{"id":55620,"date":"2023-02-20T11:53:33","date_gmt":"2023-02-20T03:53:33","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=55620"},"modified":"2023-02-20T14:16:12","modified_gmt":"2023-02-20T06:16:12","slug":"shopee-launches-sloan","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan","title":{"rendered":"Shopee Unveils Their Personal Loan Service In Malaysia, The SLoan"},"content":{"rendered":"

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.<\/span>\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

Shopee is one of the <\/span>five beneficiaries<\/span><\/a> 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.<\/span><\/p>\n

According to their <\/span>website<\/span><\/a>, with SLoan, users can get access to loans at \u201ccompetitive rates, with flexible options to repay in 3, 6, or 12 months (12 months available to selected users only).\u201d 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.<\/span><\/p>\n

For those who want to find out the official status of this product, Bank Negara <\/span>advises<\/span><\/a> members of the public to contact BNMTELELINK by using their electronic form at https:\/\/telelink.bnm.gov.my\/<\/a>.<\/span><\/p>\n

Frequently asked questions about SLoan<\/b><\/h2>\n

How much can I borrow from SLoan?<\/b><\/h3>\n

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.<\/span><\/p>\n

Am I eligible for SLoan?<\/b><\/h3>\n

Here are the eligibility criteria for SLoan;<\/span><\/p>\n

(a) You must be a Citizen or Permanent Resident or Armed Forces of Malaysia (MyKad\/ MyPR\/MyTentera); and\u00a0<\/span><\/p>\n

(b) You must be at least 18 years of age (as stipulated by Kementerian Pembangunan Kerajaan Tempatan)<\/span><\/p>\n

Why do I not see SLoan on my Shopee Page?<\/b><\/h3>\n

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.<\/span><\/p>\n

What are the fees related to SLoan?<\/b><\/h3>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t
Type of fee<\/th>Amount<\/th>When would the fees be charged?<\/th>\n<\/tr>\n<\/thead>\n
Stamping cost<\/td>0.5% of the loan amount<\/td>This fee will be deducted upfront from the disbursement amount.<\/td>\n<\/tr>\n
Attestation fees<\/td>RM5 per loan withdrawal<\/td>This fee will be deducted upfront from the disbursement amount.<\/td>\n<\/tr>\n
Interest Rate<\/td>1.5% per month or 18% per annum on loan amount<\/td>This fee is imposed upon repayment.<\/td>\n<\/tr>\n
Late Payment Penalty<\/td>8% per annum on overdue monthly installment, charged daily<\/td>This fee is imposed upon repayment in the event of late payment<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

What happens if I can\u2019t repay my loans?<\/b><\/h3>\n

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.\u00a0<\/span><\/p>\n

The penalty is triggered when there is outstanding from 12:01 AM on the day after the dude date.<\/span><\/p>\n

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.<\/span><\/p>\n

Here\u2019s an illustration of late payment penalty calculation:\u00a0<\/span><\/p>\n

Actual repayment amount: RM3,000<\/span><\/p>\n

Overdue: 10 days<\/span><\/p>\n

Total late payment penalty: RM3,000 x 8% x (10 days\/365) = RM6.58<\/span><\/p>\n

