BNM: Study Terms And Conditions Of Shopee’s SLoan Facility Before Signing Up
Author Avatar

The public has been urged by Bank Negara Malaysia (BNM) to carefully study the terms and conditions of Shopee’s latest offering, SLoan, before deciding to tap into it. This comes following the recent rollout of the facility just last week.

“SLoan is a personal financing product offered by SeaMoney Capital Malaysia Sdn Bhd, which is licensed by the Local Government Development Ministry under the Moneylenders Act 1951,” the central bank shared, adding that individuals must make informed decisions if they are considering committing to financing products.

The bank also noted that members of the public can contact BNMTELELINK if they have enquiries or feedback regarding the service.

(Image: New Straits Times)

For context, Shopee’s SLoan is provided for both consumers and sellers, allowing them to obtain loans of up to either RM100,000 or RM120,000 within 24 hours, respectively. The interest rate charged for the facility, meanwhile, stands at 18% p.a., with a flexible repayment tenure of either three, six, or twelve months.

For buyers, Sloan is intended as a solution that gives them “more financial flexibility to meet their needs”, whereas for sellers, the loan is intended as a working capital loan service to help facilitate business growth.

(Sources: The Edge Markets, BusinessToday)

0 0 votes
Article Rating

SHARE

Comments (1)

Subscribe
Notify of

1 Comment
Inline Feedbacks
View all comments
Lau
9 months ago

you can get much cheaper interest rate personal loan from bank than from SLoan at whooping 18%

Top Apps Articles
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
How To Pay TNB Bills With Boost, GrabPay, And Touch ‘n Go eWallet
Pang Tun Yau
- 13th February 2020
In recent months, e-wallets (and even Shopee and Lazada) began offering bill payment options, which means Malaysians can […]
Post Image
TNG eWallet Users Can Now Transfer Money To Bank Accounts Via DuitNow Transfer
Alex Cheong Pui Yin
- 25th March 2022
Touch ‘n Go (TNG) eWallet has updated its DuitNow Transfer function, enabling users to also transfer funds out […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image