EPF members concerned banks will only allow loans of up to 70% of collateral, says Dr Wee

KUALA LUMPUR: Employees' Provident Fund (EPF) members have raised concerns that commercial banks will only give loans of up to 70% of the value of the collateral, says Datuk Seri Dr Wee Ka Siong.

The Ayer Hitam MP said there are also concerns over high interest rates, which would have an impact if EPF contributors were allowed to use their savings as collateral for bank loans.

Dr Wee said he had the opportunity to discuss these issues with Prime Minister Datuk Seri Anwar Ibrahim in the Parliament lobby on Tuesday (March 21) after he did not manage to ask an additional question during Prime Minister's Question Time in the Dewan Rakyat earlier.

"I asked the Prime Minister to address the concerns of EPF members. Most importantly, the guidelines and requirements should be made clear to those who are interested in taking up this initiative.

"The bank loan margin should also be fixed at 100% of the EPF savings used as collateral in the form of a fixed deposit," the MCA president said in a Facebook post on Tuesday.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Nation

Melaka kindergarten owner loses RM1.6mil to investment scam
Promoting Malaysia’s ESG agenda
Tok Mat welcomes Umno Youth’s proposal for DAP to apologise
Stop harping on DAP apology, Zahid tells Umno Youth
Zafrul will contest in Selangor state polls if Umno wants him to
Couple charged again with neglecting son
AGC acted to protect national interest in Pfizer deal
Jokowi gets rock star welcome in Chow Kit
Poultry farmers not jumping for joy just yet
Man pleads not guilty to dragging pet with his car

Others Also Read