EPF Loan: Apply Online Personal Loan Bank BSN MBSB Status Check

How to apply EPF Loan 2023 Online, Personal Loan Bank via bsn epf loan and MBSB epf loan status check

apply online personal epf loan bank

What is epf loan? Some individuals need funds urgently to do their daily business. Therefore, personal loans are the solution. However, the government has introduced the Account 2 Support Facility (FSA2) aimed at helping EPF members who need personal financing through EPF Account 2 with banking institutions.

EPF Account Support Facility 2 (FSA2) is a loan facility provided to EPF members to obtain personal financing from bank institutions. Savings from the employee’s monthly contribution in Account 2 will be entitled to a loan. The savings will be used as collateral for this personal financing with the initial application of a Conditional Withdrawal from Account 2.

It provides many benefits to EPF members who meet the eligibility conditions, where the contribution savings will remain in account 2 and the dividend payout will be given according to the original amount of account 2, which EPF members can still enjoy.

After all, this FSA2 can be applied to make it easier for EPF members to pay off their personal loans.

Can I Take Loan From My Epf Account

Every EPF member is allowed to apply for an EPF loan from an EPF account known as EPF Account Support Facility 2 (FSA2). The mbsb bsn loan is taken out of Account 2 of EPF members’ accounts.

Their savings will serve as collateral for the purpose of paying off their loans.

However, this loan is subject to the conditions that have been stated by the EPF. Members who have fulfilled all the eligibility requirements can apply for this EPF loan.

Therefore, The Ministry of Finance has announced this mortgage loan facility from EPF, which aims to help EPF members who are facing financial problems by providing this financial support program.

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EPF Loan Apply Online Malaysia

Only EPF members who meet the eligibility requirements set by the EPF are eligible to apply for this loan.

This application can be done online through the banking institutions involved. Here are the ways to apply for FSA2;

  1. Applicants who are members of the EPF must make an initial check related to the eligibility of FSA2 on the official portal of the EPF and the official portal of the competent banking institution only.
  2. This application must be made on the official portal of the banking institution by agreeing to all the terms and conditions that have been set. 
  3. Then, the conditional initial withdrawal application to the EPF must be made through the banking institution’s official portal according to the amount of funding approved by the bank.

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MBSB BSN EPF Loan Status Check

The mbsb bsn status check of FSA2 loan epf can be checked online through bsn mbsb check status online, https://secure.kwsp.gov.my.

kwsp loan bsn mbsb epf loan
Figure 1.0

However, approved FSA2 loans will be notified through two (2) ways as below;

  1. The bank institution will notify the status of this FSA2 application via SMS.
  2. The EPF will send notification of the application status of the conditional early withdrawal application through the Secured Inbox of i-Akaun (Members).

Application review can be done by contacting the bank directly or through Secured Inbox i-Akaun (Members).

Kwsp Loan Eligibility Above 40

The application for Facility Support Account 2 (FSA2) is divided into two (2) phases.

The FSA2 application will be open starting on April 7, 2023 for FSA2 Phase 1 and it will be open for one year.

This application can be made only for individual members aged 40 years and above.

Individuals applying for FSA2 must meet the eligibility requirements set by the EPF and banking institutions.

Following are the application conditions that have been set; 

  1. This application is open to EPF members who are less than 55 years old. 
  2. The applicant is a Malaysian citizen. 
  3. An application can only be made once. 
  4. Applications that have been approved cannot be cancelled. 
  5. Applications are open for one (1) year only, starting from the date to be notified. 
  6. The EPF member’s savings/contribution amount in account 2 must be at least RM3,000. 
  7. The maximum amount for conditional withdrawal must not exceed RM50,000.

Kwsp Loan Eligibility Under 40

For the FSA2 Phase 2 application, the application date has not yet been notified by the Government.

The application date will be notified from time to time to EPF members to make it easier for them to finance this loan.

This FSA2 Phase 2 is specifically for EPF members aged 40 years and below.

The other eligibility requirements will be announced by the government soon. 

How Much Loan Can i Get From BSN MBSB

As subject to the KSA2 application eligibility requirements, the maximum withdrawal requirement is only RM50,000 and the minimum withdrawal requirement is RM3000.

Amounts exceeding RM50,000 and less than RM3000 will be rejected.

BSN MBSB EPF Loan Interest Rate

The interest rate charged on FSA2 loans is between 4% and 5% lower than the current market interest rate.