Yoma Bank to Provide Digital Small Business Loans to SHOP.COM.MM Sellers
Sellers on SHOP.COM.MM Can Now Expand Their Business Operations with an Unsecured Small Business Loan from Yoma Bank
Yangon, Myanmar – May 8, 2019 – Yoma Bank introduced the Bank’s new unsecured small business loan product, SMART Credit Plus, to SHOP.COM.MM sellers. SHOP.COM.MM sellers will now be able to apply for SMART Credit Plus loans through an online platform, without needing to go to a branch, provide collateral, guarantors, or extensive documentation.
Currently, this innovative new product is only available to merchants and agents of corporate partners of Yoma Bank. SHOP.COM.MM is the third corporate partner to work with Yoma Bank to offer this loan product to its merchants. Earlier this year, Yoma Bank entered strategic partnerships with Wave Money and the Union of Myanmar Travel Association (UMTA) to offer SMART Credit Plus loans to their agents and members.
“Yoma Bank is excited to support SHOP.COM.MM’s merchants. By selling through SHOP.COM.MM, they’ve already demonstrated that they are digitally and financially savvy, and we’re happy to help grow their businesses through the Bank’s digital credit product. Once they have a SMART account, merchants simply apply for a loan through their smartphone, with no collateral or guarantors, and receive money in just one business day. Smart Credit Plus rewards merchants with larger loan offers as they sell more goods through SHOP.COM.MM, and as they repay loans on time.” said Jason Loughnane, Head of Digital Credit at Yoma Bank.
This digital credit product for small businesses is the first of its kind in Myanmar. Applying for a SMART Credit Plus loan through a smartphone is convenient, private, and fast; applications are reviewed instantly and funds are disbursed to the applicant’s SMART account the following business day. Moreover, SMART Credit Plus customers are being coached to follow healthy credit habits and provide on-time repayments.
To benefit from the partnership with Yoma Bank and SHOP.COM.MM and obtain the SMART Credit Plus unsecured small business loan, an applicant must be an official seller on SHOP.COM.MM, and a current user of Yoma Bank’s mobile banking application. Applicants who are not current users of Yoma Bank’s mobile banking application will need to open SMART accounts, which can be opened at any Yoma Bank branch locations or online via https://applysmart.yomabank.com . Applicants who already have a SMART account and Yoma Bank’s mobile banking application can apply for Smart Credit Plus directly via https://smartcredit.yomabank.com . The loan approval process is instantaneous, approved applicants will receive their SMART Credit Plus loans directly to their SMART account the following business day.
The minimum and maximum loan amount for first-time applicants are between 100,000 MMK and 5,000,000 MMK with a one to three months’ loan term, and repeat borrowers may be eligible for up to 10,000,000 MMK and twelve months’ term. The SMART Credit Plus loan offer for each applicant will be assessed by Yoma Bank based on their transaction history with SHOP.COM.MM. The credit offer can increase depending on the applicant’s volume of transaction through SHOP.COM.MM and on-time repayment history with Yoma Bank. The interest rate on SMART Credit Plus is 16% per annum and fees will be applied based on an applicant’s banking history with Yoma Bank. Monthly repayments will be automatically deducted from the applicant's SMART account. SMART Credit Plus users are encouraged to keep a sufficient repayment amount in their SMART accounts before or on the due of their repayment date.
For more information on SMART Credit Plus , please visit https://yomabank.com/smartcreditplus
You can download the press release in Myanmar version.
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