PETALING JAYA: The mechanism and the terms and conditions for the Employees Provident Fund (EPF) Account 2 Support Facility to obtain personal financing will be implemented in two phases - with Phase 1 opening for members who are 40 and above on April 7.
The fund said that Phase 1 would remain open for a year and Phase 2 opening for members under 40 would be announced later.
"The interest rate or profit rate to be charged by the participating banks will range from 4% to 5%, lower and more affordable than the current market rate of 8% to 15%," said EPF in a statement on Monday . "The banks will fully administer the application process for personal financing through this facility, subject to their financing assessment and credit framework."
"It offers a practical solution for EPF members who are facing temporary liquidity issues by providing cash flow through personal financing but with minimal impact to their retirement savings."
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