Good morning, Bro.

Yes, even at my advanced age.

It's everyone aspiration to improve from multi-millionaire to be multi-millionares. (Same as improving my Inggeris)

Walau! Unker trying to digest all the interest vs loan msg. Already headache.

Now kena like WWE, tag team champion (Commodore Char) beat me up.

Unker beg for mercy. I know Poor English is my fault.

Unker actually decimal-millionaire.

Almost half of 74,392 applicants qualify for MBSB Bank’s FSA2 loans amounting to RM722m 

The Employees Provident Fund (EPF) said almost half or 34,643 of the 74,392 applications received under MBSB Bank’s Ihsan-i Account 2 Support Facility (FSA2) are qualified to obtain loans amounting to RM722 million.

In a statement on Saturday (April 15), EPF chief executive officer Datuk Seri Amir Hamzah Azizan said the number of applications for FSA2 is expected to increase with the launch of Bank Simpanan Nasional’s (BSN) MyRinggit Insan-i facility on the same day.

“We want to clarify that this facility is targeted towards EPF members who have savings in Account 2, and are supported by a reasonable income to ensure they can afford the personal financing and committed to the monthly repayments without compromising their retirement income adequacy and security. It is essential to note that the monthly repayments are necessary to ensure that the loans are repaid on time,” he added.

“Members are required to pay the monthly repayments as per their agreements with the banking institutions[B],” it added. 

https://www.theedgemarkets.com/node/663487

well...
baby steps...
now only opens...
after Raya u see... then where the fun starts 
maybe those applied read from LYN...
take up the offer & dump the $$$ into EPF back 

small numbers probably boycott.... many want direct withdraw....
these who applied is pro-madani??? 

If you think by taking loan to spur the economy 🤦‍♀️ then you are in trouble

Then only way to spur is to have more quality FDI, raising wages and quality of life instead of thinking borrowing out of your to stimulate the economy 🤦‍♀️

The debt spiral will keeps on going till death if thinking this way
No it is Personal Loan payable monthly

If 3 months failed payment it will be converted to conventional rates and then once debt spiral will go on and on till one is declared bankrupt

The banks still need a court order to offset using the EPF balance only after a certain period but after 10 years term is ended then it is automatically applied to EPF directly to collect the amount owed

So does it work per Xanders explanation below?
Ok, so meaning bank will claim the debt inclusive all interest from our EPF after 10 years.. so someone can still take a 50k loan, use it to buy a car, then refuse to pay, and just let the bank reclaim from his EPF funds 10 years later la... still a withdrawal lah, except with additional costs incurred..

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On the flip side.. the rich can get richer if someone who doesn't need money can just take a 50k loan at 4.5%, then put it right back into EPF as self contribution and make above 5%...

It's still safe, until age50/55 where the bank can tarik the money from the person EPF. Actually this loan will be a 'poison' for those that don't manage their money well. Once they start defaulting and kena high interest rate compounded, age of 50/55 will be a night mare for them. Imagine a 15-18% compounding interest charge on RM50K. That would easily become RM200-300K owe to the bank after 10 years. 

Epf is untouchable, but to withdrawal need to goes through bank account & eventually be confiscated? How bankruptcy status can be discharged after 7yrs?

How come bankruptcy status will be discharged after whatever amount of years?

The bankruptcy need repay all the outstanding loan before he can discharged from the status no?

EPF turns to MoF to cover potential defaulted Account 2 loans?
Sinchew reports: https://www.sinchew.com.my/20230417/epf%e7%...bf%9d%ef%bc%9f/

eh... i remember not too long ago got ppl bash me... say this is super low risk sure win bank laughing all the way... lol...

MBSB is charging 3% upfront for the takaful insurance. Applied RM50K, only get RM48500 .... Really potong stilm...

No free lunch. Sokong MBSB.

2.75% for 100k i think same rate for 50k as well you give it a try

Just found out this Rize loan can be up to 7 years. Very good.

go try 50 yrs... come back let me know...

the longer the loans... they converge to same number...

Masuk another RM50 to EPF

I dont know must send on month end
I just do it on a weekly basis if I have left overs then I put inside

Allowing epf withdrawal it's like a drug. They will find any excuse to support their points instead of working. Apart from medical, education, and housing, I don't see a point at all for allowing early withdrawal. All these reasons are allowed for withdrawal in fact.

Wah! Unker can only explain in terms of Marvel Multiverse.

We forumers are all wired differently, hence respectfully debating in different  backgrounds, Multiverse reality, different frequency.

Will a bank go bankcrupt, sure why not, but whats the probability vs possibility?

Hence, we have high profile forumers very financially inclined, that will siphon all RM$ to USD, SG because of perceived risk with Malaysia. Does this risk involves banks, etc going into financial ruin? Likely ar. We oso have high  profile forumers that buy Physical properties,  Gold, Crypto, as alternate Wealth. Why do so? Does this include counterparty risk, RM going into tailspin? Likely ar.

When a forumers, wealth n financial  horizon expands...that person will likely build more financial moats. Some of scenario planning, will seem improbable to others.

Age is another reason...ada anak, etc risk toletance oso different.

What the mind perceives...will ultimate drive the beliefs and hence subsequent actions. What we dont believe, doesnt mean its not true.
Unker uses LY to see both sides of an arguement.