BNM: Malaysians should carefully study SLoan’s product terms and conditions before signing up

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Previously, we reported that Shopee has launched the SLoan, a digital financing loan of up to RM120,000 for sellers on the platform. Now, Bank Negara Malaysia (BNM) has released a statement regarding SLoan, advising the public to carefully study its product terms and conditions before applying or accepting.  

As reported by Bernama, the central bank called upon the public to make an informed decision before committing to any financing products. BNM further elaborated that 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. 

Besides that, BNM also advised the public to contact BNMTELELINK by using the electronic form here for any enquiries on the legitimacy of loan services such as SLoan. Speaking of which, SLoan has a nominal interest rate of up to 18 per cent annually with an interest rate of 1.5 per cent per month. 

So, what do you guys think BNM’s statement? Share your thoughts with us in the comments below and stay tuned to TechNave for more tech news such as this.