10 Easy Steps for a Cooperative Personal Loan
We have listed 10 Easy Steps of a Cooperative Personal Loan for those of you who always say there is an element of fraud or a loan that is detrimental to you. Hopefully such a guide can help you identify and analyze all things before deciding to make a cooperative personal loan because if you make a mistake, you will be entangled in an unexpected debt burden.
Before we go too far with 10 Easy Steps of a Cooperative Personal Loan, let’s get some information first on what is a cooperative personal loan?
What is a Cooperative Personal Loan?
Cooperative personal loan is a form of cash financing provided specifically to civil servants (government or selected statutory bodies) and is legal if the cooperative is registered with the Suruhanhaya Koperasi Malaysia (SKM). Currently, you can get shariah -compliant financing as simple, inexpensive as bank financing.
Many are wondering how to get a cooperative personal loan easily, quickly and securely? We recommend that you follow these 10 simple steps so that the cooperative personal loan application process is pleasing to you.
- Select Instant Approval Process.
- Dealing with Trusted Cooperative Officers/ Agents.
- Choose an Islamic Financing Package.
- Choose Not Much Documentation.
- Choose the Same Cooperative – in house overlap is faster, fresh loan is easy because the process is already known before.
- See requirements: low interest or fast process?
- Select High Payout.
- Select Low Interest.
- Choose the Financing Period: 10 years or according to our retirement year
- Select the Latest Promotion: such as lowered interest rates, expedited processes, exchange of funds from banks, etc.
- Bonus: Prepare Loan Documents in advance: such as job confirmation letter, verified salary slip, clear copy of bank book account number, full name etc.
10 Easy Steps for a Cooperative Personal Loan Summary
- Cooperative Name: To all Koperasi
- Abbreviation / Code Name: Koperasi
- Bank Koperasi Promotion Name: 10 Easy Steps for a Cooperative Personal Loan
- Personal Loan Promotion Period: –
- Open to: Government / Semi-Govt / State Govt / Private / N/A / All
- Max Loan Amount: Based on current promotion period
Select Instant Approval Process
10 Easy Steps of a Cooperative Personal Loan The first is to Select Instant Approval Process. In an emergency, you need an immediate approval process and sometimes it doesn’t matter whether the interest rate is low or high. Rest assure you can get money quickly, safely and not trap you in the future.
Based on our experience, almost 80% of customers who apply personal loan with us want immediate approval, 15 percent want low interest and 5 percent don’t want to apply because of low payouts.
Dealing with Trusted Cooperative Officers/ Agents
Dealing with Trusted Cooperative Officers/ Agents is the second step in the 10 Easy Steps of a Cooperative Personal Loan that you must follow. But how can you deal with a trusted co-operative officer or agent?
- Make sure the website of the financial consultant you will be dealing with has all the information such as the terms and conditions, how much payout is deducted, interest rate and others.
- If you have previously made financing with such a cooperative agent, you are encouraged to deal with the same cooperative agent. A new agent you know can do a good job or can even cheat you.
- Do not trust a cooperative agent who asks for an advance or advance payment in a favor to ensure your loan application is approved. Do not ever bank-in the money to the agent’s account to process your personal loan application because there is NO FEE charged to process the loan form.
- Get information on which cooperative agents are good from your coworkers or bosses. This is because your boss handles a lot of cases such as agents disappear with a certain amount of money taken away, honest cooperative agents and so on.
- Follow your instincts. Always trust in Allah S.W.T to find us with a good cooperative agent.
Choose an Islamic Financing Package
The third 10 Easy Steps to a Cooperative Personal Loan is to Choose an Islamic Financing Package. If previously the borrower was served with a conventional financing scheme. Now, Islamic financing is the core of all cooperatives in Malaysia because most of the borrowers are Muslim and Malays.
There are many benefits to choose an Islamic Financing Package such as the following:
- No double profits.
- No hidden charges.
- Interest rates.
- There is a sale and purchase agreement process.
- No element of riba’.
- Transparent process.
Choose Not Much Documentation
The fourth step in the 10 Easy Steps of a Cooperative Personal Loan is to Choose Not Much Documentation. More documents required means more time is spent photocopying supporting documents, more employer verification is required and it is very harassing if one document is left out if the transaction is done by post. Make sure the form is written brightly and clearly using a black wet ink pen. Make sure your signature is consistent in each signature field. All this to avoid the form being rejected due to insufficient or incomplete documentation.
Choose the Same Cooperative
The fifth step in the 10 Easy Steps of a Cooperative Personal Loan is to Choose the Same Cooperative. There are many advantages of not switching to other cooperatives when applying personal loan such as:
- In house overlap loan is faster because you already know which form needs to be filled, the field needs to be signed and confirmed as well as what documents need to be provided.
- Can open second, third and so on accounts.
- You are not worried and pounding whether the personal financing application is approved or not because the cooperative has already processed your application before.
- You will get a lot of rebates if you do in -house overlap with the same cooperative. The cooperative will consider you a loyal customer.
- You already know the financial agent/ consultant who serves you.
- You can estimate how long the approval process will take and get the loan money to put into your bank account.
- You are confident and not feel cheated for having applied for the same cooperative personal loan before.
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