Boost Bank has teamed up with DCAP Digital to launch what is simply called Motorbike Loan. The service is pretty self explanatory, especially once you know that the latter company is described as a “full-stack AI-powered Lending-as-a-Service (LaaS) platform”.
Despite the announcement today, Boost Bank notes that the Motorbike Loan service has been out in its pilot phase since June. The service provides up to 90% financing for new model bikes of under 250cc. While it has a fixed interest rate of up to 10% per annum, loan tenures can go up to 60 months.
Motorbike Loan “is supported by an AI-powered fast approval process that delivers a seamless and hassle-free financing journey”. Or so says the companies, but beyond using tech from DCAP Digital, it’s unclear what this actually entails. This is because according to the service’s dedicated web page, the approval process still takes “a few working days”.
At any rate, Motorbike Loan is available at selected motorcycle dealers in the country. The companies say “there are plans to expand the network across Peninsular Malaysia in the coming months”. That being said, the application process starts with the Boost Bank app, and repayments are automated via direct debit. You can find out more by visiting the aforementioned dedicated web page, linked here.
