The product is currently available to selected users and will be progressively rolled out to more people
CAPITAL A Bhd’s venture company, BigPay has unveiled its first personal loan facility as part of its financing offering in Malaysia.
The product is launched under BigPay Later Sdn Bhd, a wholly owned subsidiary within the BigPay group and a digital money lending licence holder.
The product is currently available to selected users and will be progressively rolled out to more and more people.
“The pandemic has highlighted how important it is that people have access to versatile, easy-to-use financial solutions. Many underserved demographics in Malaysia lack access to the credit they need because they do not have the typically ‘acceptable’ credit history which is required by traditional banks — this directly impacts the ability to build long term financial standing.
“We have always been committed to democratising financial services through accessibility and education across South-East Asia,” said BigPay CEO and co-founder Salim Dhanani.
He added this personal loan product is unique, transparent, easy to use that bridges the financial inclusion gap.
“BigPay has the ability to leverage Capital A’s rich database and customers that have a strong loyalty to our brands. BigPay
shares the same ethos and principles as Capital A and AirAsia: Focusing on affordability, accessibility as well as inclusivity. We are excited that we can disrupt once again and give the common man,
from small and medium enterprises, small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services,” said Capital A CEO Tan Sri Dr Tony Fernandes.
The personal loans offered by BigPay Later have competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all-digital process.
Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their details via the app to apply. Additional documents are not usually required and the application can be approved within minutes.
The personal product issued by BigPay Later is fully regulated by Malaysia’s Ministry of Housing and Local Government.
Available on the BigPay app, the loan dashboard features a repayment schedule with a transparent breakdown of repayment instalments and an auto-payment option to prevent users from falling behind on repayments.
Details such as the principal amount, interest, late interest and stamping fee are highlighted instead of the standard lump sum so that users always know the payment amount and duration, as well as what they are paying for. — TMR