EPF assessing usage of Account 2 savings as collateral to apply for personal loans

• “Further details regarding the implementation of this initiative will be announced by the EPF at a later date.”

KUALA LUMPUR (March 10): The Employees Provident Fund (EPF) is assessing implementation of the utilisation of members’ savings in Account 2 as collateral or guarantee for personal bank loans.

In a statement on Friday (March 10), EPF said it will carefully consider all relevant factors to ensure its smooth implementation.

“Further details regarding the implementation of this initiative will be announced by the EPF at a later date,” it said.

EPF released the statement following Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim’s announcement in Dewan Rakyat on Thursday to allow EPF contributors who need cash assistance to use their Account 2 balance as form of support to borrow from banks.