Krungsri and Grab launch “Grab First Personal Loan” to capture retail market, focusing on Grab users
Mr. Worachat Luxkanalode, Executive Director of Grab Thailand and Country Head of Grab Financial Group (Thailand) said, “Promoting financial inclusion among Thai people is one of the main business objectives of Grab Financial Group in line with the mission by GrabForGood. Over the past three years, Grab has partnered with Krungsri to move forward with product development and offer a full range of products to meet the needs of low-income people who are underbanked, such as a loan personal and instant cash loan for GrabFood merchant partners and personal loan for partner drivers. These partners need working capital to manage their business cash flow and day-to-day expenses. A significant increase in loan growth has been observed over the years. For this year, in the quest for greater financial inclusion and expanding our loan portfolio to cover Grab users who are likely to encounter various economic challenges currently, we are collaborating to introduce “First Grab Personal Loan” which is synergistically developed the data analysis expertise of Grab and the lending experience of Krungsri to meet the financial needs of a wider range of Grab users.
Mr. Vee Charununsiri, Head of Loans Department at Grab Financial Group Thailand, added, “Grab First Personal Loan is designed and developed by taking advantage of new technologies, alternative data derived from users’ transactions on the platform and algorithms. machine learning used for financial operations. behavioral analytics, to establish a more accurate loan underwriting and approval process and better respond to user preferences. The loan offers a credit limit of up to 100,000 baht at an interest rate not exceeding 25% per annum and a maximum installment period of 12 months. Grab users can request “Grab First Personal Loan” on Grab app under “Payment” menu through which system will connect to UCHOOSE app for loan seekers to specify loan amount and plan installment payment as they wish.
Users of Grab services who are offered to apply for a “First Grab Personal Loan” can click on the “Payment” menu on the Grab app under the “Financial Services” category and follow the entire loan application process via UCHOOSE app, including identity authentication, sending supporting documents such as copy of ID card, payslip, etc., as well as checking the approval status within 30 minutes . Money will be transferred to borrowers within one day of loan approval. (Terms and conditions will be as specified.)
For more information, please visit https://bit.ly/GrabFirst