KPKT denies any involvement in advertisements offering EPF loan programs

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KPKT, which takes advertisements seriously, stressed that transactions with community credit companies can only be done at registered and legal business premises. (Photo by Mohd Suhaimi Mohamed Yusuf / The Edge)

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PUTRAJAYA (October 6): The Ministry of Housing and Local Government (KPKT) on Wednesday denied any involvement in advertisements offering loan programs from the Employee Provident Fund (EPF) which had gone viral on social networks and websites Web.

This follows advertisements targeting EPF account owners using the name of approved lenders or community credit companies registered under KPKT.

KPKT in a statement said the ads offered loans with interest rates between 5% and 7% per month, far exceeding the interest rate set in the 1951 Lenders Act (Act 400), which is 1.5% per month or 18% at most. per year for individual loans.

The ads also contain suspicious loan information intended to mislead the public, including a monthly no-payment loan program with only an EPF statement required for a loan eligibility check, targeting people aged 48 to 55.

KPKT, which takes advertisements seriously, stressed that transactions with community credit companies can only be done at registered and legal business premises.

“People must first get confirmation of the information from the KPKT before a deal is made and not sign a blank deal,” he said.

KPKT said it was concerned that the advertisements could affect the image and credibility of the community credit industry and have negative implications for the public, especially borrowers who are caught up in such irresponsible activities.

The ministry said any licensed community credit company involved in “deceptive” loans or charging high interest rates could be prosecuted under section 17A of Law 400, which provides for a fine of up to RM20,000. or a term of imprisonment not exceeding 18 months or both. .

Any related complaint can be submitted through the integrated KPKT complaints system, namely aduan.kpkt.gov.my, i-KrediKom mobile app, Community Credit Control Division (BKKK) hotline at 03-88914694 / 4690 or in person at the KPKT Complaints Counter, Level 1, KPKT in Putrajaya.


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