Personal Loan | 01 February 2021-31 March 2021
Loan repayment from as low as RM55 monthly**
Simple application process with just your MyKad
Comes with an early settlement interest-free period of 20 days***
*The cashback is applicable to the first 480 customers to have their loan disbursed and make their repayments via daily deduction on time and in full up to 31 May 2021
**Based on a loan amount of Ringgit Malaysia Five Hundred (RM500) with a one (1) year tenure at a flat rate of 18.00% p.a.
***Applicable when the facility is settled within twenty (20) days from the disbursement date. A convenience fee of Ringgit Malaysia Seventy (RM70) is applicable.
Interest/Profit Rate
Our rate is on a flat rate basis, depending on financing amount
Facility Amount |
Flat Interest |
Facility Tenure |
|---|---|---|
RM500 – RM3,000 |
18.00% p.a. |
6 months or 12 months |
Note: The approved Facility amount will be in multiples of Ringgit Malaysia Five Hundred (RM500) subject to the specified range above.
The effective interest rates vary from 30.23% p.a. to 31.72% p.a. depending on the tenures from six (6) months to twelve (12) months.
Refer to the Fees and Charges applicable below to Personal Loan.
For more information, you may refer to our Product Disclosure Sheet available here for Personal Loan.
Description/Service |
Charges/Fees* |
|---|---|
Convenience Fee |
Convenience fee of Ringgit Malaysia Seventy (RM70) will be chargeable on the Facility on the final monthly instalment of the Facility. This amount will be deducted evenly across the tenure through the customer’s Grab Wallet. |
Stamp Duty Fee |
0.50% of the disbursed facility amount for every approved facility which is deducted upfront upon disbursement |
Early Settlement (occurring after the 20 days interest-free period ) |
Apart from the Convenience Fee, no charges/fees to be imposed provided 3 months’ written notice is given to the Bank prior to the early settlement. Otherwise, payment of 3 months’ interest on the amount redeemed is applicable. |
*Subject to Government Tax, if applicable
Illustration of Instalments
Assuming your total approved facility amount is RM500 with 1 year loan tenure:
- Malaysians aged between 21 and 60 years old
- Participate in the Campaign during the Campaign Period from 1 February 2021 to 31 March 2021
- Registered as a driver and/or delivery partner with Grab with a minimum annual earning of RM24,000
- Minimum loan amount is RM500
- Maximum loan amount is RM3,000
- Received an invitation to participate in the Campaign from Grab
- The Pay-On-Time Cashback is applicable to the first 480 customers to have their loan disbursed and make their repayments via daily deduction on time and in full up to 31 May 2021 (for loans disbursed by 15 March 2021) or 30 June 2021 (for loans disbursed by 15 April 2021)
- The Pay-On-Time Cashback will be credited to the Eligible Customer’s driver/delivery partner’s cash and/or credit wallets maintained by Grab (“Grab Driver’s Wallets”)
