Entrepreneurship is no easy feat, especially when one considers the amount of money that is required to not only start a business, but to keep it running as well. But with the advent of digital technology and social media, a whole-new generation of businesspeople have now taken to building their ventures completely online through e-commerce marketplaces such as Shopee.
Shopee introduces SLoan digital financing solution
With that in mind, the Singapore-based e-commerce giant has now introduced a brand-new personal loan scheme dubbed SLoan, for the convenience of sellers who employ the use of their platform.
A quick glance through Shopee’s Frequently Asked Questions (FAQ) page indicates that the company describes SLoan as a ‘digital financing solution’ that provides increased flexibility with a fast activation, approval, and disbursement period. In fact, the platform claims that applicants need to only wait for 24 hours for their loan application to be approved.
As of present, selected sellers may make an application for a capital loan amounting to a maximum amount of RM100,000 through Shopee’s SLoan service, depending on individual eligibility.
Here is how you can activate it
Successful applicants will have to pay a stamping cost amounting to 0.5% of their loan amount as well as attestation fees amounting to RM5 per loan withdrawal. Your first SLoan withdrawal must be a minimum of RM1,000, with subsequent withdrawals being made in multiples of RM100.
Interest rates are fixed for the duration of your loan tenure (which means it will not exceed the stipulated amount) at 1.5% monthly, totaling to 18% yearly. The interest rate will only come into effect when you make your first withdrawal. You may choose to repay your loan through a 3 month, 6 month, or 12 month repayment period.
To be eligible for an SLoan, you are required to be:
- A Malaysian citizen or Permanent Resident or member of the Armed Forces of Malaysia (MyKad/MyPR/MyTentera)
- Be of 18 years of age as outlined by the Ministry of Local Government Development of Malaysia
- Be a seller on Shopee
With that said, the option is currently only available to a few sellers. To check if you’re among those selected, tap on the ‘Me’ section of your Shopee app and see if you have the ‘SLoan’ option. If you do, follow the steps below:
1. Tap ‘Me’ on your Shopee app and navigate to ‘SLoan’, then tap on ‘Activate Now’
2. Upload both sides of your identification card (MyKad/MyPR/MyTentera) when prompted and fill in all fields required in the form. Then tap ‘Submit’.
3. Perform a facial verification check, and wait 24 hours for your loan to be approved.
4. You will be notified once your SLoan has been activated. Once active, you can withdraw from the amount any time.
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