KUALA LUMPUR: Financial technology (fintech) firm Boost is offering up to RM100,000 through a micro-financing facility to micro, small and medium enterprises (MSME), financed through its market-leading digital lending subsidiary, Boost Credit.
Known as ‘Capital Plus’, the syariah-compliant micro-financing facility is based on Commodity Murabahah, which is ideal for MSME, Boost said in a statement today.
The financing provided is as low as RM1,000 and up to RM100,000 over a 15-month tenure at a profit rate of 1.2% a month, with no repayment of principal for the first three months.
“MSME do not need any guarantor or collateral to apply for this financing,” said Boost, a subsidiary of Axiata Group Bhd.
Merchants on the Boost platform who apply for Capital Plus will enjoy a seamless application process of not more than 10 minutes, and funds will be disbursed within 48 hours, a hallmark of Boost Credit.
Boost CEO Sheyantha Abeykoon said one of the key aspects of Capital Plus is a three-month moratorium for MSME. “We hope that MSME will find this micro-financing facility helpful in giving a boost to their recovery journey and provide them the much-needed capital to restart their businesses,” he added. – Bernama