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:
|
GOpinjam |
"A Credit" Personal Financing |
|
|
Loan Amount |
RM1,000 |
|
|
Tenure |
3 weeks |
6 months |
|
Interest/ Profit Rate (Flat) |
36% per annum |
18% per annum |
|
Total Interest/ Profit Charged |
RM21 |
RM90 |
|
Processing Fee |
No Fee |
RM20 (2%) |
|
Stamp Duty |
Waive |
RM5 (0.5%) |
|
You Paid Total Fees & Charges |
RM21 |
RM115 |
Note: The calculation is for simulation purpose only. Please refer to final approved loan details during loan acceptance stage.
The disclosure of interest rate and terms of the loan, is accessible by customer at any point of time and at all stages of application.
|
Applicant Stage |
Communication |
|
Pre-application |
Customer reads CIMB e-Zi Tunai document terms in CIMB product page website, and assess personal suitability for the product: |
|
Pre-acceptance |
Upon approval of the loan, customer will need to expressly accept the terms of the loan before the loan is effective Prior accepting the loan, customer reads the final approved CIMB e-Zi Tunai loan details. Customer has the option to cancel the loan if customer is not keen to proceed with the approved loan terms. |
|
Post acceptance |
A copy of Product Disclosure Sheet (PDS) and Disbursement Notice, with full loan details will be emailed to customer |
|
Loan management |
Customer may view loan interest rate via: Customers having difficulties in making repayments, should contact CIMB as early as possible to discuss repayment alternatives. CIMB Bank Berhad – Customer Resolution Unit Address: P.P Box 10338 GPO Kuala Lumpur 50710 Wilayah Persekutuan Telephone: +603 6204 7788 E-mail: cru@cimb.com Alternatively, customers may seek the services of Agensi Kaunseling dan Pengurusan Kredit (AKPK), an agency established by Bank Negara Malaysia to provide free services on money management, credit counselling, financial education and debt restructuring for individuals. You can contact AKPK at: Address: Level 5 & 6, Menara Bumiputra Commerce, 11 Jalan Raja Laut, 50350 Kuala Lumpur General Line: 03 2616 7766 Fax Number: 03 2616 7601 Website: www.akpk.org.my |
Note : The loan assessment and decision conform to the regulatory guidelines such as Responsible Financing Guideline and Guidelines on Product Transparency and Disclosure.