What can I get from Boost Bank SME Financing Revolving Credit?
With Boost Bank, you can enjoy flexible and high financing amounts of up to RM1 million over 24 months or 2 years.
As a revolving credit loan, Boost Bank offers a drawdown facility tenure as short as 7 days, up to 180 days with an interest rate as low as 1.5% per month (or 18% per annum).
What's more, Boost Bank Revolving Credit is an unsecured loan so you are not required to provide any collateral!
How does revolving credit work?
Revolving credit is a loan that offers a borrower a credit limit with the flexibility to not use the funds all at once.
It is quite similar to how a credit card works whereby you borrow or use some of the funds then you pay it back. And if you require it, you can borrow and use it again, given that you transact within that limit.
Additionally, with revolving credit, you pay interest on any balance you carry over month to month. If you pay all balances right away, you might avoid paying interest.
How is the approved financing being disbursed?
Once your Revolving Credit is approved, Boost Bank will disburse your funds to your registered bank account. Moreover, you may also get the approved financing as fast as 2 working days!
Are there any fees that I should know about?
According to Boost Bank, you will need to bear some fees such as Stamp Duty, Guarantee Fees and Legal Fees just to name a few, unless exempted by law or if there’s a waiver. The bank should be able to provide you with a list of related fees upon successful application.
It is also worth noting that any unutilised portion of your Revolving Credit will be charged a 1% fee per annum, payable monthly in arrears.
Can I settle my financing early? Are prepayments allowed?
Yes, you may settle your financing early if you wish by giving Boost Bank 2 months' written notice.
Prepayments are also allowed and will be served as advance payments to reduce your monthly instalments.
How can I pay for my monthly instalment?
You can easily pay by setting up an auto direct debit from your registered bank account with Boost Bank.
What happens if I make a late payment?
You will be charged 1% per annum on top of the effective interest rate.
There’s an additional 1% per annum charged above the prescribed rate in the event of default, calculated on a daily balance basis.
So we highly recommend you make prompt payments monthly to avoid unnecessary charges.
What are the requirements for making an application?
As a start, you must be a Malaysian citizen residing in Malaysia and be above 18 years of age to be eligible for Boost Bank Revolving Credit.
Your business must be registered in Malaysia with a majority ownership of 51% held by Malaysians and is operating for a minimum of one year.
Other requirements include the following:
- Must be the sole proprietor, authorised director/signatory, partner, or individual of the SME/MSME
- Sole Proprietorships, Private Limited companies and Listed Entities with small market capitalisation
- Company Director with at least 15% shareholding
What documents should I prepare?
To make an application for Boost Bank SME Financing Revolving Credit, please prepare the following documents:
- Latest 6 months bank statement
- Latest audited report (only for Sdn. Bhd.)
- Latest management account
- Individual income tax return (Form B for Sole Proprietor)
