Direct Lending Partners with Tan Chong Motor to Introduce a Shariah-compliant Auto Service Financing
The Direct Lending auto service financing will be available at 10 Nissan Service Centres during the pilot period before expansion nationwide.
KUALA LUMPUR, 2 May 2024 – Direct Lending, a leading Malaysian digital lending platform today announced its partnership with Tan Chong Motor Holdings Berhad (Tan Chong), to introduce a Shariah-compliant, fully digital auto service financing plan at their Nissan Service Centres nationwide.
In line with its commitment to providing Nissan car owners a seamless experience at their service centres, Tan Chong customers can now have their financial eligibility checked and documents validated via the online platform with immediate financing secured compared to traditional financing options. This will further facilitate peace of mind for car owners with increased flexibility in managing their car service and repair expenses with a repayment period of up to 12 months.
With just three easy steps, applicants can swiftly secure financing by filling in their details, submitting their identification card along with the last three months’ bank statements, and finalising the process by making the first payment, setting up monthly payments and signing the financing agreement - all conducted digitally via smartphone.
To kick-start this initiative, Direct Lending services will be made available at 10 selected Tan Chong’s Nissan Service Centres. This facility will eventually be expanded nationwide to all Tan Chong’s Nissan Service Centres.
Mr Hui Yik Seong, Founder of Direct Lending said, "We are honoured to offer an instalment plan that adheres to Shariah principles, benefiting everyone including valued customers of Tan Chong Motor Holdings Berhad. This partnership aims to alleviate the financial burden of vehicle maintenance — worn or damaged components can be detrimental to the car's performance, putting drivers, passengers and other road users at risk. We hope that by presenting a more inclusive and user-friendly option for Malaysians, we will enhance their overall vehicle ownership journey and ensure a safer driving experience for all."
“The safety of our customers is our highest priority. By partnering with Direct Lending, we can ensure that our customers have the financial flexibility to maintain their vehicles in optimal condition, hence contributing to a safer drive,” said Mr Daniel Ho Wai Ming, Group Chief Executive Officer of Tan Chong.
Direct Lending’s car service instalment plan is a Shariah-compliant financing facility fully endorsed by Amanie Advisors, a leading global Islamic Finance Advisory firm, ensuring its accessibility to all. As of 2023, the company has conducted over 130,000 financing eligibility evaluations.
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About Direct Lending
Direct Lending started in 2016 as a digital lending marketplace platform, enabling borrowers to find, apply and receive financing that best suits them safely and affordably. There are currently over 30 financing providers on its platform, from co-operatives, Bursa Malaysia-listed companies, licensed moneylenders, and credit communities.
With the vision to provide a seamless financing experience for every hardworking adult, Direct Lending launched its first point-of-sales financing solution in late March 2022, a Shariah-compliant, fully digital auto service financing that enables car owners to obtain financing at a workshop to pay for their essential car repairs instantly. In December 2022, Direct Lending further expanded the business by offering financing to micro SME businesses.
About Tan Chong Motor Holdings
Incorporated in 1972 and listed on the Main Market of Bursa Malaysia Securities Berhad in 1974, Tan Chong Motor Holdings Berhad is today one of Malaysia's largest conglomerates with extensive operations across the globe. The group is widely recognised as a pioneer in the Malaysian automotive industry and is renowned for its reliable product quality, design and value delivered.
