BNM Maintains OPR At 1.75% – What Does This Mean For Malaysians?
- By CompareHero.my
- January 21, 2021
Bank Negara Malaysia (BNM) recently announced that it will maintain the Overnight Policy Rate (OPR) on 20 January 2021. But as a Malaysian, what does this mean for you?
If you haven’t already heard, Bank Negara Malaysia (BNM) has decided to maintain the Overnight Policy Rate (OPR) at 1.75%, the lowest level since it was implemented in 2004, following the Monetary Policy Committee meeting on Tuesday.
In a statement, BNM said the decision was made after latest indicators signal significant improvements in economic activity in the third quarter, further economic developments in 2020, and because inflation is expected to remain subdued.
“The reopening of production facilities has led to a resumption of manufacturing and trade activity. However, the recovery in the services sector has been slower. Financial conditions have improved, although risk aversion remains elevated. The outlook is still subject to downside risks and uncertainty, primarily due to the risk of a resurgence of the pandemic and weaker labour market conditions,” it said in a statement.
Though 2021 is projected to improve further, BNM states that it will be underpinned by the recovery in global demand, turnaround in public and private sector expenditure amid continued support from policy measures, and higher production from existing and new facilities.
“Nevertheless, the pace of recovery will be uneven across sectors, with economic activity in some industries remaining below pre-pandemic levels, and a slower improvement in the labour market. Downside risks to the outlook remain, stemming mainly from ongoing uncertainties surrounding the pandemic globally and domestically.”
So though the economy is slowly picking up again, what is OPR and what’s the correlation?
Essentially, OPR is an overnight interest rate set by BNM, and is the rate that borrowers have to pay to banks for borrowing funds.
OPR is also used as monetary policy direction – a macroeconomic policy laid down by the central bank – that involves management of money supply and also interest rate. It is also used by the government of a country to achieve objectives like reducing inflation, consumption, growth and liquidity.
Think of OPR this way – when it comes to money, most banks will lend out as much money as possible in terms of loans whilst maintaining the minimum cash required by BNM, but in the event that cash withdrawal exceeds the amount of cash available in the bank, the particular bank will then need to borrow cash from other banks, and make an interest rate, which is where OPR comes in.
Alright, but why would BNM raise, reduce or maintain the OPR?
For some context, let’s go back in time. In July of 2016, BNM announced the reduction of OPR, which was then the first reduction to happen in seven years. The OPR reduction was done as a result of Britain’s withdrawal from the European Union (EU), or also known as Brexit.
Back then, the reduction in the OPR was mainly due to uncertainties in the global environment as those events could negatively impact Malaysia’s growth prospects. Generally, central banks tend to increase interest rates as a way to tackle inflation.
The key for central banks is to find the right balance: as long periods of low interest rates – though making it cheaper to get funding – could result in over-borrowing or a systemic slowdown, in turn, resulting in economic damage.
On the flip side, an increase of the OPR will lead to an increase in loan interest rates, meaning higher costs of borrowing, which can then also curb the accumulation of personal and household debts.
So what does an OPR increase (or decrease) mean for Malaysians?
Well, a rise in OPR would mean that banks will increase the base lending rate (BLR) and base financing rate (BFR); BLR is the rate that is determined by conventional banks based on the cost of lending to consumers. While BFR is a rate determined by Islamic banks based on the cost of lending to consumers.
And increases in both BLR and BFR could result in higher interest rates or profit rates for loans that are tagged to BLR or BFR. For example, assuming that a loan has a BLR at 6.60%. A 0.25% hike in OPR will then increase BLR from 6.60% to 6.85%.
From a micro perspective, an increase in OPR, will also increase interest rates, and vice versa
One of the biggest benefits of having low interest rates is that debt servicing charges are lowered significantly, likewise with loan instalments with variable interest rate loans.
Basically, this means that if you buy a big ticket purchase that requires financing help from the bank, you’ll get a much better rate when the OPR is low.
However, it’s not-so-good news for those who depend on the interest on their savings/current accounts and fixed deposits. With the lowered interest rates, the existing money in the bank will not grow like before (until the OPR increases).
The flipside of low OPR is high OPR and higher interest rates – which would result in higher fixed deposit interests, saving account interests, amongst others. Therefore if you have substantial savings, an increased rate will help you get more from your savings.
But higher interest could be bad, too, because your car will cost more, and servicing an existing housing loan may also cost more.
Regardless of a higher or lower OPR, knowing how to work around it is what matters the most
Ultimately, consumers will benefit just by understanding what is an OPR and its impact, irrespective of whether they are a borrower or depositor, or whether the rates are high or low.
And as with anything in life, the wisest thing you can do is to assess your situation first before you commit to anything new.
Our last piece of tip is to remember that there’s no such thing as a completely risk-free investment, so always do your own research or get help from a financial advisor to steer your finances in the right direction.
