Tips to Get Your Personal Loan Approved

Applying for a personal loan may be a tedious task and in order to apply for one, you will have to invest quite a lot of time to visit banks and to talk to bankers. Nevertheless, applying for a personal loan is not as difficult as what you may think. Check on the tips below to increase the chances to get your personal loan approved.

Check Your Financial Records

Make sure you determine where you are financially prior to applying for a personal loan. As like almost everything in life, a clean and good record is always better than a bad record. When you apply for a personal loan, the first thing that the particular bank will pay attention to is your credit record. If they find that you have a history of bad habits like missing your repayments, frequently making late payments and so on, the chances to get your personal loan rejected will be a lot higher. Therefore, having a strong financial record will swing the favour to your direction when you apply for personal loans in banks. If your current financial record is bad, improve on it first before you try to apply for a personal loan. Although CCRIS report is not a definite factor to get your personal loan application approved or rejected, the particular bank will still take a look at your CCRIS report before making the final decision. That bank may also refer to your CTOS report as an added precaution.


Be Disciplined

Before you try to apply for a personal loan, make sure that you improve your credit record by making your repayments on time for a minimum period of 6 months or longer. The bank can see your 6 months historical repayment record from your credit report to determine if you are paying on time or making late payments. If they find that you are constantly making late repayments or even missing out on them, chances is that the bank will not approved your personal loan application due to your poor repayment habits. Even though when you are not applying for a personal loan, you should always make your repayments on time to keep a good credit record.


Read the Fine Print

In general, banks will usually offer a personal loan amount of between 2 to 3 times of your monthly gross income hence it is important to calculate your monthly income and other financial commitments first to determine if you have affordability to take up a personal loan. In some cases, people failed to read some of the fine print details like the amount of minimum monthly gross income needed. Therefore, check if you are eligible first rather than to raise your hopes and then get disappointed when the personal loan application gets rejected due to insufficient monthly gross income.


Create a Credit History

Similar to having a bad credit history, banks are also reluctant to offer personal loans to individuals that has no credit history. A person that has no credit history is someone who has never owned a credit card, apply for mortgage loan or a hire purchase loan. The bank will then have insufficient information to analyse if that person is a good paymaster or not. Hence, it is advisable to have some kind of financial commitment first before you start to apply for a personal loan with a particular bank. With regards to getting some financial commitments, I am not asking you to do extreme things such as purchasing a house or a car immediately. Instead, you can start with something on a smaller scale like applying for a credit card that you can use for cashback purposes and to earn reward points while at the same time, build a good credit history by making your monthly repayments on time.



In conclusion, the other tip is to put yourself in the shoes of the particular bank that you are applying your personal loan with. In this way, you are able to evaluate yourself in a better way before you try your luck in applying for a personal loan. Different banks may have different risk tolerance and appetite but the tips that I mentioned above are the general guidelines to increase the chances of getting your personal loan application approved.


Standard Chartered Personal Loan



Standard Chartered CashOne
No guarantor and collateral needed
Quick approval
RM 1,000 to RM 150,000 of financing available
Maximum 5 years repayment
Lowest 0.75% monthly interest rate


CashOne is unsecured where it does not require any any collateral or guarantor. This loan is not Shariah compliant. CashOne gives finance up to 4 times the customer’s monthly salary. Repayment period of the installment is from 12 months (1 year) to 60 months (5 years) and the interest rates are as low as 0.75% per month. This would amount to 9% p.a. flat rate. 


There are no processing fees required while late repayment are charge 1% p.a. on a daily basis.


An applicant can be a Malaysian citizen or foreigners aged 21 to 65 years old with a minimum monthly salary of at least RM2,000 per month.


An applicant must open account with the bank before they could done their repayment. Monthly repayment is via a standing instruction.



  1. A copy of MyKad (front and back)
  2. Most recent payment slip
  3. Most recent bank statement
  4. Most recent EPF statement
  5. Most recent BE form (income tax)


  1. A copy of MyKad (front and back)
  2. Most recent 6 months bank statement with copies of business registrations
  3. Most recent BE form (income tax) with receipt

Repayment Table

SC Personal Loan repayment table


Among the privileges that a customer could get from this loan package includes

  • Customers don’t have to pay their Platinum credit card annual fee.
  • No lock in period (can overlap) but customers have to send a notice prior a month for the bank to release a settlement letter.
  • Every time a customer paid their monthly instalments, their credit card limit will increased according to the amount that they have paid. This could help if they needed some emergency cash or they have out of money in any months.


