Loan Tambadana is a personal financing product offered by Wawasan Cojaya Sdn Bhd, a licensed company under the Ministry of Housing and Local Government (KPKT). It provides individuals the opportunity to obtain cash loans with fast approval and a simple process, without the need for complicated financial documents. This article will discuss in detail about Loan Tambadana, from its main features to its costs and comparisons with other financial products available in the market.
Main Features of Loan Tambadana
Loan Tambadana offers various attractive features that make it easier for borrowers to obtain funds without many obstacles. Here are some key features to note:
- Digital Loan Application: This loan operates entirely through an online platform, allowing applicants to apply for loans without having to visit a physical branch.
- Loan Amount: Applicants can borrow up to RM10,000 with flexible repayment terms ranging from 91 to 180 days.
- Online Verification System: Loan Tambadana uses OTP (One-Time Password) and e-KYC (electronic Know Your Customer) technology for identity verification of borrowers.
- No Payslip Required: Unlike traditional bank loans, Loan Tambadana does not require payslips or detailed credit reports. This provides an opportunity for individuals with poor credit records to apply.
This loan is designed to assist individuals who require immediate funds for personal or emergency needs, with easy-to-meet conditions.
Loan Tambadana Loan Application Process
The application process for Loan Tambadana is very simple and fast. Here are the steps that applicants need to follow:
Online Application Process
- Fill in the Application Form: Applicants need to fill out the online form on the Tambadana website or app by selecting the desired loan amount, entering their phone number, and verifying their identity through OTP.
- Application Processing: Once the form is submitted, the application will be processed automatically. Approval will be sent to the applicant via SMS or email within 24 hours.
- Fund Transfer: After the applicant receives approval, the funds will be transferred directly to the registered bank account after digital contract verification.
Speed and Automation in the Process
One of the main advantages of Loan Tambadana is the speed and automation level in the application process. The approval process is done in a short time, typically within 24 hours. With the use of automatic systems like e-KYC and OTP, the identity verification process becomes quicker and more secure. This provides borrowers with more convenience without long waiting times.
Requirements and Conditions to Apply for Loan Tambadana
To apply for Loan Tambadana, applicants need to meet the following requirements and conditions:
- Malaysian Citizen: The applicant must be a Malaysian citizen.
- Age: The applicant must be between 20 and 60 years old.
- Full-Time Employment: The applicant needs to have a permanent job and a stable source of income.
- Required Documents: Applicants only need to provide a copy of their MyKad (front and back) as the primary document. Payslips or bank statements are not required.
These eligibility conditions allow more individuals to apply for loans without too strict barriers.
Loan Costs and Additional Charges
Like other financial products, Loan Tambadana has costs and charges that applicants need to be aware of before applying. Here are some key elements to consider:
How Interest Rates and Financial Charges Are Applied
- Interest Rate: Loan Tambadana applies a maximum interest rate of 18% per year (APR). For example, if you borrow RM5,000 for a period of 3 months (90 days), the interest charged is RM5,000 x 90 x 0.05% = RM225. Therefore, the amount to be repaid is RM5,225, which will be paid in monthly installments of RM1,741.67.
- Other Charges: In addition to the interest rate, applicants are also required to pay stamp duty of 0.05% and a late payment fee of 8% per year if payments are not made on schedule.
It is important to understand how the loan costs are calculated so that borrowers can plan their finances effectively.
Comparison with Other Financial Products in the Market
Loan Tambadana competes with other financial products in the market, such as loans from traditional banks and microfinance companies. Here is a comparison between Loan Tambadana and other popular financial products in Malaysia:
- Interest Rates: Loan Tambadana offers higher interest rates compared to some traditional banks, such as AEON Credit, which offers rates as low as 7.92% per year. However, Tambadana is more accessible to individuals without a credit record or complete financial documents.
- Fast Approval: Unlike traditional banks that may take longer to process applications, Loan Tambadana provides quicker approval, usually within 24 hours.
- Convenience: The online application process and the absence of complex documentation make Tambadana easier and more suitable for those in need of immediate funds.
Although the interest rate for Loan Tambadana is higher, it provides convenience and easier access for borrowers who may face difficulties with traditional financial products.
Conclusion
Loan Tambadana is an attractive option for those who need immediate funds with simple conditions and a fast application process. Although its interest rates are higher compared to other financial products, the convenience of the online application and access to borrowers without a good credit record makes it a good alternative for those facing financial emergencies.
For example, if you are facing urgent issues like medical bills or car repairs that need to be addressed immediately, Loan Tambadana can provide a quick solution without a complicated process. However, make sure you understand all the costs involved and plan your finances wisely to avoid payment issues in the future.
With this information, you will be able to make a more informed decision that aligns with your financial needs.