Touch ‘n Go Group today launched GOpinjam, a digital personal loan service accessible through the Touch ‘n Go eWallet app. The new service is the first time a digital lending solution has been offered by TnG eWallet, having introduced financial service propositions in investments (GO+) and insurance.
Developed in partnership with CIMB Bank Berhad, GOpinjam is backed by CIMB’s e-Zi Tunai Personal Loan, offering personal loans from RM100 up to a maximum of RM10,000, to users aged 21-63.
The repayment period for these loans can range from a week to a year, with no hidden charges or early settlement fees. Fixed interest rates apply, and they vary from 8% to 36% per annum, depending on the term of the loan.
It should be noted that potential borrowers will need a minimum monthly income of RM800 to access GOpinjam. New users who wish to apply will need to submit either a one-month payslip or the latest EPF statement, along with basic information for the loan application.
For repeat users, the process is simpler, requiring only verification of app information (taken from the previous app). Once the request is approved, users will be notified via the TnG eWallet app and the funds will be paid out either to their e-wallet or to their CIMB bank account.
The whole process is done digitally through the app, so there is no need to go to a bank counter. Users can also apply for more than one loan under GOpinjam, as long as the amount of each loan does not exceed the cap of RM10,000.
“It’s a real market first. We researched the landscape extensively before building GOpinjam and I believe we have found a proposition that delivers significant value to our users, while addressing the pain points of current personal loan propositions,” said Effendy Shahul Hamid , CEO of Touch. ‘n Go Group.
“The element of financial inclusion has always been at the forefront of our thinking, and we expect GOpinjam to be available to those who otherwise would not have been able to access formal credit facilities,” a- he added.