Application for loans is now faster and easier than ever. In Malaysia, bank customers are able to apply for loans from banks and financial institutions through the internet and mobile platforms. The process is similar without the hassle of filling up forms, submission and such.
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Most banks in Malaysia operate online today and they provide loan processing as well. As a customer or potential customer, you can apply for a loan through various methods.
- Fill up an online form
- Submit your application through email
- Use Live Chat services
Types of loans available
Loans that are commonly offered by banks through online applications are personal loans. Besides that, credit cards can be applied online as well. Other types like business or SME loans are provided by banks but they are rarely available through online processing. This is because the procedures are slightly more tedious as compared to personal loans.
Standard Operating Procedures for online applications
The most common way to apply for a loan online is through a bank’s online form. In most cases, the process involves:
- Fill up the contact information and personal particulars
- Upload image of ID (MyKad, Passport, etc)
- Upload necessary documents
- Wait for loan application results (approved or rejected). This usually takes 1 to 2 days at most and you are usually informed through email or your mobile phone.
- Concluding the process and signing off.
Some issues to take note
Unlike conventional loan applications, there are certain issues that you must consider when making an online application. You need to be fully aware of the interest rate at the point of submission and this might be slightly different at the point of approval. Take note that you:
- are liaising with the official bank’s website. If you are unsure, call the bank to confirm.
- agree with the interest rate, loan amount, repayment tenure and other details.
- have the minimum eligibility to apply for the loan. This means you should have a minimum salary per annum.
- prepared digitized copies of the documents required including your ID, payslip (usually the latest 3 months), EPF statement, EA form and utility bills (in some cases).
- must be aware that the loan is not concluded until you signed the final agreement.