BUSINESS

BNM ADVISES PUBLIC TO CAREFULLY STUDY SLOAN’S PRODUCT TERMS AND CONDITIONS

03/03/2023 11:22 AM

By Niam Seet Wei

KUALA LUMPUR, Feb 17 (Bernama) -- Bank Negara Malaysia (BNM) has advised members of the public to carefully study the product terms and conditions of SLoan for Sellers, a loan service offered by online shopping platform Shopee.

The central bank has also advised the public to make an informed decision before committing to any financing product.

“SLoan is a personal financing product offered by SeaMoney Capital Malaysia Sdn Bhd, which is licensed by the Local Government Development Ministry under the Moneylenders Act 1951.

“For further enquiries, members of the public can contact BNMTELELINK by using the electronic form at https://telelink.bnm.gov.my/,” it told Bernama today in response to queries on the legitimacy of loan service provided by the e-commerce platform.

According to Shopee’s website, SLoan for Sellers by SeaMoney (https://help.shopee.com.my/portal/article/114257-SLoan-FAQ) is a working capital loan service for Shopee sellers to facilitate business growth.

It said eligible Shopee sellers can obtain up to RM120,000 of loan facility to grow their business with a nominal interest rate of up to 18 per cent annually with an interest rate of 1.5 per cent per month.

-- BERNAMA


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