Grab’s fintech arm, Grab Financial Group (GFG) Malaysia partnered with SEDANIA As Salam Capital Sdn Bhd (SASC) – a subsidiary of SEDANIA Innovator Bhd is officially piloting a shariah-compliant financing product, Grab Cash Financing-i. The financing product is only eligible for Grab drivers and delivery partners.
GFG said that the new financial facility will lower the barriers to microfinancing – which typically requires an applicant to meet certain income and credit history requirements. With Grab Cash Financing-i, it allows Grab drives and delivery partners more convenient and secure access to financing.
Managing director and head of GFG, Sean Goh further explained that the Grab Cash Financing-i facility will be shared with eligible partners via a link – so that they can apply without having to provide any supporting documents or collateral. To enjoy the cash loan facility, individuals must be aged under 75 years old with a minimum monthly earning of RM800 (as a Grab partner).
How to apply for Grab Cash Financing-i?
According to the website, it is stated under the FAQ that you can apply for the cash loan program right on your Grab Drivers app. Simply go into your Wallet screen, and you will see a card to apply for the programme. Upon, successful application, GFG will transfer the loan into your Cash Wallet.
There is no standard financing limit that applies to all applicants. Instead, the limit will be specially tailored to each individual based on their earnings as a Grab partner and also other financial data.
Successful applicants will be charged an interest rate for taking out a cash loan. The interest rate varies depending on your profile as well as the amount and terms of your loan. However, GFG clarified that there is no administrative fee on the Grab Cash Financing-i at the moment. But, they will inform driver-partners directly in case there are any changes to their fee structure.
How long is the financing tenure?
It could last anywhere between 3 and 6 months. Larger loan amounts will typically have a longer repayment period. Automated deductions from the partner’s earnings via the Grab Driver Cash Wallet, or the Grab Driver Credit Wallet (if there are insufficient funds in the Grab Driver Cash Wallet) will then take place over a time period until your loan is settled.
If your application was rejected or unsuccessful, you may try to apply again sometime in the future to check if you qualify for the financing programme. Do take note that you cannot apply for the cash loan programme if you have unsettled or pending deductions from a previous financing programme.
Successful applicants will receive an in-app message on their application status within seven working days after submission. The cash will be disbursed within one working day upon approval.
GFG had actually rolled out this facility much earlier, back in December 2021 – but it was only made available to a limited number of eligible partners then. Since introducing the cash loan programme, they saw a take-up rate of 16% among eligible grab drivers and delivery partners. Consequently, this success has spurred the company to now officially pilot the financing facility to a larger pool of partners.
For more information regarding Grab Cash Financing-i, you may visit their website.
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