Student Loans or Education loan can help you in college or varsity education is not as cheap as last time. There might have students who are paying fees for their study under loads of debts. Once you graduate, they might find it difficult to payback the payments.
When you are in college or university, it is possible that you would have many choices to take different college loans with different interest rates. From there, you can choose for refinance because you can get a lower interest rate loans.
Tips: Refinancing the student loan can help you lower down the entire cost of your loan.
Mostly, every country’s governments won’t charge the interest on student loans until after they have completed their studies.
Available options
- PTPTN loan: most of the time it’s very easy to get 100% loan and only started charging interest after six month of graduation.
- Get your parents or guardian to apply for Personal Loan from banks. Try getting an Islamic loan which have fixed interest rate.
Tips: Once you started working, repay your loan as fast as possible to get loan rebate
- For Bumiputera: Approach MARA getting loan or even better scholarship. (3rd floor MARA Building)
- FAMA (Father & Mother) loan
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Popularity: 17% [?]
Extract from BHarian
PERNAHKAH terfikir bagaimana bank menilai keupayaan kredit kita sebagai pelanggan walaupun tiada butiran didedahkan atau pernahkah terfikir sejauh mana maklumat yang dimiliki bank mengenai corak kredit kita?
Jawapannya ada pada sebuah sistem pangkalan data yang dikenali sebagai ‘Central Credit Reference Information System (CCRIS)’ yang berfungsi sebagai tempat rujukan bagi bank.
Sehubungan itu, Persatuan Akauntan Bertauliah (ACCA) menghuraikan dengan terperinci peranan CCRIS yang membolehkan kita tahu mengenai Biro Kredit, sebuah badan yang bertanggungjawab mengumpul segala maklumat kredit kita.
Diuruskan oleh Bank Negara Malaysia , Biro Kredit dibentuk mengikut Akta Bank Negara Malaysia 1958 dan beroperasi sejak 1982.
Sejak itu, ia sudah mengumpul maklumat hampir lima juta peminjam di Malaysia, yang diperoleh daripada lebih 50 institusi kewangan di Malaysia merangkumi bank perdagangan, bank Islam, syarikat kewangan, bank saudagar dan beberapa institusi kewangan lain. Maklumat yang dikumpul disimpan dalam CCRIS.
Selain memainkan peranan penting sebagai tempat rujukan bagi institusi kewangan untuk membolehkan mereka memberi keputusan cepat dan maklumat terkini mengenai setiap peminjam, Biro Kredit juga sebenarnya adalah sebahagian strategi Bank Negara untuk menyemai amalan baik dalam pengurusan risiko kredit di kalangan institusi kewangan.
Apabila kita ingin meminjam wang dari institusi kewangan atau memegang kad kredit, maklumat kita akan dikemukakan kepada CCRIS. Antara maklumat itu ialah butiran peribadi seperti nama, kad pengenalan diri dan alamat serta butiran akaun kredit seperti jenis kemudahan kredit, had kredit, baki belum dijelaskan, tingkah laku akaun dan status untuk tindakan undang-undang, jika ada.
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Popularity: 5% [?]
AFAIK, loan approving officers look at several things when they are approving your loan request:
1. The kind of loan you are requesting (unsecured or secured)
2. Debt ratio (whether you are ‘high’ geared – >50% of your gross income paying off debts, or ‘low’ geared)
3. Your previous loan payment record (this is where CCRIS and CTOS comes in)
4. Your income record (whether it is consistent)
5. Your demographical background (Age, Sex, previous employment, Education level, etc.)
If you have a debt of 8k and other monthly commitments of 2k and you are making about 2.5k, most probably a loan for a house valued at 200k might not get approval.
But if you earn 5k (lower debt ratio, higher gross income) you should have a fair chance.
If you have been starting-quitting-starting-quitting-starting jobs for the past 2 years, it will trigger a red flag to the lender (bank), and your chance would be lower.
But if you have an FD of 10% of the loan amount (semi-secured), some banks would take that as a sign that you are cash-rich and a worthy borrower.
The approval given is not just because of CTOS or CCRIS, as these are only a factor in approving the loan. Most banks would allow their loan officers to fight your cause, thus they will be looking at the applications on case-by-case issue to gauge as accurate as possible your credit worthiness.
In lending out money, the bank wants to be 100% sure that you would be able to service out your loan throughout the full tenure. They are not as interested in taking back the property what more dragging you all the way to the courts for some NPL from John Doe.
Your responsibility is to provide them the necessary documents and evidence that you are worth their gamble.
Popularity: 8% [?]
