MY E.G. Services Berhad (MYEG), in collaboration with Direct Lending Sdn Bhd, a digital financing platform, announced today the launch of a Shariah-compliant Buy Now, Pay Later (BNPL) programme tailored for automotive services.
This forward-thinking initiative is designed to assist vehicle owners across Malaysia, providing a solution to unexpected automotive expenses without the burden of immediate out-of-pocket expenses for car repairs and services.
How does it works?
Recognising the diverse needs of Malaysian vehicle owners, the BNPL programme is a significant step towards enhancing automotive care and maintenance accessibility.
Through MYEG’s MyAssist service centres, Malaysians can access a wide array of essential automotive services including, but not limited to, flood repair, body and paint work, regular maintenance, towing, and tire replacement, all while enjoying the convenience of paying affordable monthly installments up to 12 months.
With this programme, vehicle owners can rest assured that they will receive prompt and efficient service, ensuring their vehicles are well-maintained and safe on the road.
A highlight of this partnership is the Flood Assistance Package, a testament to MYEG and Direct Lending's commitment to supporting vehicle owners through Malaysia's challenging weather conditions.
This package aims to offer both peace of mind and financial flexibility, especially valuable for those without specific flood coverage (of motor insurance) for such incidents.
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Considering that only 4% of Malaysians have flood coverage, as reported by the Persatuan Insurans Am Malaysia (PIAM), the need for comprehensive support in the event of floods is more critical than ever.
Other Key Highlights of the BNPL Programme:
- Extensive Nationwide Coverage 💫
Leveraging MyAssist's wide network of service centres across Malaysia, this programme guarantees that high-quality automotive services are within reach for every Malaysian, ensuring no one is left stranded due to lack of access to necessary repairs and maintenance. - Flood Assistance Package 💦
This specially tailored package highlights the initiative’s focus on addressing one of Malaysia’s most pressing concerns — flooding. It provides comprehensive support to ensure that vehicle owners are not left vulnerable to the elements. - Comprehensive Service Offering 🙌
The BNPL programme covers a broad spectrum of automotive services to cater to all possible needs, from emergency repairs following an accident to routine check-ups, ensuring vehicles remain in prime condition. - Flexible Payment Solutions 💳
With an understanding of the varied financial situations of vehicle owners, the programme offers a flexible approach to financing, with an amount up to RM5,000 and repayment terms ranging from 3 to 12 months, facilitating better financial management. - Simple Eligibility Criteria 💁
Designed to be inclusive, the programme is eligible for Malaysian vehicle owners aged 18 - 65, making it straightforward for a vast majority to enrol and benefit from the services offered. No credit card is required. - Quick Approval 💨💨💨
Application for the BNPL programme can be done 100% online with approval turnaround time as quick as 15 minutes.
For additional details about the BNPL programme and to benefit from the Flood Assistance Package, you may visit https://www.myassist.my/
Source: MYEG
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