Boost Bank introduces a new motorcycle financing facility known as Motorbike Loan. This initiative was developed in collaboration with DCAP Digital and is a fully digital hire purchase solution for new motorcycles with an engine capacity below 250cc.
This facility is designed to facilitate motorcycle ownership among users who lack access to conventional financing including first-time buyers, gig workers and daily commuters. Through the Boost Bank app, users can easily apply, monitor the loan status and enjoy the automatic repayment process via the debit system.
This Motorbike Loan not only speeds up the approval process but also provides full access to the repayment schedule and annual e-statement. With a fully digital approach, Boost Bank aims to make motorcycle ownership easier and more affordable for the public.
This motorcycle financing offered allows customers to get up to 90% of the sale value of a new motorcycle with a repayment period of up to 60 months. Interest rates start as low as 0.833% per month and are subject to individual risk assessment. Applications can be approved as early as one working day and this facility is available at selected motorcycle dealers.
Based on the FAQ section, applicants must be Malaysian citizens aged between 18 and 60 years with a minimum monthly income of RM1500. Only new moped motorcycles with an engine capacity below 250cc are eligible to apply through the Boost Bank app.
The application does not require a guarantor but insurance must be maintained throughout the financing period. In the event of payment arrears, the first notice will be issued 21 days before action is taken. If no payment is received, a follow-up notice will be sent after 14 days.
If there is no response after the second notice, further action may be initiated by a licensed representative. The customer is given 21 days to settle the arrears, pay off the full balance or introduce a new buyer. If no action is taken, the motorcycle may be auctioned or sold privately.
The financing can be terminated early by returning the motorcycle to the bank. If the resale value is lower than the loan balance, the customer will have to bear the difference. Throughout the financing period, the motorcycle remains the legal property of Boost Bank and any unauthorized sale or transfer is not permitted.