Apart from the EPF Special Withdrawal, Touch ‘n Go also launches a new product called GoPinjam. It is a personal loan feature where you can apply for a personal loan directly from the TNG eWallet app.
Similar to the Go+ feature in the TNG eWallet app, the GoPinjam loan feature is also partnered with CIMB. Using the GoPinjam feature, Touch ‘n Go allows you to borrow extra cash up to RM10,000. The unique feature of the GoPinjam is that you can even borrow RM1,000. According to Touch ‘n Go Sdn Bhd, the instalments are flexible starting from 1 week to 12 months.
Since the fund will be disbursed by CIMB, the interest rate which you can expect is 8% and above only. This personal loan product is part of CIMB’s e-Zi Tunai. Do note that, this CIMB product is not Shariah-compliant. Usually, this type of loan is not suitable for the Muslim community. Probably, in another couple of months, we can expect Touch ‘n Go to introduce an Islamic personal loan product as well.
How to apply for GoPinjam using TNG eWallet app?
Probably, the main requirement that needs to be met before applying GoPinjam personal loan is that you need to be aged somewhere around 21 to 63 years old. Besides that, you also need to have a monthly permanent income of not less than RM800. Assuming you have met these requirements, then you can proceed to apply for the extra cash.
First of all, you need to launch the TNG eWallet app on your smartphone. From there choose the GoPinjam icon in the list of features.
From here onwards, you need to follow the following steps to check your eligibility. As shown in the image below, you need to click on the “Apply For Your Loan” button in order to enter the amount you wished to apply for. On the next page, you will be asked to select the amount you would like to apply. For example, I have selected RM10,000 just for testing purposes.
The next step is to select the loan duration for the loan payment. In this case, if you select 12 months then you need to pay at least RM900 per month. The lesser the duration the higher the monthly payment.
After that, you will be required to enter your personal information. Since this feature requires CIMB to process your application, you need to either submit your 1-month payslip, your EPF statement to show your 3 months contribution or your B/BE form e-Filing acknowledgement receipt. Any of these documents will do.
To those of you who are thinking about how the money will be disbursed to your account, once your personal loan has been approved, you should be able to view the amount updated on your TNG eWallet app. From there you can transfer it to your bank account via DuitNow. Unless you already have an existing CIMB account then, the money will be disbursed to your CIMB account.
For more information on the GoPinjam feature, visit TNG eWallet page.