Bumiputra-Commerce Bank Bhd (BCB) hopes to approve RM60m in loans by the year-end under its BCB Fast Track SME Loan, which provides for conditional approval within seven working days at the earliest and disbursement of funds in as fast as two to three weeks.
Next year’s target is between RM100m and RM200m, executive vice-president of business banking, Abu Bakar Buyong, told a press conference after the loan scheme launch.
Since the scheme’s “soft” launch about a month ago, BCB has received 123 applications amounting to about RM8.5m and has disbursed about half the amount.
BCB Fast Track SME Loan is focused on those involved in light manufacturing, services, and the wholesale and retail trades, and provides loans of up to RM100,000.
For loans of up to RM50,000, the interest rate is base lending rate (BLR) plus 1.5% per year, and for loans of RM50,001 - RM100,000, BLR plus 2%. BCB's BLR rate is 6%.
