The Malaysian government has been called upon to clarify how individuals who are bankrupt are allowed to make loans under the Employees Provident Fund’s (EPF) i-Cagar FSA2 KWSP collateral scheme.
EPF loans for bankrupt people
MP Wan Saiful Wan Jan claimed that he had met with individuals in this category and had discovered that some borrowers using the EPF Account 2 support facility scheme were borrowing more than the maximum limit allowed. However, these borrowers were not allowed to access their loans until they produced discharge documents from the Insolvency Department.
Wan Saiful claimed that this failure resulted in the loan being canceled, even though the funds had already been deposited. He urged the government to abandon the FSA2 scheme and instead allow for targeted EPF withdrawals by those in need.
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