Eligibility Criteria for Personal Loans in Malaysia
The process of applying for loans is often daunting. On top of this, just trying to understand the eligibility criteria’s and the required documents can potentially add to the stress.
At ACOM (M) (“ACOM (M) Sdn. Bhd.”) we fully understand this. Therefore, our team is dedicated to providing Easy Approved Personal Loan service and flexible online loans in Malaysia. We not only offer financial solutions tailored to your specific situation but also provide personalized professional advice to help you be informed and take the first step toward making the application process quick, smooth and hassle-free.
Eligibility Criteria
Before applying for any financial service with ACOM(M), applicants must meet certain requirements. These conditions are designed to ensure financial stability and responsible lending practices.
1. Age Requirement
Typically, applicants of personal loans in Malaysia must be between 21 and 60 years old. This age requirement ensures that applicants are legally eligible to enter financial agreements and have the earning capacity to repay their loans. However, at ACOM(M), we understand the financial needs of young individuals. That’s why we have lowered the minimum age requirement to 18 and 60 years old, allowing more people to access the financial solutions they need.
2. Stable Income
Applicants must have a stable income to ensure they can maintain financial stability and meet their loan repayment commitments. At ACOM (M) Sdn. Bhd., we offer one of the most flexible eligibility criteria in the industry, requiring applicants to have a fixed income as low as RM500 per month. With these more accommodating requirements, more individuals can access Easy Approved Personal Loans and Online loans in Malaysia through ACOM (M).
3. Solid Credit: Applicants Must Be Under Employment
Applicants must have a stable income to ensure financial stability and repayment capability. Most personal loan providers in Malaysia require applicants to be employed under a company or organization, excluding self-employed individuals or business owners. However, at ACOM (M) Sdn. Bhd., we offer greater flexibility, allowing individuals working in private companies or government organizations to qualify for our Easily Approved Loans.
4. Malaysian Citizenship
All personal loan applicants in Malaysia must have legal status as Malaysian citizens. This requirement ensures that financial regulations and lending practices outlined in financing agreements are structured within the country's financial and legal framework.
5. Not Declared Bankrupt
Like all the requirements above, this condition is in place to ensure that the applicant have the financial capacity to repay their loans. Typically, bankruptcy status is a red flag for most loan providers. However, if you previously declared as a bankrupt, you may need to provide ACOM (M) with evidence of financial rehabilitation when applying. This allows us to assess your specific situation more thoroughly.
6. Not a Politically Exposed Person (PEP)
In addition to not being declared bankrupt, applicants of ACOM (M)’s Easy Approved Loans must also not be a politically exposed person. This means the individual cannot hold a high-ranking public position or have close associations with government officials. This requirement aims to ensure that loans are not misused due to political influence or ulterior motives, helping to reduce the risks of corruption and financial abuse.
Required Documents
To process your application, ACOM (M) requires several basic but essential documents. By ensuring all documents are complete and prepared in advance, you can speed up the approval process and avoid any delays.
1. Malaysian Identification Card (MyKad)
Applicants must submit a copy of their MyKad as proof of identity. The MyKad must be valid and clearly show the applicant's name, identification number, and photograph.
2. Latest Two Months' Salary Crediting Bank Statement (PDF Format)
A bank statement showing salary credits for the last two months helps verify the applicant’s income consistency and provides insight into their financial transactions.
3. Latest EPF Statement (PDF Format) – Compulsory
An Employees Provident Fund (EPF) statement may be required to validate the applicant’s employment status and demonstrate financial stability. It serves as a reliable indicator of consistent income and long-term financial responsibility. Only a select group of government officers is exempt from this requirement.
4. Latest Two Months' Salary Slip (PDF Format)- Compulsory
Salary slips of the past two months serve as proof of employment and provide an overview of the applicant's income level. This document enables ACOM (M) to evaluate the applicant’s financial stability and ability to repay the loan, ensuring they can manage their loan commitments effectively.
5. Latest Utility Bill (Water, Electricity, etc.) – Within the Last Two Months
The latest utility bill is required to confirm the applicant’s residential address. This document ensures that the applicant's place of residence is accurate and that all correspondence is directed to the correct location.
6. Additional Documents (If Required by ACOM(M))
ACOM(M) may request additional documents based on the applicant's financial history, employment status, or other relevant factors. It is recommended to check with ACOM (M) before submitting your application to ensure that all necessary documents are prepared.
Why Are These Documents Necessary?
Although ACOM (M) loans are designed as Easy Approved Loans, the document requirements above play an important role. Here are some of the key purposes of these requirements:
To Provide Verification of Identity: To protect both the applicant and the lender, and to ensure that the applicant is a legitimate individual and not a case of identity theft or impersonation.
To Help in the Assessment of Financial Stability – The documents will help provide insight to ACOM (M)’s team into assessing the applicant’s financial health and advise accordingly.
To Help in the Evaluation of Repayment Capability – In addition, these documents help assess the applicant's ability to repay the loan, ensuring their suitability to take on a loan or financial service responsibly, without overburdening their finances.
For Regulatory Compliance – Ensuring that ACOM (M) complies with established financial regulations and effectively implements risk assessment protocols, guaranteeing safe and responsible lending practices.
Tips for a Smooth Application Process
ACOM (M)’s Easy Approved Loans are hassle-free. Nevertheless, the process can be made even quicker and smoother by following some best practices.
1. Make Sure Documents are Clear and Legible – For verification purposes, unclear or blurry documents may be rejected.
2. Submit Documents in the Desired Format (PDF) – ACOM (M) requires documents in PDF format due to its benefits, such as preserved formatting, enhanced security, and support for digital signatures, which improve authenticity and verification.
3. Provide Accurate Information – Ensure all the information provided is correct and consistent.
4. Double-Check Everything You Need – Missing documents can delay the approval process. Double-check that you have all the necessary documents before applying.
5. Have Copies Available – Have backups of all documents in case they are required in the future.
Ensuring a Quick, Smooth, and Pain-Free Process
Having all the necessary documents ready and ensuring your eligibility will give you the best chance of getting approved and help avoid unnecessary delays. Feel free to contact ACOM (M) for any further inquiries.