Quick Cash EDGE

Personal loan scheme called Quick Cash is for employee working for the government or private sector as well as self-employed workers. Minimum amount for the finance for the loan is RM2,000 while the maximum amount is RM150,000 or 5 times the customer’s monthly salary. Minimum tenure for the loan is 12 month (or a minimum of 24 months if the loan amount is less than RM15,000) while the maximum tenure is 60 months (5 years). The interest rate is based on the flat rate up to 0.88% per month, according to the salary, amount and duration of the finance. Customers will be charged a late payment penalty up to 1% from the outstanding amount. This loan package doesn’t need any collateral or guarantor.


Personal Financing-i

Standard Chartered Personal Financing-i is a fully Islamic compliant loan that is based on Shariah concept. It operates on commodity trading concept. This loan is also requires no collateral and guarantor.


Standard Chartered is an international banking group with an extensive network of over 1700 branches and also branches in more than 70 countries in Asian Pacific, South Asia, Middle East, Africa, United Kingdom and America regions. Standard Chartered started its operation in Malaysia in 1875 when its first branch is opened for business in Beach Street, Pulau Pinang. The bank has been incorporated locally as Standard Chartered Bank Malaysia Berhad on 29 February 1984. As the first and oldest bank in this country with over 140 years of history, Standard Chartered up to this day has over 40 branches with 7,000 workers throughout the country.

Today, customers are seeking the personal loan offered by the bank as a deposit for new home, chances, business investment, pursuing studies, settling credit card debt or home renovation. No matter the reasons, the personal financing gives the customers additional finance and freedom to do more than they could think with the loan.


HSBC Personal Loan


HSBC Amanah Personal Financing-i
Offers financing up to RM150,000
Monthly payment starting as low as RM134
Enjoy a flat rate starting from 10.5% pa
Length of payment of up to 7 years
Minimum monthly salary of RM 3,000 requirement

HSBC introduces it’s HSBC Amanah Personal Financing-i for those who require funds promptly. The HSBC Amanah Personal Financing-i is a financing facility executed on a fixed monthly installment. It is grounded on the concept of Murabahah which is an agreement of purchase and sale of Shariah compliant commodities concerning cost and profit margin being acknowledged and complied by all parties involved.

This quick, easy and minimal hassle loan facility offers financing amount of RM6,000 to RM150,000. Financing of up to RM150,000 is available for existing customers while RM120,000 is capped for customers that are new to the bank. The HSBC Amanah Personal Financing-i has no requirement for a guarantor nor a collateral and promises fast approval. With a disciplined payment method, total consumption benefit can be increased. Funds can be utilized for just about anything such as family vacations, child’s education, marriage, bill payments, savings for emergency. It is another alternative simple cash financing facility to credit card.


Financing Amount Fixed Flat Rate Per Annum

RM6,000  –  RM19,500 12.5%

RM20,000 – RM49,500 11.5%

RM50,000 – RM150,000 10.5%

Charges and Fees

There is no processing fees or stamping fees for The HSBC Amanah Personal Financing-i. The flat rate per annum that is determined in the application of Financing Amount is a result of computation of the Financing Amount that excludes the Takaful Contribution.

It takes 3 days for the money to be submitted into your account once it has been approved. Borrower will need to have HSBC account for the cash disbursement.   Monthly payment for this financing can be made after disbursement from an established desposit account to the facility from a standing instruction.


To be eligible for the HSBC Amanah Personal Financing-i, you need to be a Malaysian or possess a Malaysian PR status and aged between 21 and 60 years old. HSBC customers who have a current relationship with HSBC or HSBC Amanah will need to have a salary of RM3,000. If not,  a minimum salary of RM5,000 is required for the eligibility. It is good to note that the HSBC Personal Financing-i is only available for individual sole account and not for joint application.


Applications for the HSBC Amanah Personal Financing-i can be made by submitting the application form together with the documents stated below:


  • Copy of your NRIC
  • Copy of present or previous month’s salary / Copy of a Bank Statement proving salary credit into your account
  • Form BE (full submission to the income tax department with attachment of  payment receipts) / EA/ EPF statement OR
  • Copy of appointment letter (if employment is less than 3 months)


Self Employed

  • Copy of your NRIC
  • Copy of most recent Form B (full submission to the income tax department with attachment of payment receipts or CPO2) / EPF statement / copy of your audited financial statement / Profit and Loss account
  • Copy of your Business Registration Form

You can find more details on The Monthly Payment Schedule excluding Takaful Contribution here:

Hsbc Personal Loan Table


  • Receive quick cash disbursement in your account with HSBC Amanah or HSBC upon confirmation