Touch ‘n Go Group (TNG) today announced the launch of GOpinjam, an inclusive digital personal loan developed in partnership with CIMB Bank.
GOpinjam is available now to Touch ‘n Go eWallet users who are Malaysian citizens over the age of 21.
TNG offers personal loans from RM100 up to a maximum of RM10,000 and potential applicants will need a minimum monthly income of RM800.
According to TNG, the repayment period for these loans can range from one week to one year, with no hidden charges of early settlement charges.
The credit underwriting process is built using the best of both sets of data, that of the credit bureau and also the e-wallet spending data, resulting in greater accessibility for the underbanked segment.
All new users who wish to apply must submit either a one-month payslip or the latest EPF statement, along with basic information for the loan application.
For the first mover, TNG said approvals can take up to a day after receiving a complete and accurate submission of revenue documentation.
For approved applicants, funds are then paid immediately to their Touch ‘n Go e-wallet or CIMB bank account.
Returning users will enjoy direct approval and instant loan disbursement, without having to go through the submission process.
This is TNG’s first digital lending solutions offering, having previously launched financial services offerings in investments and insurance.
Effendy Shahul Hamid, CEO of Touch ‘n Go Group, said:
“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.
We have been able to achieve this through a ‘win-win’ partnership mentality between Touch ‘n Go and CIMB Bank – leveraging each other’s strengths in credit underwriting and wealth of data to bring the credit solution staff most relevant to underserved segments. »
Dato’ Abdul Rahman Ahmad, CEO of CIMB Group, said:
“CIMB is proud to support GOpinjam through our CIMB e-Zi Tunai Personal Loan, a fully inclusive proposition targeting underserved segments, anchored on a pure-play eWallet-Bank partnership.
We believe GOpinjam also responds to the government’s push for a more inclusive and cashless society, an area CIMB Group and Touch ‘n Go Group fully support.
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