How to Increase Personal Loan Amount in Malaysia (2024)

Key Takeaways

To increase your personal loan amount in Malaysia, you should first check and meet the updated eligibility criteria of banks.

Improving your credit score, increasing your income, reducing existing debt, and more can also enhance your chances of securing a larger loan in Malaysia.

Are you wondering how to increase your personal loan amount in Malaysia? If you’re currently servicing a loan, this is a question that might have crossed your mind.

Can You Increase Your Personal Loan Amount in Malaysia?

In Malaysia, various circ*mstances, such as unexpected expenses or new financial objectives, may prompt the need to increase your personal loan amount.

Therefore, it’s essential to understand the process of securing additional financial support. This includes being aware of your eligibility, improving your creditworthiness, and understanding the banks’ policies and preferences.

Read More: What You Should Know About Personal Financing in Malaysia

How to Increase Personal Loan Amount in Malaysia

Here are some steps you should take if you’ve ever wondered how to increase your personal loan amount:

1. Check Your Eligibility

The first step is to ensure you meet the bank’s updated eligibility criteria. Various factors play an important role in determining your suitability for an increased loan amount, like your:

Credit score
Income level
Employment status
Debt Service Ratio (DSR)

2. Improve Your Credit Score

A substantial credit score increases your chances of loan approval and potentially higher amounts.

If your credit score has improved since your initial application, you may be in a better position to request an increase.

3. Increase Your Income

If you’ve experienced an increase in income since your initial loan application, this could potentially qualify you for a larger loan.

However, to leverage this change, it’s important to provide concrete proof of your increased earnings.

Submitting proper documentation, such as updated bank statements, is crucial. They serve as a tangible testament to your financial growth, supporting your request for a higher loan amount.

4. Reduce Existing Debt

Lowering your current debt, particularly high-interest loans or credit card balances, can make your DSR better. This makes you a more appealing candidate for a higher loan amount.

5. Apply for a Top-up Loan

Some Malaysian banks offer top-uploans to existing customers who have maintained a good repayment history. Inquire with your current bank if this option is available.

6. Understand Bank Preferences

Different banks have varying preferences and criteria. Here are some examples:

Bank A: They may favour applicants with business income, potentially offering higher amounts to such individuals.
Bank B: They could have a higher acceptable Debt Service Ratio (DSR), allowing for larger loans if you have a good DSR.
Bank C: They might require you to have a credit card with them for a higher loan amount.
Bank D: They may prefer government servants and offer them larger loan amounts.

7. Seek Assistance from Reputable Agencies

Navigating the complexities of loan applications can be daunting. A reputable financial agency can provide personalised advice tailored to your financial situation and goals.

These agencies have insights into various banks’ lending criteria and can guide you to the most suitable options for securing a higher loan amount.

Read More: What is the Effective Interest Rate vs Flat Rate in Malaysia

Bluebricks’ Comprehensive Loan and Consultancy Services

By carefully evaluating your current financial status and working with reputable agencies, you can find the most appropriate path to securing the additional funds you need.

This is where we at Bluebricks, a reliable bank loan and debt consolidation agencyin Malaysia can help! We offer a range of services that cater to different needs, including:

Personal loan services
SME loan services
Mortgage loan services(for buying a new home, refinancing and cashback purposes)
Collateral loan services

Furthermore, our consultancy services are tailored to your specific financial situation, considering factors like:

The specific loan amount you require.
The urgency with which the loan amount is needed.
Whether you or your parents own a property that has been held for over ten years.
Your income level.
Your CTOSscore (such as your credit score and credit history).

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