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Be A Smart Shopper – Save And Earn More With The Lazada Citi Credit Card!
- By CompareHero.my
- January 20, 2021
Being good with money doesn’t mean you need to stop spending. Instead, what matters more is knowing how to properly manage and spend your money because let’s face it – there’s no way to evade spending!
While you are out grocery shopping or paying your utilities remember to make the most out of it through proper planning and budgeting. That’s not to say that being more prudent with our spending is no longer key, but we should also teach ourselves to spend wisely by leveraging on different offers such as rewards provided by credit cards and banks, and by staying on top of the latest promo codes, vouchers, and discounts.
Speaking of promo, the Lazada Citi credit card is a great place to start if you are looking for a credit card that offers great rewards!
Here is a breakdown of why the Lazada Citi credit card is a smart shopper’s best friend!
1. Exclusive Citibank and Lazada perks – you cannot get them elsewhere!
The best thing of being part of the Citibank and Lazada family is that you get to enjoy the rewards offered by both parties. Why choose when you can have both?
For instance, as part of their monthly bonus rewards points, you can use your Citi reward points to offset your Lazada purchases. That means your hard-earned Citi reward points not only can be used to redeem items from Citibank, but on Lazada as well!
Are you a big fan of voucher books? Well, Lazada Citi cardholders also get exclusive access to a variety of digital vouchers that are refreshed periodically. After a quick browse through their vouchers, we discovered a Dermalogica voucher worth RM250! Suitable for skincare product enthusiasts who are looking for a cheaper alternative. Just remember – these vouchers are only applicable when you spend on the Lazada App.
One of the biggest problems smart shoppers face is whether to purchase an item if the shipping fee is sky high. Well, this card solves that problem. With the Lazada Citi card, you are eligible to collect exclusive free shipping vouchers when you spend on the Lazada app. Valid until March 31, 2021.
For many of us, we dread Mondays (read: Monday blues). But thanks to the Lazada Citi credit card, our Mondays may be more joyful thanks in part to the RM28 exclusive discount for cardholders. Just remember that purchases must be made on the Lazada app with the Lazada Citi credit card, and on a Monday! How cool is that? Valid till April 12, 2021.
Lastly, while you are at it, use the Lazada Citi credit card to pay for your daily petrol in order to qualify for a one-point reward (psst… it also covers retail spend, too). PSA: you should not be driving around unnecessarily because of the Movement Control Order (MCO), but if you must, at least get rewarded!
Bonus: If you top up your Lazada Wallet with the Lazada Citi credit card, you get additional wallet cashback value of up to 20%.
2. Rewards, rewards and more rewards! You can earn 10x Citi Rewards points from Citibank when you spend
Make the most of your spending by leveraging on rewards.
A smart shopper always ensures that he or she is rewarded for spending. Whether it is paying for utilities, your phone bill, groceries or paying off your loan, a smart shopper sees spending as an opportunity to gain more (through points, rewards or money) rather than losing money.
With the Lazada Citi credit card, you will get 10 times the reward points when you spend with the card and via Lazada Wallet. That equates to 10 points for every Ringgit spent. How cool is that, right? Here is what it looks like if you spend with a Lazada Citi credit card.
- If you spend RM500 * 10 points = A total of 5000 reward points.
- If you spend RM1000 = 5500 reward points (5000 reward points on the first RM500 and 500 rewards points on the next RM500)
- You can also get an additional 1000 reward points when you spend a minimum of RM1,500 within a statement month.
3. Earn 5X points while watching your favourite drama or devouring your favourite meal!
Everyone needs a little entertainment in life, so while you are at it, get rewarded too!
Getting rewarded to do the things you love may sound like an absurd idea, but it is not a fantasy!
You read that right – with the Lazada Citi credit card, you can earn points while binge-watching on Netflix or devouring your favourite meal.
On top of the 10 times rewards that you could earn when you spend with the Lazada,
you also get to earn five-times the points at selected online subscriptions, lifestyle, telco and insurance merchants. Scroll down to see who they are!
Online subscription and entertainment
Stay occupied this MCO with online subscriptions such as Apple TV, classpass, iflix, Netflix, PlayStation, Spotify, Steam and YouTube. By the way, we recently did a comparison of the six leading streaming platforms in Malaysia! Find out more here.
Telco and insurance
Everyone has bills and necessities to pay. From monthly utilities to phone bills and insurance, it can get overwhelming and maybe even slightly overbearing.
But fret not, with the Lazada Citi credit card, you not only get to settle those tedious monthly bills with ease, but you also get rewarded for doing it digitally! Telco players include Maxis, Celcom, Digi and U-Mobile.
Online food delivery
Juggling between work and your kids could be difficult during the MCO, so even the simplest of conveniences would be much appreciated for anyone.
