GoPinjam: Touch ‘n Go eWallet now offers digital personal loans up to RM10,000
As previously announced, Touch ‘n Go eWallet has finally introduced its digital personal loan product called GoPinjam. Eligible users can apply for a personal loan of up to RM10,000 with flexible installments from 1 week to 12 months.
The new Touch ‘n Go lending feature is offered in partnership with CIMB and funded as part of their e-Zi Tunai product. It offers fixed interest rates ranging from 8% to 36% per annum depending on the term of the loan. You can find GoPinjam on the home screen of the TNG eWallet app and you can try it out by entering your monthly income amount and following the rest of the instructions.
The personal loan product is open to Malaysian TNG eWallet users between the ages of 21 and 63 with a minimum monthly gross income of RM800.
If your income is high enough, you can claim up to RM10,000. For this amount, you can choose your preferred loan term between 7 and 12 months. With a term of 12 months, the monthly repayment costs RM900/month, which is 8% per annum. Meanwhile, a shorter term of 7 months is RM1,562/month.
GoPinjam also offers shorter loan term as little as 1 week if you request a lower amount like RM1000. For this amount, it will cost you a one-time refund of RM1,006.90 for a week or RM1,030 for a month. The minimum loan amount allowed is RM100 and you can pay a week later with a single installment of RM100.69 or extend the repayment to 6 months at RM19/month.
The GoPinjam loan application requires additional documents such as a 1 month payslip from a Malaysian registered company, a full EPF statement showing 3 months of dues and an acknowledgment of Form B/BE e-Filing .
According to the FAQ, the approved loan amount can be disbursed via TNG eWallet or a first party CIMB/CIMB Islamic Bank account. If you don’t have a CIMB bank account, you can transfer funds from your TNG e-wallet to other bank accounts through DuitNow with no processing fees. Interestingly, they allow each user to apply for more than one loan under GoPinjam as long as the amount of each requested loan does not exceed RM10,000.
It is also specified that CIMB e-Zi Tunai is a conventional and non-Sharia compliant banking product. However, they are planning to roll out an Islamic finance product through TNG eWallet. To learn more, you can check the TNG eWallet FAQ and Terms and Conditions for GoPinjam.