To increase your personal loan amount in Malaysia, you should first check and meet the updated eligibility criteria of banks.
Improving your credit score, increasing your income, reducing existing debt, and more can also enhance your chances of securing a larger loan in Malaysia.
Are you wondering how to increase your personal loan amount in Malaysia? If you’re currently servicing a loan, this is a question that might have crossed your mind.
After all, life is full of surprises, and having the flexibility to increase your loan amount can be a lifesaver during unexpected circumstances.
Can You Increase Your Personal Loan Amount in Malaysia?
In Malaysia, various circumstances, such as unexpected expenses or new financial objectives, may prompt the need to increase your personal loan amount.
Therefore, it’s essential to understand the process of securing additional financial support. This includes being aware of your eligibility, improving your creditworthiness, and understanding the banks’ policies and preferences.
How to Increase Personal Loan Amount in Malaysia
Here are some steps you should take if you’ve ever wondered how to increase your personal loan amount:
1. Check Your Eligibility
The first step is to ensure you meet the bank’s updated eligibility criteria. Various factors play an important role in determining your suitability for an increased loan amount, like your:
- Credit score
- Income level
- Employment status
- Debt Service Ratio (DSR)
2. Improve Your Credit Score
A substantial credit score increases your chances of loan approval and potentially higher amounts.
If your credit score has improved since your initial application, you may be in a better position to request an increase.
3. Increase Your Income
If you’ve experienced an increase in income since your initial loan application, this could potentially qualify you for a larger loan.
However, to leverage this change, it’s important to provide concrete proof of your increased earnings.
Submitting proper documentation, such as updated bank statements, is crucial. They serve as a tangible testament to your financial growth, supporting your request for a higher loan amount.
4. Reduce Existing Debt
Lowering your current debt, particularly high-interest loans or credit card balances, can make your DSR better. This makes you a more appealing candidate for a higher loan amount.
5. Apply for a Top-up Loan
Some Malaysian banks offer top-up loans to existing customers who have maintained a good repayment history. Inquire with your current bank if this option is available.
6. Understand Bank Preferences
Different banks have varying preferences and criteria. Here are some examples:
- Bank A: They may favour applicants with business income, potentially offering higher amounts to such individuals.
- Bank B: They could have a higher acceptable Debt Service Ratio (DSR), allowing for larger loans if you have a good DSR.
- Bank C: They might require you to have a credit card with them for a higher loan amount.
- Bank D: They may prefer government servants and offer them larger loan amounts.
7. Seek Assistance from Reputable Agencies
Navigating the complexities of loan applications can be daunting. A reputable financial agency can provide personalised advice tailored to your financial situation and goals.
These agencies have insights into various banks’ lending criteria and can guide you to the most suitable options for securing a higher loan amount.
Bluebricks’ Comprehensive Loan and Consultancy Services
By carefully evaluating your current financial status and working with reputable agencies, you can find the most appropriate path to securing the additional funds you need.
This is where we at Bluebricks, a reliable bank loan and debt consolidation agency in Malaysia can help! We offer a range of services that cater to different needs, including:
- Personal loan services
- SME loan services
- Mortgage loan services (for buying a new home, refinancing and cashback purposes)
- Collateral loan services
Furthermore, our consultancy services are tailored to your specific financial situation, considering factors like:
- The specific loan amount you require.
- The urgency with which the loan amount is needed.
- Whether you or your parents own a property that has been held for over ten years.
- Your income level.
- Your CTOS score (such as your credit score and credit history).