If you don’t have the time to prepare a decent meal, and need something fast and secure, you could try out some of the top food delivery services in the country like DeliveryEat.my, Domino’s, foodpanda, GrabFood, Kurin, all while earning extra points.
Ordering online has many perks: it’s more convenient, safer, and you have a variety of food options to choose from. Plus, with the Lazada Citi credit card, you can earn five-times the reward when you order online.
If you are looking for a credit card to supplement your smart shopping lifestyle – the Lazada Citi credit card fits the bill
The Lazada Citi credit card is a great shopping credit card. It offers users various rewards while they spend on multiple platforms, and it complements the digital-first lifestyle that many of us have had to adapt to because of the pandemic.
Not only that, it’s minimum monthly income requirement of only RM2,000, makes the card a relatively good entry card for those who are signing up for their first credit cards or are just about to take up their first credit.
Hurry and apply for the Lazada Citi credit card! If you are the 1st and every 5th successful applicant, you stand a chance to get a Nintendo Switch. Just make sure you successfully apply, activate and spend with your new card.
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Don’t Fall For These 5 Credit Score Myths!
- By CompareHero.my
- January 18, 2021
A good credit score can help you achieve important milestones in life – like getting a loan for your home, buying a car or starting a business. However, there are many misconceptions out there about how credit scores work. Here are the most common credit score myths that you should be aware of.
Your credit score plays a vital role in your financial life, especially when it’s time to make major decisions like purchasing your first house, getting a second family car or becoming an entrepreneur. In these scenarios, you might have to apply for a bank loan or credit card, and your credit score is among the key factors that will be taken into consideration when the banks are reviewing your applications.
Since these financial institutions do not know you well enough to gauge your financial health, they refer to your credit score to gain a better understanding of the potential risks that come from lending money to you. Ranging from 300 to 850, a credit score represents how likely you are to repay debt, and having a good score will mean fewer hurdles to clear when you’re obtaining a loan, or being approved for a credit card. It can also help you attain lower interest rates and flexible payment periods.
While the benefits of having a strong credit score are aplenty, there might also be some misconceptions about how credit score works among the public. It’s not surprising as we have three recognised and reputable credit reporting agencies in Malaysia, including Bank Negara Malaysia’s Central Credit Reference Information System (CCRIS), CTOS Data Systems (CTOS) and Experian Credit & Information Services (formerly known as RAM Credit Information) – with each organisation applying different approaches to compile our credit history, report and scores.
So differentiating between fact and fiction is the first step towards understanding your credit score (don’t worry, it’s not difficult). Let’s clear up the misconceptions now.
1. FALSE: High salary equals a high credit score
It’s easy to make this mistake: the more money you earn, the higher your credit score is, right? Actually, your salary does not directly affect your credit score, as credit rating agencies use other criteria for evaluation. For instance, CTOS will calculate your credit score based on:
- Payment History (45%) – Whether you pay your loans on time or have missed any payments in the past.
- Amount Owed (20%) – The number of credit facilities (credit cards/loans) and the amount that you currently owe to the banks.
- Credit History Length (7%) – How long you have held a credit facility.
- Credit Mix (14%) – The type of loans and credit cards that you currently hold, including secured (home/car loans) and unsecured credit (credit cards/personal loans).
- New Credit (14%) – If you have recently been approved for loans/credit cards.
However, while your salary does not impact your credit score, it’s still a factor that will be taken into consideration when you apply for a loan/credit card. After all, the banks need to make sure you have the financial capacity to service your loan and credit card bills. So your application approval will be based on different aspects, including your income and credit history (which will be compiled into a document called credit report, and that’s where your credit score is derived from).
Related: Is Your Credit Score Good Enough To Get You A Mortgage? Here’s Why It Matters
2. FALSE: Anyone can access my credit score and credit report
According to Bank Negara Malaysia, if a financial institution unlawfully accesses a credit report, the financial institution can be subject to severe penalties under the Central Bank of Malaysia Act 2009. Meanwhile, in the CTOS FAQ section, the organisation has also asserted that your consent is required before any credit reporting agencies can release your report to third parties.
So you can rest assured that your credit information remains private and confidential within the databases of Malaysia’s recognised credit reporting agencies.
Don’t worry, credit reporting agencies will never release your credit information to third parties unless you give your consent.
3. FALSE: Credit reporting agencies can decide whether to approve my loan/credit card applications
No, credit reporting agencies don’t make lending decisions. In fact, agencies such as CTOS have stated that it can only provide credit information to you, and any decision regarding the approval or rejection of a loan/credit card application is done by the lenders themselves (banks and financial institutions).
Even Bank Negara Malaysia has emphasised that it is not involved in any financial institution’s lending decisions, as its CCRIS reports only provide factual information.
