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<p >What are the Basics criteria for the entitlement to apply for Banking Loan/ facilities?
  1. Year of Established - Minimum Company/Business set up more than 3 years
  2. Turnover/Sales p.a. - Company/Business Turnover more than RM 1 mil.
  3. Reported profit in your account/ Audited Report
  4. Depends on what industries/ Nature of business
  5. Company & Directors conducted satisfactory CCRIS & CTOS records
<p >What types of documents should I prepare for the Banking Loan/Facilities Application?
  1. IC of company directors
  2. M & A
  3. Form 24
  4. Form 49
  5. Form 44
  6. Latest 6 months Bank Statements
  7. Debtors Aging List
  8. Creditors Aging List
  9. Latest 3 years Audited Report
  10. Existing Bank Letter Offer
<p > <p >Do I need to provide collateral/Security to the banks? <p >Basically, Banks will request for Property Charge or Fixed Deposit as collateral /Security. Of course, some banks do provides clean loan with small amount. <p > <p >What are the reasons for a financial institution to reject a loan application?
Common grounds for declining credit applications include:
  • Applicant does not have ability to repay the facilities applied for
  • Purpose of borrowing not in line with facilities applied for
  • Unsatisfactory financial results of the applicant
  • Applicant has other substantial borrowings resulting in high gearing (i.e. amount of loan is higher than capital)
  • Unsatisfactory conduct of current account by the applicant
  • Unsatisfactory repayment records with other lenders
  • Applicant has cases which are pending legal action
  • High business risk such as over dependence on single buyer or supplier
  • Lack of financial commitments from business owners (i.e. not willing to commit additional working capital)
  • Weak management of the applicant
  • Sole proprietor/partners/directors/shareholders/guarantors etc. facing bankruptcy actions from other parties

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Wealthon Business Advisory 

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