Once you submit your application, BOM says it will process your application within two business days.
With a secured loan, you have to back the funds using an asset such as a house. This gives the lender confidence that you’ll repay the loan as agreed.
On the other hand, an unsecured loan only requires a written contract. But, without collateral, the lender faces a greater risk and will likely offer a higher rate. You may also not be able to borrow as much compared to a secured loan.
Once you draw up to the limit, you need to make payments before you can draw again. That way, funds are always available without having to apply each time. Last but not least, you can make monthly payments that cover interest only, plus you have the added advantage of opting for creditor insurance.