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What to Do If You Can't Pay Your Private Student Loan - Saving Advice: When you took the student loan, you were mentally prepared for the repayment. You had planned the repayment in your mind and it was supposed to go fine. But in real life, the things didn’t work out the way you hoped them to. And now, the student loan debt is burning a hole in your …

Standard chartered personal loan - 6.99% p.a. - Apply online

Citibank Personal Loan in Malaysia

With Personal Loans you will be getting financial aid when you need immediately at flexible interest rates, but it's very important to understand the interest rates, fees & charges of loans before applying for personal loan. In this way, Citi Bank Personal Loan in Malaysia comes with very attractive interest rates with flexible tenures.

This loan amount can be used for anything like to fulfill your dreams or home renovation or medical emergencies or to pay off credit card debts.

Image Source: https://www.bbazaar.my

Read below information to know more about personal loan from citi bank in Malaysia.

What you will get from this loan?

• Citi bank offers you loan amount of upto 10 times your monthly gross income.
• Loan comes in the range of RM5,000 to RM150,000
• Interest rates starting from 5.88% p.a.
• Flexible tenures
• There is no processing fee

Eligibility:

• Malaysian Citizen
• Age must be between 21 to 60 years
• Min. monthly income should not be less than RM4,000

What documents do I need to prepare?

• Identity proof
• Income Proof
• Copy of Business Registration Form for self employees
• 6 month's bank statement

How to Apply?

Apply through Online: Go to Official bank website & fill the online application form & submit it along with the required supporting documents.

Apply through Offline: Go to nearest branch of citi bank & request for the application.

Apply through Bbazaar.my:
Bbazaar.my is financial platform where you can compare the best options for you needs before you apply for any one.
Steps to apply from bbazaar:
Step1: Go to https://www.bbazaar.my/
Step 2 : Select your product which you required( if you choose personal loan)
Step 3: Check your eligibility
Step 4: Fill out the required information
Step 5: Choose from the best results, which one you want go for
Step 6: Click Apply & Enjoy Gifts Worth of RM50 When Applying for Citi Personal Loan.

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How Can You Register a Business in Malaysia?

Registering your business is the first and foremost duty of an entrepreneur. Read this article to know
the details of registering a business in Malaysia.

In Malaysia, there are 3 broad categories of businesses:

1. Sole Proprietorship: This type of business requires a single registered owner. This is ideal for small businesses.
2. Partnership:This type of business is owned by two or more registered owners/partners.

You can register these two business types under the Business Registration Act
of 1956 (ROBA 1956).

3. Sendirian Berhad/Private Limited Company:
   This type of business requires a shareholder along with a director who should not be a bankrupt. This is ideal for medium to large businesses like education, banking, oil & gas, and tourism. All the business needs must be registered legally with the Companies Commission of Malaysia (SSM), which is a statutory body that regulates businesses in Malaysia. You can get the Business Registration Certificate within 1 day.

Registration Process

Irrespective of your business type, these are the steps you need to follow to register your business:

• You can register your business either in your name or a trade name.

• Fill up the Business Registration Form (Form A) with the mandatory details including the Business name, start date of the business, place of business, branch address, information of owner/partners,and business type.

• 
  Both the owner and the partners must sign the form and they should be present at the time of registration.

Documents Required

• Business Name Approval Form

• BusinessRegistration Form

• Approval Letter from the relevant agency by the Registrar of Business.

Eligibility Criteria

• You must be a Malaysian citizen or a Permanent Resident.

• The age requirement is 18 years and above.

Registration Fees

You need to pay the following fees at the time of registration:

• Sole proprietorship using a personal name - RM30.

• Sole proprietorship/partnership using a trade name - RM60.

• Registration fee for each branch - RM5.

• Print-out of Business Information - RM10.60.

General Guidelines

Keep in mind the following guidelines to operate your business better:

• The registration of a new business must be done within 1 month (30 days) from the commencement date. Remember that if you fail to register your business, you are actually committing an offence under the ROBA 1956. If you are found guilty, you have to pay a fine of RM50,000 or face imprisonment for 2 years or both.

• A registered business should never break any laws or be used for any unlawful activities.

• Though your business is registered with SSM, yet you are responsible toobtain business licence, business permit or approval letters from other relevant authorities.

• You can register your business at a SSM counter.

• Business Registration can be made for a minimum of 1 year and maximum of 5
  years.

When all requirements mentioned in this article are met and your application is approved, then your business/company will receive a Certificate of Incorporation by SSM.

Done with Registration?

Looking for a loan to expand an existing business?

Many Malaysian banks offer business loans to help entrepreneurs grow their business and optimise their profitability. 

Source:How Can You Register a Business in Malaysia?

How to Avoid Personal Loan Rejection?

A personal loan can serve a multitude of purposes. Though the loan application process has gotten simplified over time, there isn’t always a guarantee of 100% loan approval. There can be situations when a personal loan application may be rejected and the applicant has no idea why. One of the many primary reasons to reject a personal loan application can be a bad credit score. 

A loan applicant must take care of the following factors to minimise the possibility of personal loan rejection:

• Credit Score: Every bank considers the credit score to be the primary aspect in order to conclude on processing a loan application. The credit score reflects the behaviour of the applicant in terms of money management in the past. The ideal credit score is 900, whereas a credit score of 750 is advisable to have to pass the eligibility border. Any credit score less than 750 would give rise to questions and may lead to rejection of the loan application. Therefore, a good credit score is important to ensure the bank that the applicant pays the monthly instalments on time and is trustable. 
   

• Income Status: Check the debt to income ratio before applying for a personal loan. Banks count on the possibility of an individual to repay the loan. Banks consider the other commitments of the applicant as well. Banks check how much of a borrower’s income is going towards servicing other commitments and how much they have left to service the loan. Ideally the TDSR or Total Debt Service Ratio should be less than 30% of the gross monthly income of the borrower.
  
  This means, no more than 30% of the monthly income can go towards paying loan instalments. So if the borrower already has existing loans eating into this share, it would be harder for another loan application to be approved.

• Cheque Transactions: One should take care when dealing with cheques. A loan aspirant must make sure that none of his/her cheques were returned in the last 12 months. If there are any cheque returned instances, banks may not entertain the personal loan application. Even if the account associated with the cheque is closed currently, the record still exists and affects all the future transactions.

• Income Declaration: If an individual earns a fixed monthly income, then the bank would need a confirmation on EPF and tax payment. The individual needs to provide the necessary documents to assure this. When it comes to a business owner, the bank needs proof on income stability. Also, a business owner must have been in operation for at least 2 years.

• No Credit History: As mentioned above, having a poor credit score is not ideal to get a personal loan approved. On the same lines, having no credit score isn’t great too. Having no credit score may sometimes turn out to be a negative sign and lengthen the loan approval process. As a solution for no credit history, a person can first opt for a credit card and manage the bills systematically to increase his/her credit score.