Banks have their requirements for any loan application. Being employed is one of them. Banks would require borrowers with the ability to produce income, as this is an indication that the borrower is capable of repaying the loan. It would be an automatic refusal if you failed to prove that you are under employment or producing enough income during the loan application process.
Even if it is proven that you are employed, but any changes to your income is a key factor that affecting your loan application. Although your credit rating does not indicate your current level of income, banks will require you to disclose the information for further assessment. A few Ringgit Malaysia less than the bank’s requirement; your application may be rejected.
The bank will have access to your all track records, this includes any late or overdue transactions; and whether you made minimum or maximum payments. It also indicates the remaining monthly balance. From here, the banks will assess your credit risk and understand whether you are a trustworthy borrower.
Some of us may not have credit cards and other financial commitments because we are too worried to spend. While this might be a good thing, but it does not help when it comes to the loan application. This is because the bank will not have enough information to make a decision, insufficient information to decide whether you are a good paymaster or vice versa.