In general, common application rejections by banks are due to below categories :
Fail scoring 80%
Exceed monthly commitment 18%
Fail internal check 2%
If your prior application is rejected due to 1, we are glad to say that we can assist you in any possible mitigation actions. Your loan approval will be subjected to below risk grade category.
Low risk 6%-8% flat rate per annum/year
Medium risk 8%-10% flat rate per annum/year
High risk 11%-18% flat rate per annum/year
*Loan tenure in some exceptional cases can be up to 10yrs but usually is 5yrs to 7yrs.
CASE STUDY (Credit card debt to Personal Loan @ Debt Console) :
Credit card outstanding : RM50k
Monthly repayment RM2500 (before)
Settlement period : 2 years with total interest @ RM9,908.92
Personal Loan amount applied : RM50k
Monthly installment for 5 years @ interest flat 8% per year : RM1,166.67 (after)
Total interest over 5 years : RM20k
Result : Monthly repayment reduced by RM1,333
Documents to review:
Latest 3 months payslip
Latest CTOS
Latest EPF statement