CapBay’s Premium Financing FAQ
General information
The Premium Financing product is a financing facility that provides financing of annual insurance policies to SMEs for PolicyStreet’s SME+ programme. You will be provided a financial loan where repayments are made based on a determined payment schedule and where the lump sum payment is made by CapBay to the insurer.
This financing facility is only available for the insurance policy provided by the SME+ programme. This insurance policy is a group medical plan which covers Life Insurance and Medical Insurance.
At the current phase we are only working with AmMetLife as the sole insurer provider for the SME+ programme. Other insurers may be added into the program in the future.
You will be contacted by the PolicyStreet team within 2 months before your policy expires to understand if you wish to renew, upgrade, change or terminate the policy. If you wish to continue with the current policy plan, we will provide you with a new financing agreement to be executed, followed by the repayment schedule. Some documents may or may not be required to be resubmitted.
You may add new employees into the insurance plan to ensure coverage on your employees, but CapBay will not be allowing financing for the premium on said employees.
You may add new employees into the insurance plan to ensure coverage on your employees, but CapBay will not be allowing financing for the premium on said employees.
Application process and eligibility
- Your business must be a Malaysian registered business
- Your business have operated for more than one year
- Your business has no adverse legal, trade & credit reference findings
- Your business is not currently insolvent or in a winding up situation
Your SME+ premium amount must exceed RM30,000. For a premium amount exceeding RM150,000 we may require additional documents to be submitted.
No minimum headcount is required, only the minimum premium amount.
- Completed the application form provided by PolicyStreet
- Terms of Services is understood and acknowledged by all company directors with company stamp
- Copy of all Directors’ Identification Card (Front and Back)
- Last 3 months bank statements of business’s main operating accounts
- Any other additional documents CapBay deems necessary during the credit assessment and onboarding process
To apply, please visit the SME+ website at https://sme.policystreet.com/ to find the suitable insurance plan for your business and to receive instant quotation. Our Relationship Managers will reach out to you and take you through the necessary process to complete your application.
Operational information
Platform fee: An upfront fee of 1% will be charged on the premium amount and will be collected on the first instalment prior to policy issuance
Interest Fee: 5% p.a. on the premium amount
Facility fee: Nil
Administrative fee: Nil
*No commitment fee, legal fee or stamping fee prior to the first disbursement.
The financing tenure is 1 year.
Yes, a two month refundable deposit is required and is to be collected on the first instalment prior to policy issuance.
There will be a late payment charge of 0.1% imposed on a daily basis; on the instalment amount.
No collateral is required.
Repayment for this facility is done based on the repayment schedule which follows a monthly instalment structure. Payment will only be done via Direct Debit. This arrangement will be a mandatory requirement in order to use this facility.
Upon complete document submission, we will be providing you a repayment schedule. Upon receiving payment, you will receive your policy within 3 working days, and medical cards delivered within 14 working days.