The Letter For Increase Credit Limit is a standard document used in Malaysian banking and financial services when an existing credit facility holder wishes to request an increase in their credit limit. This document is essential in Malaysian banking practice and must comply with the Financial Services Act 2013 and Bank Negara Malaysia guidelines. It is typically used when a customer has maintained a good payment history and can demonstrate increased income or improved financial capacity. The letter includes current account details, requested new limit, financial information, employment details, and supporting documentation. It serves as both a formal request and a record of the application, ensuring transparency and compliance with Malaysian banking regulations and consumer protection laws.
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1. Letter Header: Includes date, recipient's name, title, bank name and address, and reference numbers
2. Account Details: Current credit card/facility number, existing credit limit, and account holder details
3. Request Statement: Clear statement of the credit limit increase being requested and the proposed new limit
4. Financial Information: Current income, employment details, and other relevant financial information to support the request
5. Payment History: Brief summary of payment track record with the current credit facility
6. Declaration: Statement confirming the accuracy of information provided
7. Signature Block: Space for applicant's signature, name, and date
1. Additional Income Sources: Details of supplementary income sources, used when the request is supported by multiple income streams
2. Co-applicant Information: Details of co-applicant if the credit facility is jointly held
3. Business Information: Required when the credit limit increase is for a business credit card or business-related facility
4. Purpose Statement: Detailed explanation of why the increase is needed, particularly relevant for significant increase requests
5. Security Details: Information about additional security/collateral being offered, if applicable
1. Income Documentation: Copies of recent salary slips, tax returns, or other income proof
2. Bank Statements: Recent bank statements showing financial activity and capacity
3. Employment Verification: Employment confirmation letter or relevant business documents
4. Asset Statements: Statements of assets owned, if being used to support the application
5. Credit Report: Recent credit report or CCRIS statement showing credit history
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Consumer Finance
Retail Banking
Corporate Banking
Small Business Banking
Credit Services
Financial Technology
Relevant Teams
Credit Assessment
Customer Service
Risk Management
Legal
Compliance
Operations
Account Management
Credit Administration
Document Processing
Customer Relations
Relevant Roles
Credit Officer
Relationship Manager
Bank Manager
Credit Risk Analyst
Customer Service Manager
Banking Operations Manager
Compliance Officer
Financial Services Representative
Account Manager
Credit Assessment Officer
Legal Officer
Credit Administration Manager
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