. If you are planning on taking a personal loan, here are a few things that will help you with your application process.
There are several ways to apply for a personal loan nowadays and the method may depend on your chosen bank’s procedure:
Walk-in – When in doubt, you can always just walk into your chosen bank branch and ask about loan applications. Some bank branches are better equipped with MyKad readers so no documentation required such as at Easy-RHB outlets. To apply for the AEONiCash, Hong Leong Mach IOU, or an Alliance Bank personal loan, you will only need your MyKad and income slip. Usually these banks aim to provide customers with fast approval loans that require little documentation. If in doubt, check the bank website or give the customer service centre a call.
Phone-in – Some banks simply ask that you phone in. This is then followed by instructions on how to go about your application. Some may require you to head down to a bank branch but others may fax or email you a form to fill and return via the same mode.
Online application – Like phone-in applications, you will likely be asked to scan and email copies of required documents to the bank should you desire quick approval. Some banks only do partial online applications and ask for your contact details promising to respond with a phone call within 24 hours with further instructions.
It is always best to be prepared. If your bank website is unclear and you want your loan approved with as little hassle as possible; here’s a list of documents to prepare just in case. Almost every loan, including personal loans from Al Rajhi Bank, will require the same kind of documentation and these are the usual suspects:
1) Copy of NRIC (and the original to present if applying in person) – Arguably the most important document that you need for any bank application. A passport is also acceptable if you are a non-Malaysian resident.
2) Proof of Income: Some banks require just one but there are others that will require a combination of 2-3 if not all, so do call your bank to find out. When in doubt, it’s always best to prepare as many as you can!
Always ask your bank how the money will be disbursed to you. Some may require that you open a savings account with them (if you don’t already have one) but some may just give you a cheque or do an interbank Giro transfer. If you don’t have a savings account with them, you will need to open one. Once settled, there’s just the wait.
RHB’s Easy Express Loan claims on the spot disbursement; AEON and Hong Leong Mach all promise within the hour but most banks can take anywhere between 1-14 working days. Some banks offer the convenience of tracking your application online but even if they don’t there’s no harm in calling them up for an update.
If your application is rejected don’t be disheartened. There are plenty of other banks offering competitive rates and just as simple to apply. Good luck!
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