CIMB Bank Launches Personal Loan Scheme Under EPF Akaun 2 Support Facility

Alex Cheong Pui Yin

8th December 2023 - 2 min read

CIMB Bank announced that it has rolled out a new online personal loan and financing scheme under the Employees Provident Fund (EPF) Akaun 2 Support Facility, aptly dubbed the Cash Plus Personal Loan Account 2 Support Facility. With this, CIMB is the third bank in Malaysia to join in the initiative, aside from MBSB Bank and Bank Simpanan Nasional.

According to CIMB, its scheme will allow EPF members to apply for personal financing of up to RM50,000, subject to the balance in their EPF Akaun 2, which must retain a minimum of RM3,000. With a low interest rate of 4.5% p.a. and a repayment tenure of between one to ten years, the scheme is open to those aged between 40 and 54 with a minimum gross income of RM2,000, who are struggling financially. Self-employed individuals are also allowed, but their businesses must have been active for more than two years.

CIMB further said that applicants can check their eligibility for the scheme and submit their applications through an online platform on CIMB’s website with the required supporting documents. No physical documents or visits to the branch are needed.

Chief executive officer of group consumer and digital banking of CIMB Group, Effendy Shahul Hamid said that the new Cash Plus Personal Loan Account 2 Support Facility is one of the bank’s efforts in empowering all individuals to make financing decisions based on their needs.

“To complement this, CIMB is also offering an attractive introductory interest rate at a 4.5% fixed rate per annum, which stands as one of the most competitive rates available in the market, providing our customers greater value and flexible financing options,” said Effendy.

Meanwhile, the EPF Akaun 2 Support Facility itself was officially launched much earlier, back in April 2023, and it is meant to assist individuals who are still in need of assistance due to the financial impact of Covid-19 and other calamities. It is currently applicable to EPF members who are aged between 40 to 54 years old.

(Source: The Edge Malaysia)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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