Shopee also launched a personal loan service, also known as SLoan.
It is understood that Shopee started to push the personal loan service SLoan to selected users. At this stage, SLoan is only open to selected users, if you have seen the SLoan section under Shopee My Wallet, then you are eligible to apply for SLoan.
According to Shopee’s official website, SLoan is a fast-track personal loan that can be approved within 24 hours and can be applied for by Malaysian citizens or Malaysian permanent residents who are at least 18 years old.
SLoan offers personal loans of up to RM100,000, although the actual loan amount approved per user is subject to the user’s eligibility. Users can repay the personal loan through Online Banking or Shopee Pay.
A stamp fee of 0.5% will be charged upon approval of the SLoan application, which will be deducted directly from the loan. The interest rate of SLoan is 1.5% per month or 18% per year. If the user does not repay the loan on time, an interest rate of 8% per year will be charged and the interest will be calculated on a daily basis.
The minimum withdrawal amount is RM1,000 when you apply for a withdrawal from SLoan and each subsequent withdrawal will be in multiples of RM100.
