Shopee Unveils Their Personal Loan Service In Malaysia, The SLoan

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After the introduction of other initiatives like ShopeePay and SPayLater, Shopee has now made its foray into the personal loan industry with the introduction of the SLoan. 

Although it might be new for the Malaysian market, SLoan, which stands for Shopee Loan, has been available for other Southeast Asian countries for a while now, under different names. In Indonesia, it is known as SPinjam and SEasyCash in Indonesia and Thailand respectively.

Shopee is one of the five beneficiaries of the new digital banking license under their parent company, SEA Limited, which explains why they can provide their users with a personal loan service.

According to their website, with SLoan, users can get access to loans at “competitive rates, with flexible options to repay in 3, 6, or 12 months (12 months available to selected users only).” It should be noted that the actual interest rate stands at 18% per annum – or 1.5% per month – which puts it on the higher end of the personal loan spectrum.

For those who want to find out the official status of this product, Bank Negara advises members of the public to contact BNMTELELINK by using their electronic form at

Frequently asked questions about SLoan

How much can I borrow from SLoan?

According to the SLoan FAQ page, the minimum amount you can borrow from SLoan is RM10,00. The maximum amount you can borrow is still a mystery as the page provides no information regarding that, but several screenshots implied that the limit is RM100,000.

Am I eligible for SLoan?

Here are the eligibility criteria for SLoan;

(a) You must be a Citizen or Permanent Resident or Armed Forces of Malaysia (MyKad/ MyPR/MyTentera); and 

(b) You must be at least 18 years of age (as stipulated by Kementerian Pembangunan Kerajaan Tempatan)

Why do I not see SLoan on my Shopee Page?

For now, SLoan is only available for selected users. Shopee did say in their website that the service will be rolled out to more users in the near future.

What are the fees related to SLoan?

Type of feeAmountWhen would the fees be charged?
Stamping cost0.5% of the loan amountThis fee will be deducted upfront from the disbursement amount.
Attestation feesRM5 per loan withdrawalThis fee will be deducted upfront from the disbursement amount.
Interest Rate1.5% per month or 18% per annum on loan amountThis fee is imposed upon repayment.
Late Payment Penalty8% per annum on overdue monthly installment, charged dailyThis fee is imposed upon repayment in the event of late payment

What happens if I can’t repay my loans?

A late payment penalty of 8% per annum will be charged on a daily basis from the date of default in repayment until the sum is paid. 

The penalty is triggered when there is outstanding from 12:01 AM on the day after the dude date.

For example; if your due date is on the 1st of March, the penalty will be triggered on 12:01 AM of the 2nd of March.

Here’s an illustration of late payment penalty calculation: 

Actual repayment amount: RM3,000

Overdue: 10 days

Total late payment penalty: RM3,000 x 8% x (10 days/365) = RM6.58

Total repayment: RM3,000 + RM6.58 = RM3,006.58

How long does it take for my loan to be credited?

Loan disbursement via ShopeePay wallet is instant, while bank account transfer will take up to one day.

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