Almost RM1b in EPF-backed personal loans approved: Finance Ministry

KUALA LUMPUR: A total of RM981.9 million has been approved for the Employees Provident Fund (EPF) Account 2 Support Facility (FSA2) up to June 11, said the Finance Ministry.

A total of RM878.6 million involved the FSA facility under MBSB Bank Bhd and the remaining RM103.3 million was under Bank Simpanan Nasional, it said.

“A total of 168,925 contributors applied for the FSA2, but only 88,414 applicants were eligible and of this number, 47,696 agreed to accept the funding offer,” said the ministry in a written reply to Senator Dr Wan Martina Wan Yusoff in the Dewan Negara today.

Among the reasons for applications to be rejected were incomplete applications, being outside the eligibility age, and having insufficient balance in Account 2, he said.

Applications for the FSA2 Phase 1, which opened on April 7, 2023, will close on April 6, 2024.

Source: New Straits Times


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