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Malaysia's first homegrown digital bank, Boost Bank, has launched The Motorbike Loan, the country's first-ever hire-purchase solution for motorbike ownership from a digital bank.
In partnership with DCAP Digital, a company that specialises in smart lending using AI, it's much easier to receive a loan to buy a brand new motorbike. Plus, this partnership has created an AI-powered fast approval process.
Instead of waiting days for an answer, the AI can quickly analyse your application and give you a decision much faster. This loan, which is exclusively available for new mopeds below 250cc, can cover up to 90% of the cost, with a fixed interest rate of up to 10% per annum and flexible repayment periods of up to 60 months.
Once you have the loan, Boost Bank will simplify your repayments. Everything is handled through the Boost Bank app, where payments are automated via Direct Debit. You can easily track your repayment status, check your balance, and access e-statements, all from your mobile phone.
After seeing a successful pilot launch, the loan is officially available at selected motorcycle dealers, with plans to expand across Peninsular Malaysia in the coming months.
Who's Eligible For The Loan?
The loan is applicable to Malaysian citizens residing in Malaysia aged between 18 and 60 years old at loan maturity, and have a minimum monthly gross income of RM1,500.
A valid MyKad is required for verification. To learn more or to apply for the Motorbike Loan, click here.
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