Total repayment: RM3,000 + RM6.58 = RM3,006.58<\/span><\/p>\n

How long does it take for my loan to be credited?<\/b><\/h3>\n

Loan disbursement via ShopeePay wallet is instant, while bank account transfer will take up to one day.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 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… View Article<\/a><\/p>\n","protected":false},"author":51,"featured_media":55628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216,9],"tags":[],"class_list":["post-55620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","category-personal-loan"],"acf":[],"yoast_head":"\nShopee Joins Finance Industry With SLoan<\/title>\n<meta name=\"description\" content=\"Shopee\u2019s SLoan, is now available for Malaysian customers. But how did Shopee go from a shopping website to a personal loan provider? Let's have a look.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shopee Unveils Their Personal Loan Service In Malaysia, The SLoan\" \/>\n<meta property=\"og:description\" content=\"Shopee\u2019s SLoan, is now available for Malaysian customers. But how did Shopee go from a shopping website to a personal loan provider? Let's have a look.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-20T03:53:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-20T06:16:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/02\/20141437\/online-loan2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Haziq Alfian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Haziq Alfian\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan\",\"url\":\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan\",\"name\":\"Shopee Joins Finance Industry With SLoan\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/02\/20141437\/online-loan2.jpg\",\"datePublished\":\"2023-02-20T03:53:33+00:00\",\"dateModified\":\"2023-02-20T06:16:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\"},\"description\":\"Shopee\u2019s SLoan, is now available for Malaysian customers. But how did Shopee go from a shopping website to a personal loan provider? Let's have a look.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#primaryimage\",\"url\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/02\/20141437\/online-loan2.jpg\",\"contentUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/02\/20141437\/online-loan2.jpg\",\"width\":1200,\"height\":628,\"caption\":\"Image sources: pexels.com\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Updates\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/news-updates\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Shopee Unveils Their Personal Loan Service In Malaysia, The SLoan\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\",\"name\":\"Haziq Alfian\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/eaeaa191dc19ba7f00f54d7d1cf9dc7590a4a8743a7fd7ed950e0f63656ce8e2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/eaeaa191dc19ba7f00f54d7d1cf9dc7590a4a8743a7fd7ed950e0f63656ce8e2?s=96&d=mm&r=g\",\"caption\":\"Haziq Alfian\"},\"description\":\"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Shopee Joins Finance Industry With SLoan","description":"Shopee\u2019s SLoan, is now available for Malaysian customers. But how did Shopee go from a shopping website to a personal loan provider? Let's have a look.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan","og_locale":"en_US","og_type":"article","og_title":"Shopee Unveils Their Personal Loan Service In Malaysia, The SLoan","og_description":"Shopee\u2019s SLoan, is now available for Malaysian customers. But how did Shopee go from a shopping website to a personal loan provider? Let's have a look.","og_url":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan","og_site_name":"iMoney Malaysia","article_published_time":"2023-02-20T03:53:33+00:00","article_modified_time":"2023-02-20T06:16:12+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/02\/20141437\/online-loan2.jpg","type":"image\/jpeg"}],"author":"Haziq Alfian","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Haziq Alfian","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan","url":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan","name":"Shopee Joins Finance Industry With SLoan","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#primaryimage"},"image":{"@id":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#primaryimage"},"thumbnailUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/02\/20141437\/online-loan2.jpg","datePublished":"2023-02-20T03:53:33+00:00","dateModified":"2023-02-20T06:16:12+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a"},"description":"Shopee\u2019s SLoan, is now available for Malaysian customers. But how did Shopee go from a shopping website to a personal loan provider? Let's have a look.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/shopee-launches-sloan"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#primaryimage","url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/02\/20141437\/online-loan2.jpg","contentUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/02\/20141437\/online-loan2.jpg","width":1200,"height":628,"caption":"Image sources: pexels.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/shopee-launches-sloan#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"News Updates","item":"https:\/\/www.imoney.my\/articles\/category\/news-updates"},{"@type":"ListItem","position":3,"name":"Shopee Unveils Their Personal Loan Service In Malaysia, The SLoan"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a","name":"Haziq Alfian","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/eaeaa191dc19ba7f00f54d7d1cf9dc7590a4a8743a7fd7ed950e0f63656ce8e2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/eaeaa191dc19ba7f00f54d7d1cf9dc7590a4a8743a7fd7ed950e0f63656ce8e2?s=96&d=mm&r=g","caption":"Haziq Alfian"},"description":"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.","url":"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/55620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=55620"}],"version-history":[{"count":3,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/55620\/revisions"}],"predecessor-version":[{"id":55629,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/55620\/revisions\/55629"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media\/55628"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=55620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=55620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=55620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}