SARA 1Malaysia Government-Aided Loan Scheme For Low-Income Earners

By Monday January 30th, 2012 No Comments

KUALA LUMPUR, Jan 30 (Bernama) — The newly-launched Skim Amanah Rakyat 1Malaysia (SARA 1Malaysia) is a government-aided loan scheme through selected banks, SARA 1Malaysia said.

The scheme, launched by Prime Minister Datuk Seri Najib Tun Razak on Jan 12, aims to help increase income and encourage savings and investments among low-income earners, it said.

SARA 1Malaysia investors cannot use cash to participate in the scheme, it said in a statement.

The scheme is open to Malaysians, aged between 18 and 58, earning RM500 to RM3,000 in monthly gross household income, and are not a declared bankrupt at the time of application and throughout the entire duration of the scheme.

Also, applicants should not be beneficiaries of any special government-funded schemes managed by Amanah Saham Nasional Berhad (ASNB) such as Hardcore Poor Development Programme, “ASB Sejahtera and “ASW2020-Bandar”.

They also should not have investments in any unit trust schemes under ASNB, it said.

“Should they have, the cumulative investment must be RM10,000 and less,” it said.

Eligible applicants can apply for a RM5,000 loan to invest in Amanah Saham 1Malaysia (AS 1Malaysia), only paying a minimum repayment amount for five years.

A monthly incentive will be paid to investors in the form of additional AS 1Malaysia units.

Application forms are available for free at Maybank, CIMB Bank, RHB Bank and Bank Simpanan Nasional branches country-wide.

Source : Bernama

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