Malaysia’s largest bank has unveiled its new Maybank Digital Financing solution for Small and Medium-sized Enterprises (SMEs) that it says only takes 10 minutes to approve loans without the need to make a branch visit.
According to Maybank, the new Maybank SME Digital Financing is the first in the market to offer a completely end-to-end digital experience with straight-through processing (STP) all the way from application to approval and disbursement too.
SMEs can apply for financing via Maybank2U or Maybank2U Biz without the need to make a branch visit
With this new initiative, SMEs can apply for financing via Maybank’s online platforms; Maybank2U or Maybank2U Biz any time of any day. It only requires minimal information and no documentation needed for existing customers. If everything are in order, the loan can be approved as quickly as 10 minutes and the funds can be disbursed within one minute of an accepted offer.
However, for new customers the process might take slightly longer as applicants have to undergo a brief on-boarding verification process.
SMEs can apply financing from as low as RM 10,000 until RM 250,000 with a repayment tenure of up to five years
Maybank’s Group president and chief executive officer Datuk Abdul Farid said registered SME businesses with turnover below RM 25 million including non-Maybank customers are eligible to apply for financing via the SME Digital Financing. They can even provide financing to startups which have only been in operation for one year.
Currently, three types of loan are offered via the digital channel:
- SME Online Clean Loan/SME Online Clean Financing
- SME Online PGX/SME Online PGX–i (70% guaranteed by CGC)
- SME Online Micro Financing/SME Online Micro Financing-i
Approved applicants are able to obtain financing from as low as RM 10,000 to a maximum of RM 250,000 with a repayment tenure of up to five years.
For more information regarding Maybank SME Financing solution you can click here.