By Hanniz Lam

Due to the Covid-19 pandemic, rising inflation, which resulted in a sudden increase in food prices, and natural disasters such as floods, many Malaysians have gone off the tracks and are in financial hardship.

While some families were spared financial hardship, the bulk of Malaysian families were forced to band together and aid those in need during these challenging times.

In light of this, we may question if there is a way to financially bulletproof ourselves in the case of another pandemic or recession, or when we approach retirement age.

How much money do we require to live worry-free and debt-free in our golden years?

To live comfortably, we’d need around three-quarters of our last drew monthly salary, according to our calculations.

If your last drew salary was RM3,000, you would require approximately RM2,250 each month.

If you retire at 65 and expect to live until 80, for example, you’ll have to plan 15 years ahead of time. You’ll require RM405,000 in retirement savings over the course of your life.

Alarmingly, the Employees Provident Fund (EPF) reports that 6.1 million of its members under the age of 55 have less than RM10,000 in retirement savings.

For those looking for quick aid, besides withdrawing up to RM10,000 from EPF i-Citra, they can opt for GOpinjam, an inclusive digital personal loan developed in collaboration with CIMB Bank by the Touch ‘n Go (TNG) Group.

TNG offers personal loans ranging from RM100 to RM10,000, with a monthly income requirement of RM800 for potential applicants.

The repayment timeframe for these loans, according to TNG, can range from one week to one year, with no hidden costs or early settlement penalties.

With an interest rate of between 8% to 36% depending on the loan amount and repayment duration, customers can set the repayment tenure to be between one week to one year.

The credit underwriting process combines the best of both data sets, including credit bureau and e-wallet spend data, to provide increased accessibility to the underbanked.

All first-time users must submit either a one-month payslip or the most recent EPF statement, as well as basic details for the loan application.

First-time GOpinjam customers are able to know the result of their application by the following business day while the approval process for returning users can take place as fast as 5 minutes. At the moment, GOpinjam is available for Malaysians aged 21 to 63 with a minimum income of RM800 per month.

The money will be disbursed to qualified candidates via their Touch ‘n Go eWallet or CIMB bank account.

Returning users will receive immediate loan disbursement and approval without having to go through the filing process.

TNG has previously developed financial services proposals in investing and insurance, but this is the company’s first foray into digital lending solutions.