Singapore-based e-commerce, Shopee has now introduced a brand-new personal loan scheme dubbed SLoan. At the moment, the newest product is being offered to selected Shopee users only where the SLoan feature will appear in the user’s profile below “My Wallet” if you are eligible.
According to Shopee’s FAQ page, it indicates that SLoan provides cash loans up to RM100,000 to its users. The personal loan is claimed to be approved within 24 hours.
What is SLoan?
Under FAQ, it stated that successful applicants will have to pay an interest rate of 1.5% or 18% per annum on the loan amount. Besides, applicants will have to pay a stamping cost amounting to 0.5% of their loan amount when the application is successful.
Applicants can withdraw the loan to their online bank account and Shopee will charge RM5 per withdrawal. Your first SLoan withdrawal must be a minimum of RM1,000, with subsequent withdrawals being made in multiples of RM100.
Applicants are given the option to repay the withdrawn amount over a tenure of either 3, 6 or 12 months. They can choose from flexible payment terms and repay securely through online banking or Shopee Pay.
Once your application is approved, it will be disbursed instantly to Shopee Wallet. However, if you choose to disburse to your preferred bank account, it may take up to 1 day.
The e-commerce giant has previously offered the personal loan service in the Philippines, Indonesia and also Thailand. To learn more about SLoan, you may click here.
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