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How to Get Personal Loan Without a Bank Statement in Malaysia

Have you ever dreamt of a vacation or faced an urgent expense, only to be deterred by the challenge of obtaining a personal loan without a bank statement?

Traditional banks generally require numerous documents for loan applications, with bank statements often being the most cumbersome.

Unfortunately for some, producing a bank statement isn’t straightforward, whether due to the lack of a regular bank account, privacy worries, or non-traditional income sources.

Never fear, as in this guide, we delve into the intricacies of securing a personal loan without a bank statement and more.

What is a Bank Statement in Malaysia?

A bank statement is a periodic record prepared and issued by banks to account holders, providing details of transactions conducted during a specific time frame.

This document serves multiple purposes – from personal record-keeping and budgeting to serving as proof of financial status for various official purposes.

Here are several key components of a bank statement:

1. Deposits

These are amounts of money added to the account, such as:

  • Salary credits.
  • Transfers from other accounts.
  • Cheque deposits.
  • Direct deposits from third parties.
  • Cash deposits made at the bank.

2. Withdrawals

These are amounts taken out of the account. They include:

  • Cash withdrawals from ATMs.
  • Debit card transactions.
  • Automatic bill payments or direct debits.
  • Transfers to other accounts.

3. Account Balances

The statement usually shows two types of balances:

  • Beginning Balance

This is the amount of money in the account at the start of the statement period.

  • Ending Balance

This is the amount of money in the account at the end of the statement period after accounting for all deposits and withdrawals.

4. Interest Earned or Charged

Depending on the type of account, the bank may pay interest to the account holder or charge interest on borrowed amounts.

For instance, savings accounts and fixed deposits typically earn interest, which is credited to the account.

Read More: Cash-Out Refinancing Malaysia: The 4 Advantages You Should Know

Why are Bank Statements Important in Personal Loan Applications in Malaysia?

1. Income Verification

When evaluating a loan application, financial institutions require the borrower’s bank statements for two primary purposes:

  • To confirm the legitimacy of the reported income, and
  • To assess the applicant’s ability to repay the loan comfortably.

Furthermore, the bank statement provides insight into the applicant’s financial stability, enabling banks to make informed decisions about loan amounts and terms that match the applicant’s income.

2. Assessment of Expenses

Another critical aspect of financial health is not just the amount of money coming in but also the amount being spent.

Bank statements provide banks with a clear picture of an individual’s financial obligations, shedding light on their spending patterns and monetary responsibilities.

This valuable insight enables them to comprehensively analyse the applicant’s monthly expenditures to assess their capacity to take on additional debt responsibly.

3. Checking Account Activity

Lastly, banks examine the account activity depicted in bank statements to identify signs of responsible financial conduct, such as:

  • Consistent savings patterns.
  • Regular deposits.
  • Minimal overdrafts or bounced cheques.

Such positive indicators demonstrate the applicant’s skill at managing their finances carefully.

On the other hand, frequent overdrafts, returned cheques, or insufficient funds can raise concerns about the applicant’s ability to handle their financial obligations effectively.

Moreover, certain transactions can be telltale signs of hidden issues.

For example, if an applicant’s bank statement shows payments to private money lenders, this may signal concerns about their financial stability and dependence on high-cost borrowing.

Similarly, if an applicant, despite being employed, has numerous business transactions, banks might wonder if the reported salary is their sole source of income or if they have additional revenue streams.

Read More: Property Valuation in Malaysia: What Is It All About?

Other Documents You Can Use Instead of Bank Statements for Loans in Malaysia

When applying for a loan, bank statements are typically required. However, in instances where providing bank statements isn’t possible, there are a couple of alternatives that borrowers can consider, including:

1. Tax Returns & Financial Statements

If an applicant cannot furnish bank statements, they can opt to submit tax-related documents, such as Borang B or Borang BE, along with their tax receipts.

Borang B and Borang BE are forms used for tax reporting in Malaysia. These forms provide information about an individual’s income and financial transactions, similar to what is shown in a bank statement.

However, it’s vital to note that only a limited number of banks accept these documents as substitutes.

Moreover, their acceptance may vary based on the borrower’s industry or financial profile.

2. Form EA

Another substitute for bank statements is Form EA, another tax-related document in Malaysia. It summarises an employee’s total earnings and tax deductions for the previous calendar year.

But, just like tax returns and financial statements, only a handful of banks recognise Form EA as a replacement for bank statements during loan applications.

This is because the form does not include the same detailed transaction history a bank statement provides, which is why having a bank statement remains crucial for most loan applications.

Read More: Understanding the Loan Disbursement Process in Malaysia

More Options for Individuals Without Bank Statements

When all other traditional lending routes are inaccessible, individuals in need of loans can look to profile building.

It is an innovative approach tailored for those who lack traditional bank statements and Employee Provident Fund (EPF) records.

Essentially, profile building leverages the borrower’s CCRIS report to provide an in-depth view of their credit behaviour and financial practices, including:

  • Utilisation of credit facilities.
  • Credit card transactions.
  • Personal loan history.

By utilising this method, applicants aren’t merely relying on words; they provide evidence of their financial responsibility, effectively showcasing their creditworthiness.

Read More: Securing Personal Loans for Bad Credit: An In-Depth Guide

How Bluebricks Can Help You Get a Personal Loan Without A Bank Statement

For those who struggle to provide traditional bank statements in Malaysia, Bluebricks presents an all-inclusive solution.

Specialising in a range of financial products— from personal loans to SME loans, mortgage solutions, and collateral loans—we stand out as a leading bank loan and debt consolidation agency.

Moreover, if you don’t have a bank statement or an EPF record, no worries.

Bluebricks also offers consultations for profile building, where we advise clients on crafting a strong financial profile over three to six months.

Consequently, once your profile is established, we’ll then guide you through your personal loan application process.

Personal Loan Consultation Services

Bluebricks also specialises in bespoke loan consultancy services. Our experts consider various factors to provide tailored loan recommendations to our clients, including:

  • The exact loan amount you need.
  • How urgently you need the loan.
  • Whether you or your parents own a property held for more than ten years.
  • Your income level.
  • Your CTOS score, which encompasses your credit score and credit history.

Personal Loan Without Bank Statement – FAQs

Whether you’re self-employed, lack a stable banking history, or just want to understand your options, we’re here to help.

We’ve compiled three frequently asked questions to equip you with essential information about personal loans without bank statements, enabling you to make informed decisions.

Is it possible to secure a personal loan without a bank statement?

Yes, it is possible. There are several banks in Malaysia that offer personal loans without bank statements, which include:

How can I persuade my bank to approve a personal loan without providing bank statements?

To convince your bank to grant a personal loan without bank statements, consider the following strategies:

  • Openly Discuss Your Financial Situation
    Be transparent about your reasons for needing the loan and how you intend to utilise it. This clarity can help the bank understand your financial needs and assess your application.

  • Be Ready to Negotiate
    If there’s initial reluctance from the bank, be willing to discuss the loan’s terms, like the interest rate or repayment duration, to arrive at a mutually agreeable solution.

When applying for a personal loan without a bank statement, how recent must the alternative documentation be?

When applying for a personal loan without a bank statement, it’s crucial to provide recent and up-to-date alternative documentation.

For example, a copy of your most recent 1-month payslip should reflect your current income, and your BE/EPF statement should not be older than 12 months.

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About Bluebricks

BlueBricks Holding is one of the top ten leading loan agency companies in Malaysia in terms of loan approval rates. As a leading licensed loan agency company, we have extensive knowledge and experience in mortgage and business loans, and this enables us to help our customers to get the deal that is best suitable to them.

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