What can I get from Boost Bank SME Financing Term Loan?
Boost Bank is the first Malaysian-owned digital bank approved by Bank Negara Malaysia (BNM). Similar to brick-and-mortar banks, Boost Bank offers financial products and services to local consumers.
A term loan is one of the conventional SME financing offered by Boost Bank, and it is designed to bridge the financial gap for business expansions through fixed monthly repayment.
With Boost Bank SME Financing Term Loan, you can borrow up to RM1 million over flexible tenures of up to 36 months (3 years) with a flat interest rate as low as 9.9% per annum—depending on risk-informed pricing.
How is the approved financing being disbursed?
Once your SME Financing Term Loan is approved, the funds will be disbursed and credited directly to your registered bank account with Boost Bank. What’s more, you may also get the approved financing as fast as 2 working days!
Do I need to provide collateral?
No, you don’t need collateral to apply for Boost Bank SME Financing Term Loan as this is an unsecured loan. However, joint and several guarantees may be required.
Are there any fees that I should know about?
According to Boost Bank, you will need to bear some fees such as the Stamp Duty, Guarantee Fees and Legal Fees just to name a few, unless exempted by law or if there’s a waiver. The bank should be able to provide you with a list of related fees upon successful application.
Can I settle my financing early? Are prepayments allowed?
Yes, you may settle your financing early if you wish by giving Boost Bank 2 months’ written notice.
Prepayments are also allowed and will be served as advance payments to reduce your monthly instalments.
How can I pay for my monthly instalment?
You can easily pay by setting up an auto direct debit from your registered bank account with Boost Bank.
What happens if I make a late payment?
You will be charged with 1% per annum on top of the effective interest rate.
There’s an additional 1% per annum charged above the prescribed rate in the event of default, calculated on a daily balance basis.
So we highly recommend you make prompt payments monthly to avoid unnecessary charges.
What are the requirements for applying for a Boost Bank SME Financing Term Loan?
As a start, you must be a Malaysian citizen residing in Malaysia and be above 18 years of age to be eligible for Boost Bank SME Financing Term Loan.
Your business must be registered in Malaysia with a majority ownership of 51% held by Malaysians and is operating for a minimum of one year.
Other requirements include the following:
- Must be the sole proprietor, authorised director/signatory, partner, or individual of the SME/MSME
- Sole Proprietorships, Private Limited companies and Listed Entities with small market capitalisation
- Company Director with at least 15% shareholding
What documents should I prepare to make an application?
To make an application, please prepare the following documents:
- Latest 6 months bank statement
- Latest audited report (only for Sdn. Bhd.)
- Latest management account
- Individual income tax return (Form B for Sole Proprietor)
