im being stuck with salesman said.. ' sorry.. still pending in HQ'.. its been 3 weeks.. damn so long.. why it takes so farking long time.. any bank manager arround here could help me??.. or any guyz here hv any clues???
How long it takes for HQ car loan approval
- Thread starter fuza
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bro:
what bank?
loan amount?
year of car? used or new?
3 weeks a bit long la, but lets say, it took salesman to forward docs to branch, 2-3 days after ur visit. then branch submit, and cant get approval @ branch level after 3-4 days...then submit HQ normally 3 working days can finish. most to most i think 2 weeks...unless docs not strong, and need to appeal or what can take a longer time. so depends la...some banks memang slow..but normally public bank freaking fast..even if submit to HQ.
im not a branch manager, but i have a friend in the bank who advised me the process.
what bank?
loan amount?
year of car? used or new?
3 weeks a bit long la, but lets say, it took salesman to forward docs to branch, 2-3 days after ur visit. then branch submit, and cant get approval @ branch level after 3-4 days...then submit HQ normally 3 working days can finish. most to most i think 2 weeks...unless docs not strong, and need to appeal or what can take a longer time. so depends la...some banks memang slow..but normally public bank freaking fast..even if submit to HQ.
im not a branch manager, but i have a friend in the bank who advised me the process.
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bro Fuza,
usually they will take 3-5 days to process yr loan, if anything that they need further approval due to any reasons whatsoever, they will need to submit to HQ, there need at least 3days to know the result....if 3 weeks too long, maybe before submitting to HQ someone was sitting on it until recently only they pushing it when u make noise/chasing them.
better get it approve fast cos come 1st jan 2012, another new policy coming in..that time loan will get very tough and bank are more stringent...now still ok. hope u get yr approval soon..cheerz
usually they will take 3-5 days to process yr loan, if anything that they need further approval due to any reasons whatsoever, they will need to submit to HQ, there need at least 3days to know the result....if 3 weeks too long, maybe before submitting to HQ someone was sitting on it until recently only they pushing it when u make noise/chasing them.
better get it approve fast cos come 1st jan 2012, another new policy coming in..that time loan will get very tough and bank are more stringent...now still ok. hope u get yr approval soon..cheerz
omg cimb...haihs...i always got bad experience with them.
they do work bloody slow...better chase kow kow bro....pressure the salesman to pressure the bank agent....or req for the bank agent details and u pressure them.
good luck bro.
they do work bloody slow...better chase kow kow bro....pressure the salesman to pressure the bank agent....or req for the bank agent details and u pressure them.
good luck bro.
Thanks 4 da advises.. Im still chasing them.. Anyway.. U guyz think any problem with my loan as my document as below: (for 150k loan <185k for price> reckon 06)
Basic 2k
Montly 6.5k
Own business
Maried
Housewife
2 childs below 3years.
Commitment : house rm800 monthly
Car rm 1.6k monthly (just sold, dunno my name already clear or not)
What is the 'should be' criteria for car loans.. Dun have any guides from the bank?
Basic 2k
Montly 6.5k
Own business
Maried
Housewife
2 childs below 3years.
Commitment : house rm800 monthly
Car rm 1.6k monthly (just sold, dunno my name already clear or not)
What is the 'should be' criteria for car loans.. Dun have any guides from the bank?
Last edited:
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bro fuza,
I'm not a bank manager but i used to worked in a bank. from the statement above, you mentioned that you applied for 150k loan right? i assumed that the int is 3% and you take 9 years loan. so monthly would be $1763.88. for banks to approve any loans, the instalment amount must not exceed 1/3 of your total income. so in your case, 1763.88 x 3 = 5291.66. your monthly is 6k minus your commitment and expenses, it become less than 5k. Maybe i'm wrong, this is just my opinion okay, most probably, the banks put your loan application under KIV, whereas they need a guarantor to support your application or loan application has been rejected due to your high commitment and expenses. But as i said earlier, i am not a bank manager and i advise you to check with the bank directly or the salesman. maybe the salesman is trying to submit to other banks as well. Hopefully you will get your car. Opps, 1 more thing, the banks usually kind of hard to release loans at the end of the year as they have reached their loan quota and loan process are little bit difficult. Hope this help.
cheers!!! - azmi
I'm not a bank manager but i used to worked in a bank. from the statement above, you mentioned that you applied for 150k loan right? i assumed that the int is 3% and you take 9 years loan. so monthly would be $1763.88. for banks to approve any loans, the instalment amount must not exceed 1/3 of your total income. so in your case, 1763.88 x 3 = 5291.66. your monthly is 6k minus your commitment and expenses, it become less than 5k. Maybe i'm wrong, this is just my opinion okay, most probably, the banks put your loan application under KIV, whereas they need a guarantor to support your application or loan application has been rejected due to your high commitment and expenses. But as i said earlier, i am not a bank manager and i advise you to check with the bank directly or the salesman. maybe the salesman is trying to submit to other banks as well. Hopefully you will get your car. Opps, 1 more thing, the banks usually kind of hard to release loans at the end of the year as they have reached their loan quota and loan process are little bit difficult. Hope this help.
cheers!!! - azmi
just pray hard bro....im sure yr loan will get approved.....
u used to pay rm1.6k for yr previous car, yr new car estimated rm1.7k...only rm100++ more per mth i guess should be no problem.
---------- Post added at 10:41 AM ---------- 6 hour anti-bump limit - Previous post was at 10:40 AM ----------
but from my experience if the case is submitted to HQ, the approval rate is quite low,
most probably guarantor required.
u used to pay rm1.6k for yr previous car, yr new car estimated rm1.7k...only rm100++ more per mth i guess should be no problem.
---------- Post added at 10:41 AM ---------- 6 hour anti-bump limit - Previous post was at 10:40 AM ----------
but from my experience if the case is submitted to HQ, the approval rate is quite low,
most probably guarantor required.
A
An Unregistered User
Guest
Hello guyz,
I need a favor from those who really help to answer my question...
I already apply loan for lorry at public bank with all the documents they needed...
Yesterday they was told me that ur document move HQ for approval...
My question who normally will approve the loan branch HQ....
Pls reply ASAP..... Tq
I need a favor from those who really help to answer my question...
I already apply loan for lorry at public bank with all the documents they needed...
Yesterday they was told me that ur document move HQ for approval...
My question who normally will approve the loan branch HQ....
Pls reply ASAP..... Tq
the bank manager lor.....
U
Unregistered
Guest
Yes bro.. But manager from the branch or hq?
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it depends...if yr documents are strong and loan margin within the branch manager mandate..then he can sign and approve it at branch level....if the loan margin is high, documents are weak, exposure is high or payment record got problem or many other reasons....then it has to be refer to HQ for approval...usually it will takes 3-5 days for now....sometime if u appeal for lower interest rate also will send to HQ...
purplelee.lee1
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