Interest rate chargeable is on Risk Based Pricing. The Flat Interest Rate ranging from 8% to 36% per annum, varies for each customer. Various factors are taken into consideration to determine the final interest rate chargeable example: credit records, repayment behavior, loan tenure etc.
Example 1: Customer with rich credit records, good repayment behavior may have lower interest rate chargeable
Example 2: Returning customers with good credit and repayment history will enjoy better competitive rates.
GOpinjam’s underlying product – CIMB e-Zi Tunai is a flexible product that allows customers to borrow based on a needs basis which includes small loan amounts and shorter loan tenures. This makes e-Zi Tunai more affordable in terms of total interest payable for a similar loan amount.
Below is an example of the interest rate chargeable for GOpinjam in comparison to “A Credit” Personal Financing whereby a user decides to take a RM1,000 loan for 3 weeks at 36% will only be charged RM21 in interest compared to “A Credit Personal Financing where there are no options for shorter tenure:
|“A Credit” Personal Financing
(borrow on needs basis)
|Interest Rate (Flat)
|36% per annum
|18% per annum
|Total Interest Charged
|You Paid Total Fees and Charges
Note: The calculation is for simulation purpose only. Please refer to final approved loan details during loan acceptance stage