If you got rejected in your loan application, tell us. (BNM says…)

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It’s not an easy time when one bank rejects our loan application. Usually, our confidence will be dented and well, maybe the next application may also be rejected. Plus many of our friends said that most banks are rejecting loan applications today. (totally not true yeah. Article here) nSuddenly we feel the world is grossly unfair to us. Fret not, here’s Bank Negara Malaysia’s Khidmat Nasihat Pembiayaan (MyKNP) which is an advisory service aimed at providing a greater understanding of the factors affecting one’s financing application as well as helping to raise the applicants’ eligibility for future financing.

Article in themalaysianreserve.com . This MyKNP advisory service is a joint collaboration with Credit Guarantee Corp Malaysia Bhd (CGC) and Credit Counselling and Debt Management Agency (AKPK), with the support of the financial industry. BNM governor Datuk Nor Shamsiah Mohd Yunus said, “It is hoped that the MyKNP initiative will increase the awareness and credibility of financial users by narrowing the unsymmetrical information gap between users and financial institutions.”

BNM assistant governor Adnan Zaylani Mohamad Zahid said the central bank “recognises that there are challenges faced in the current environment whereby financing is becoming more of a concern”.

“There’s a growing number of feedback we have seen, not just from businesses but also from our own officers, that businesses and individuals do face a lack of information and awareness of what is out there to help them.

“When they get one rejection from a financial institution, they tend to generalise and say the whole system is not working for them.

“So, with this initiative, we are hoping to showcase that there is a very big ecosystem that can help prospective borrowers (and) increase chances of getting financing. It’s about creating further awareness about what already exists out there.” Article in themalaysianreserve.com .

What this tells us is that BNM will now tell us the reasons why we fail to obtain a financing. It does not say if BNM will push the bank to approve our financing application yeah. Truth is, I hope this is just an advisory service to the applicant and not so much an advisory service to the banks to approve the loans yeah. I need the BNM to continue to remind banks to ensure responsible lending so that we do not have any chance of any financial crisis arising from the greed from all stakeholders.

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written on 28 Aug 2019

<Featured Image is courtesy of Stock Photos from Rawpixel.com>

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