4. FALSE: I have no credit score. That shouldn’t be a problem right?
Some people have no credit history (and thus, no credit score), as they have never needed to borrow money or use a credit card yet. Your parents might have helped to pay for your university fees, or you may have gotten a scholarship. Maybe you don’t need a car at the moment and public transportation is sufficient to meet your current travel needs, especially in today’s work-from-home climate.
However, unless you have tens of thousands of ringgit within reach at all times, chances are you’ll eventually have to apply for a loan at some point in your life. For example, you may need to pay for your education (upskilling and reskilling courses, master’s degree, etc.) or purchase a car and home later on.
When that day arrives, the lenders (banks and financial institutions) may perceive you as an inexperienced credit consumer with no history of borrowing or repaying money. It might be harder to qualify for loans, and if you do, there’s a chance that you could end up servicing a higher interest rate.
To remedy the situation, you can start building a good credit score by opening a credit card account. If you use your credit card responsibly and pay off your bill in full each month, you would have established a record of prompt bill payments, which will turn up in the credit reports that are generated by credit reporting agencies.
Your history of on-time payments and having zero debt over long periods of time will help improve your credit score, as credit reporting agencies will make their calculations based on these factors.
Related: Ultimate Guide On Using Credit Cards Responsibly
If you use your credit card wisely and pay your bills on time, you’ll begin to establish a positive credit history.
5. FALSE: I’m only 21. I don’t have to worry about my credit score.
Currently pursuing a university degree? Just started your first job? Well, whether you’re finishing up your education or working, this is an exciting time as you’re about to enter adulthood. It’s a phase in life where most of us begin to become financially independent.
You’ll soon have to learn how to manage finances on your own when it’s time to purchase your first car, health insurance and other necessities. There are various money lessons to pick up as you navigate through your first bank loan application (most likely, to buy your first car) and credit card application (perhaps, as a financial backup during emergencies).
This is the stage where you can start building up your credit history, and as mentioned in the previous point, if you pay your bills promptly, you’ll be able establish a track record of on-time payments. The earlier you start, the more prepared you will be later on in life, when you are making bigger financial decisions like applying for your first home loan. By the time you’re ready to buy your first house, you’d have achieved a strong credit score, thus increasing the likelihood of your loan being approved.
So there you go – we have just debunked some common myths about credit scores. It’s time to leave these misconceptions behind as you work to improve your creditworthiness. By the way, do you know of any other credit score myths? Feel free to share them with us on Facebook, Instagram or Twitter.
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Urus Hutang Anda Secara Percuma Bersama AKPK
- By CompareHero.my
Hutang boleh menjadi satu beban jika anda membuat pinjaman lebih yang daripada kemampuan kewangan anda. Sekiranya anda menghadapi masalah kewangan seperti ini, anda boleh mendapatkan bantuan daripada Agensi Kaunseling dan Pengurusan Kredit (AKPK). Baca artikel ini untuk ketahui maklumat lebih lanjut mengenai agensi ini.
Artikel ini pertama kali diterbitkan pada bulan Ogos 2019 dan telah diperbaharui dengan maklumat terkini.
Anda terbeban dengan hutang pinjaman peribadi atau kad kredit, dan risau tidak mampu untuk melangsaikan kesemuanya? Atau anda ingin memastikan permohonan pinjaman berjaya? Ketahui bagaimana AKPK boleh membantu anda untuk menguruskan hutang dan memberikan nasihat kewangan secara percuma!
AKPK dapat membantu anda untuk menguruskan hutang dengan lebih cermat. Mereka merupakan sumber yang baik bagi rakyat Malaysia yang terbeban dengan hutang dan bimbang tidak dapat melunaskannya.
Untuk memahami perkhidmatan yang disediakan di AKPK, CompareHero.my menemubual Nirmala Supramaniam, Ketua Pembangunan Unit Modul di AKPK untuk mendapatkan penerangan yang lebih baik.
Apa itu AKPK?
Agensi Kaunseling dan Pengurusan Kredit (AKPK) merupakan agensi yang ditubuhkan oleh Bank Negara Malaysia (BNM) pada tahun 2006 sebagai sebahagian dari Rangka Kerja Perlindungan Pengguna dibawah Pelan Induk Sektor Kewangan BNM.
“AKPK membantu individu untuk mengawal kewangan mereka dan bantu memberi pandangan penggunaan kredit secara bijak,” kata Nirmala Supramaniam, Ketua Pembangunan Unit Modul di AKPK, kepada CompareHero.my.
Berikut adalah tiga perkhidmatan utama yang ditawarkan oleh AKPK:
- Pendidikan kewangan mengenai penggunaan wang dan kemahiran pengurusan kredit yang bertanggungjawab.
- Kaunseling dan nasihat mengenai pengurusan kewangan.
- Program pengurusan hutang untuk membantu pengguna mendapatkan semula kawalan kewangan.
