KUALA LUMPUR: People who are interested in applying for the Amanah Rakyat 1Malaysia (SARA1M) scheme can obtain forms from participating banks starting from Jan 30.
According to the official website, www.sara1malaysia.com.my, applicants must produce the necessary documents together with the application form that can be obtained from the participating banks.
The documents include income verification documents and the latest three months’ pay slip or bank statements of applicants and / or spouse.
Applicants must also provide the original and two copies of their Mykad and that of their spouses.
Allocation is based on first-come-first-served basis and the application is opened for a year from the starting date or upon full subscription.
SARA1M was launched by the Prime Minister on Wednesday, to give an option to those with a monthly household income of RM3,000 and below to invest.
Datuk Seri Najib Razak said on Wednesday that those who pay cash will get RM134 monthly or RM13,000 after five years while those who take up a loan will have to pay the bank RM84 a month and receive cash of RM50 a month, or RM5,000 after five years.
Application forms are available at Malayan Banking Berhad, CIMB Bank, RHB Bank and Bank Simpanan Nasional.
The scheme is the first of its kind and the government has set aside RM100 million to kick-start the programme.
Source : New Straits Times