23rd February 2024 - 3 min read
Maybank announced that it has introduced a new personal loan offering under the Employees Provident Fund (EPF) Akaun 2 Support Facility, called MYFSA2u. Available only for a limited time, eligible customers will be able to apply for a loan of between RM3,000 to RM50,000, or up to their EPF Akaun 2 balance – whichever is lower.
According to the bank, the MYFSA2u loan facility will have an interest rate of 4.75% p.a., with a minimum tenure of 2 years, and you are also able to extend it up to a maximum of 10 years, or to the age of 55 (by the end of the financing tenure). Depending on your choices, your monthly repayments can start from as low as RM32 per month.
Maybank also highlighted that no collaterals or guarantors are needed to apply for this loan facility, and no processing fee and charges will be imposed. It is also inclusive of insurance coverage. However, to be eligible for the new MYFSA2u facility by Maybank, you must meet the following criteria:
If you’re eligible and would like to apply for the MYFSA2u loan facility, go ahead and log in to your Maybank2u account, then follow these steps (the entire application can be done conveniently online):
Note that the supporting documents required will differ depending on whether you’re an employed individual, a business owner, or a commission owner. Some key documents include your NRIC, salary slips (latest three months), EA forms, business registration papers, and your current account statements (latest six months).
Maybank also said that it will revert to the applicants within seven days via push notification on the Maybank2u app and email, once their loan applications are accepted.
The Akaun 2 Support Facility was first proposed by Prime Minister Datuk Seri Anwar Ibrahim back in March 2023, as an alternative to another EPF withdrawal in a bid to help individuals who were still struggling financially from the impact of Covid-19 and other calamities. It was then officially launched in April 2023, with the participation of banks like MBSB Bank and Bank Simpanan Nasional (BSN).
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