“Salah satu skema terbaru kami ialah Skim Penyelesaian Pinjaman Kecil (SDRS), mulai 1 September. Ia merupakan sesuatu yang baru bagi kami tahun ini,” kata Nirmala. “Secara keseluruhan, AKPK mempunyai dua peranan utama: untuk membantu isi rumah dan membantu perniagaan.”
Sejauh manakah rakyat Malaysia menguruskan hutang mereka?
Statistik dari Jabatan Insolvensi Malaysia menunjukkan bahawa lebih daripada 84,000 individu telah diisytiharkan muflis antara tahun 2015 dan 2019. Penggunaan kad kredit yang tidak terkawal dan pinjaman berlebihan telah menyebabkan ribuan rakyat Malaysia, yang kebanyakannya sudah berkahwin menjadi muflis. Penyebab utama kemuflisan ialah pinjaman peribadi (32.07%), sewa beli (21.53%), pinjaman perumahan (12.57%), pinjaman perniagaan (10.15%) dan kad kredit (10%).
Menurut tinjauan yang telah dilakukan oleh AKPK mengenai Tingkah Laku Kewangan dan Kesejahteraan Kewangan Dewasa Bekerja di Malaysia pada tahun 2018, separuh daripada rakyat Malaysia mengaku menghadapi kesukaran untuk mengumpul RM1,000 untuk kegunaan kecemasan. Satu daripada lima dewasa yang bekerja mengatakan bahawa mereka tidak menabung dalam enam bulan terakhir dan hampir tiga daripada 10 individu terpaksa meminjam wang untuk membeli keperluan asas.
Berkaitan: Perbezaan Antara Hutang Baik dan Hutang Buruk
Dalam satu acara sempena ulang tahun ke-10 AKPK, Encik Azaddin Ngah Tasir, Ketua Pegawai Eksekutif AKPK menyatakan yang hutang-hutang utama yang membebani rakyat Malaysia ialah hutang kad kredit dan hutang pinjaman peribadi. Kesan bebanan hutang ini bertambah buruk akibat kegagalan pengurusan kewangan.
Apa yang lebih membimbangkan ialah kelompok terbesar yang dibebani hutang ialah dari mereka yang berusia 30-50 tahun dan dengan pendapatan dibawah RM5,000. Dari statistik mereka yang mendapatkan bantuan AKPK pula, 70% dari mereka merupakan pengguna kad kredit dengan hutang yang besar.
Azaddin turut menegaskan, “Jika anda tahu menggunakan kad kredit dan mengambil kesempatan dengan promosi yang diiklankan, ianya tidak menjadi masalah. Sebagai contoh, sesetengah restoran menawarkan diskaun sehingga 50% untuk set makan malam dengan pembayaran menggunakan kad kredit. Jika anda gunakan kad kredit, dan bayar semua baki tertunggak tepat pada masanya, tiada isu akan timbul.”
Bagaimana AKPK boleh membantu anda?
Walaupun perkhidmatan utama AKPK asalnya merupakan pengurusan hutang, AKPK juga menyediakan sesi pendidikan kewangan dan kaunseling kewangan kepada rakyat Malaysia.
“Kami menawarkan kaunseling khususnya kepada mereka yang mengalami masalah hutang yang tinggi atau menghadapi masalah kewangan kerana hutang. Mereka yang berdaftar akan berjumpa dengan kaunselor kami dan kami akan memasukkan mereka ke dalam Program Pengurusan Hutang di mana kami akan berunding dengan pembiaya untuk mendapatkan rancangan pembayaran semula yang sesuai untuk peminjam,” kata Nirmala.
“Kami juga ingin mendidik dan memberi kesedaran mengenai topik-topik tertentu seperti mengapa anda harus menguruskan kewangan, apa yang harus anda ketahui sebelum mengambil pinjaman, apa yang harus anda ketahui ketika mula bekerja dan lain-lain lagi,”
AKPK memberi pendidikan merangkumi pelbagai tahap kehidupan seperti pasca pendidikan, pekerjaan dan pra-persaraan melalui bengkel, latihan dan modul. Beberapa topik juga akan disertakan kepada kumpulan tertentu seperti wanita.
Baru-baru ini AKPK ditugaskan untuk mengambil pengurusan Skim Penyelesaian Pinjaman Kecil (SDRS), yang dibentuk untuk memberikan bantuan kepada perusahaan kecil dan sederhana (PKS) yang menghadapi masalah pembiayaan melalui penstrukturan atau penjadualan pembiayaan yang dikawal oleh Bank Negara.
“Kami menggunakan kaedah yang sama dari Program Pengurusan Hutang ke SDRS di mana kami akan membantu perniagaan berunding dengan bank,” kata Nirmala. “Kami masih akan menyokong perniagaan yang telah berhenti beroperasi, tetapi perniagaan berikut mestilah mempunyai pendapatan kerana mereka masih mempunyai perniagaan untuk dibayar. Kami juga sedang mengerjakan program pendidikan dan kesedaran untuk PKS.”
