BNM Advises Shopee Users To Study SLoan Facility Before Signing Up

Bank Negara Malaysia has advised members of the public to carefully study the product terms and conditions of SLoan for Sellers, a loan service offered by online shopping platform Shopee.

The central bank has also advised the public to make an informed decision before committing to any financing product. SLoan is a personal financing product offered by SeaMoney Capital Malaysia Sdn Bhd, which is licensed by the Local Government Development Ministry under the Moneylenders Act 1951.

According to Shopee’s website, SLoan for Sellers by SeaMoney is a working capital loan service for Shopee sellers to facilitate business growth. It said eligible Shopee sellers can obtain up to RM120,000 of loan facility to grow their business with a nominal interest rate of up to 18 per cent annually with an interest rate of 1.5 per cent per month.

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