Touch ‘n Go (TNG) Group has launched GOpinjam, an inclusive digital personal loan proposition available through Touch ‘n Go eWallet. This marks Touch ‘n Go eWallet’s first digital lending solutions offering, having previously already launched financial services propositions in investments and insurance.
Accessed through the Touch ‘n Go eWallet and delivered fully electronically, GOpinjam offers personal loans from as low as RM100 to a maximum of RM10,000. The repayment period for these loans can range from one week to one year, with no hidden fees of early settlement charges.
To further promote inclusion and accessibility to as many people as possible, potential borrowers will require a minimum monthly income of only RM800 to gain access to GOpinjam.
GOpinjam is developed in partnership with CIMB Bank Berhad (“CIMB Bank”) and employs differentiated product design and delivery mechanisms to ensure best-in-class user journey and experience.
The credit underwriting process is also differentiated, built using the best of both data sets, that of the credit bureau and also eWallet spend data – resulting in greater accessibility for the under-banked segment.
For example, this is the first lending offering that would allow users to borrow from as low as RM100, with CIMB Bank’s e-Zi Tunai Personal Loan product which has been approved by Bank Negara Malaysia.
All first-time users who wish to apply are required to submit either a one-month payslip or latest EPF statement along with basic information for the loan application. For the first-time user, the commitment is to inform the user on whether he/she is successful or not within the next business day upon full and accurate submission of the income documentation.
For approved applicants, the funds are then disbursed immediately into either their Touch ‘n Go eWallet or CIMB Bank account. Returning users though experience straight-through approval and instant loan disbursement, without the need to go through the submission process.
“This is a true market first. We researched the landscape thoroughly before building GOpinjam and I feel we’ve come up with a proposition that delivers significant value to our users, at the same time address the pain points of current personal lending propositions. We’re so pleased to have been able to put this together. We will take feedback post launch and continue to improve with the goal of making this the go-to product for this segment,” said Effendy Shahul Hamid, Group CEO, Touch ‘n Go Group.
“The financial inclusion element was always 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’ve managed to get this done on the back of 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 most relevant personal credit solution to underserved segments,” added Effendy.
Updating on the other key financial services development launched by Touch ‘n Go, he added that Touch ‘n Go’s GO+ micro-investment proposition which was launched in 2021 has already 2.25 million users.
The effective interest rates for GOpinjam ranges between 8% to 36% p.a., depending on the loan amount and the repayment period selected. The repayment period offered can range between one week to a year.