Kelayakan untuk PKS adalah seperti berikut:
- Syarikat Malaysia (sekurang-kurangnya 51%) di semua sektor ekonomi.
- Memenuhi kriteria definisi PKS:
- Bilangan pekerja sepenuh masa tidak melebihi 200; atau
- Perolehan jualan tahunan, tidak melebihi RM50 juta
- PKS menghadapi masalah kewangan dengan pembiayaan dari institusi kewangan.
- Hanya untuk pembiayaan yang berkaitan dengan perniagaan sahaja.
Apakah sokongan COVID-19 yang diberikan oleh AKPK?
AKPK telah menggunakan berbagai insentif pembayaran balik pinjaman yang ditawarkan oleh institusi kewangan sejak awal pandemi pada bulan Mac 2020. Ia bermula dari moratorium menyeluruh hingga peningkatan terbaru kepada Bantuan Bayaran Pembiayaan Bersasar yang diumumkan dalam Belanjawan 2021.
Bantuan Bayaran Pembiayaan Bersasar merujuk kepada bantuan yang menawarkan penangguhan pembayaran balik bulanan tiga bulan atau pengurangan pembayaran bulanan enam bulan sebanyak 50% tertakluk pada terma dan syarat. Ia merupakan tambahan kepada bantuan yang diumumkan sebelumnya bagi mereka yang kehilangan pekerjaan, dan untuk individu dan PKS yang pendapatannya terkesan.
Selama beberapa bulan terakhir, Nirmala mengatakan AKPK telah menawarkan rancangan bantuan pembayaran balik, terutama untuk golongan yang disasarkan. “Kami ingin terus mengingatkan setiap individu untuk mengambil tindakan cepat untuk mengelak mengkaji hutang mereka pada saat akhir. Kami juga tidak mahu orang menyalahgunakan dana yang ada kerana ini adalah masa yang sangat penting untuk pengurusan kewangan untuk jangka masa panjang,” katanya.
Selain moratorium dan rancangan bantuan pembayaran balik, AKPK juga membantu mengenal pasti pelanggan yang memerlukan bantuan dengan menghubungi mereka yang berada di dalam pangkalan data mereka yang terkesan, dan menawarkan pakej bantuan pembayaran.
“Pihak bank hanya dapat membantu masalah kewangan anda secara individu. Jika ada pelanggan yang mempunyai banyak pinjaman dan terdapat individu lain dikeliling mereka yang terjejas dengan masalah ini, AKPK akan membantu dan melihat masalah hutang mereka secara menyeluruh,” kata Nirmala.
Apakah Meja Bantuan Perusahaan Mikro?
Meja Bantuan Perusahaan Mikro ialah inisiatif Bank Negara untuk membantu perusahaan mikro atau kecil untuk meminta bantuan pembayaran balik.
Selain menghubungi pihak bank, perusahaan mikro kini juga dapat meminta bantuan pembayaran pinjaman perniagaan mereka dengan bank melalui Meja Bantuan Perusahaan Mikro di AKPK.
Penasihat kewangan AKPK akan memberikan nasihat secara percuma mengenai bantuan pembayaran balik dan memudahkan perusahaan mikro untuk mengemukakan permintaan bantuan pembayaran balik kepada bank.
Perusahaan mikro boleh melayari laman web Micro-Enterprise atau hubungi Pusat Panggilan AKPK di talian 03-2616 7766 dari jam 9 pagi hingga 4 petang, pada hari Isnin hingga Jumaat, untuk membuat janji temu dengan penasihat kewangan AKPK.
Program Pengurusan Kredit (PPK)
Dibawah program ini, AKPK akan menyusun pelan pembayaran peribadi khusus untuk individu yang tidak mampu membuat bayaran bulanan kepada bank.
Individu akan menghadiri sesi satu sama satu dengan pegawai AKPK yang akan mengira komitmen kewangan mereka dan seterusnya mengaplikasikan komitmen tersebut kepada pelan penstrukturan yang akan mengambil masa 8-10 tahun untuk dibayar sepenuhnya.
“Individu yang menghadiri program kami akan berjumpa dengan kaunselor yang akan menyemak jumlah hutang mereka dan berusaha menyusun semula perancangan kewangan sebelum mencadangkannya kepada bank. Sekiranya bank menyetujui dengan rancangan itu, maka kami akan memindahkannya ke dalam program kami di mana kami akan pantau dengan rapat,” kata Nirmala.
Untuk gambaran yang lebih jelas:
“Jika seseorang mempunyai lima kad kredit dan berhutang sejumlah RM50,000, perkara pertama yang harus dia lakukan di bawah program AKPK adalah membatalkan kad kredit. Kad-kad tersebut akan ditukar menjadi pinjaman berjangka, dan jangka masa akan dipanjangkan dan pembayaran bulanan akan dikurangkan sesuai dengan seberapa banyak yang mampu dimiliki oleh individu tersebut, serta berdasarkan persetujuan institusi kewangan,” kata Nirmala.
“Peminjam kemudian diminta hanya melakukan satu pembayaran melalui AKPK, yang akan membahagikan pembayaran tersebut. Selepas itu, kami akan mengawasinya untuk memastikan segala proses berjalan dengan baik, ”tambahnya.
AKPK akan berunding dengan bank bagi pihak peminjam, dan selepas mencapai persetujuan antara peminjam dan bank, surat pengesahan PPK akan dikeluarkan oleh AKPK.
Syarat-syarat asas kelayakan untuk menyertai PPK ialah:
- Tidak diisytiharkan muflis
- Tidak berada di bawah tindakan undang-undang yang telah lanjut
- Jumlah pinjaman anda tidak melebihi RM5 juta
- Mempunyai sumber pendapatan yang positif
Baca lebih lanjut mengenai DMP di sini. Untuk menyertai program ini, anda boleh mengisi borang permohonan ‘online’ untuk Program Pengurusan Kredit.
Selepas menetapkan tarikh temujanji di cawangan AKPK terdekat, bawa dokumen-dokumen yang diperlukan dan hadiri sesi kaunseling tersebut. Anda juga perlu tahu yang AKPK tidak berurusan dengan hutang sewa beli atau pinjaman perumahan dibawah PPK. Selain itu, anda juga tidak boleh memohon apa-apa kemudahan kredit dari mana-mana bank sementara dibawah program tersebut.
Mengapa anda perlu menyertai Program Pengurusan Kredit
Menurut AKPK, antara sebab-sebab utama yang mendorong peserta ke program ini ialah perancangan kewangan yang buruk (36.6%), bergelut dengan kos sara hidup yang tinggi (34.9%), kegagalan atau perlambatan aktiviti perniagaan (12.3%), kehilangan pekerjaan, diberhentikan atau kehilangan pencari nafkah dalam keluarga (8.9%), perbelanjaan perubatan tinggi (5.9%) dan lain-lain (1.4%).
Sejak penubuhannya, AKPK telah menasihati 1.1 juta orang, dan secara kumulatif, mendaftarkan sekitar 330,000 rakyat Malaysia ke dalam program Pengurusan Hutang (DMP) AKPK, kata Nirmala. DMP telah membantu 29,876 individu melunaskan hutang mereka, berjumlah RM1.34 bilion.
Semasa berada di bawah program AKPK, segala tindakan undang-undang terhadap pelanggan akan ditangguhkan sehingga pelanggan bersedia untuk menyelesaikanhutang mereka tanpa diganggu oleh agensi pengumpulan, kata Nirmala. Dia juga menekankan bahawa sekiranya terdapat kegagalan pembayaran, institusi kewangan akan terus mendapatkan hutang mereka.
Antara yang menyertai Program Pengurusan Kredit
Menurut AKPK, mereka yang berumur antara 30 hingga 40 tahun merangkumi 130,616 orang atau sebahagian besar pemohon mereka, diikuti oleh mereka yang berusia 40 hingga 50 tahun (89,808), 20 hingga 30 tahun (43,336) dan 50 hingga 60 tahun (41,072). Mereka yang berumur 60 tahun ke atas terdiri daripada kumpulan umur paling sedikit, hanya mengisi 10,799 atau 3.4% daripada keseluruhan peserta dalam program ini.
Dalam soal latar belakang kewangan, golongan berpendapatan rendah (menghasilkan kurang dari RM24,000 setiap tahun), merangkumi 105,156 atau 33.3% dari jumlah keseluruhan 315,963 peserta. Ini diikuti oleh 65,602 peserta yang memperoleh RM24,000 hingga RM36,000 dan 50,888 peserta yang masing-masing memperoleh RM36,000 hingga RM48,000. Yang menghairankan, mereka yang berada dalam kelompok pendapatan kedua tertinggi, RM96,000 hingga RM120,000 menyumbang kepada 37,180 peserta. Berikut adalah senarai penghasilan lain:
- RM48,000 hingga RM60,000 – 33,978 peserta
- RM120,000 ke atas – 8,923 peserta
- RM60,000 hingga RM72,000 – 8,115 peserta
- RM72,000 hingga RM96,000 – 5,789 peserta
Pelanggan yang mengikuti program ini juga dapat memanfaatkan Social Synergy, inisiatif kolaborasi antara AKPK, SOCSO, MDEC dan GIATMARA. “Sebagai contoh, katakan seseorang kehilangan pekerjaannya dan dia datang ke AKPK memikirkan cara membayar hutangnya, kami akan cuba menghubungkannya dengan PERKESO untuk mengetahui apakah dia mempunyai faedah dan sebaliknya,” kata Nirmala.
Kaunseling Kewangan
AKPK telah mencatatkan sedikit penurunan orang yang mencari kaunseling kewangan tahun 2020. Sejak ditubuhkan pada tahun 2006, ia telah menghadapai lebih 1.1 juta kes kaunseling, di mana 330,788 orang telah memilih PPK.
Rakyat Malaysia boleh menghadiri sesi kaunseling dan nasihat untuk menguruskan hutang mereka dari AKPK, dan juga akan membantu mereka untuk mengenal pasti langkah-langkah sesuai yang boleh diambil.
Sesi kaunseling dan nasihat ini adalah berdasarkan satu sama satu, dari segi belanjawan, isu berkaitan kredit dan juga pengurusan wang. Anda tidak perlu membuat temu janji untuk sesi ini, cuma perlu rujuk jadual sesi seperti dibawah:
Cara-cara untuk mendaftar Program Pengurusan Kredit (PPK)
Pendidikan Kewangan
Selaras dengan matlamat AKPK untuk menambah baik pengetahuan kewangan rakyat Malaysia, agensi ini mengendali program pendidikan pengguna, bengkel, seminar, dan ‘road shows’. AKPK turut menawarkan pendidikan kewangan berdasarkan situasi yang dihadapi oleh individu dalam peringkat kehidupan yang berbeza. Dalam jangka panjang, agensi ini bakal memberikan fokus untuk mendidik Generasi Y dan Z bagi memupuk kefahaman kewangan untuk masa hadapan.
Anda boleh layari ke laman web Pusat Pembelajaran AKPK. Di sana, pelbagai maklumat kewangan yang sesuai untuk semua pengguna seperti siswazah, mereka yang baru mula berkeluarga, bakal pesara, dan ramai lagi. AKPK turut menyediakan buku panduan kewangan yang mudah difahami dalam pelbagai bahasa, seperti Bahasa Malaysia, Bahasa Inggeris, Bahasa Mandarin, dan Bahasa Tamil. Kesemuanya boleh dibeli pada harga berpatutan di cawangan AKPK.
Berkait dengan pengurusan kewangan peribadi, terutamanya dengan wabak COVID-19 yang masih berleluasa, AKPK memegang empat prinsip, iaitu:
1. Ketahui isu semasa
Langkah pertama, kata Nirmala, adalah mengakui hakikat bahawa hanya anda yang dapat mengubah nasib anda.
“Anda boleh melakukan banyak perkara yang berkaitan dengan kewangan peribadi. Tetapi jika anda tidak tahu menentukan faktor yang menyebabkan permasalahan kewangan anda, anda akan sukar untuk mengambil tindakan,” katanya.
Ini adalah langkah di mana anda melihat kewangan anda dan mengetahui apa yang anda ada dan apa yang anda ingin capai dalam hidup – fokus pada matlamat. Contohnya, jika anda tidak pernah mempunyai simpanan, nyatakan fakta itu, dan berusaha untuk memperbaikinya.
2. Ketahui masalah yang dihadapi
Ini adalah tahap di mana anda menyenaraikan pendapatan dan perbelanjaan anda.
“Ini adalah aliran tunai semasa anda. Kaji apa yang anda ada dan apa yang akan anda lakukan dengan wang itu,” katanya.
3. Bertindak dengan bijak
Ini adalah tahap di mana anda dapat mengetahui apa yang boleh anda lakukan dalam keadaan anda sekarang.
Sebagai contoh, jika anda memerlukan lebih banyak penjimatan, maka sangat mustahak anda berusaha menjimatkan sedikit lebih banyak, kata Nirmala.
Lakukan tindakan yang betul sehingga dapat dikendalikan pada tahap tertentu, sebelum beralih ke tindakan berikutnya untuk meningkatkan atau mempelbagaikan pendapatan, kata Nirmala.
“Kerana anda akhirnya boleh kehilangan pendapatan tambahan yang anda hasilkan jika anda tidak mengambil tindakan yang betul, jadi anda mesti mengurusnya terlebih dahulu,” katanya.
4. Dapatkan nasihat AKPK
Langkah terakhir – minta bantuan AKPK untuk mendapatkan nasihat lebih lanjut.
Cara untuk dapatkan bantuan AKPK
Oleh kerana MCO, pejabat AKPK terhad kepada orang ramai, tetapi perkhidmatan masih tersedia dalam talian. Peminjam hanya perlu melayari laman web AKPK www.akpk.org.my untuk menempah tarikh dengan kaunselor AKPK.
AKPK mempunyai 11 cawangan dan 26 pusat kaunseling di seluruh Malaysia. Ketahui lokasi yang berdekatan dengan tempat tinggal anda atau hubungi talian bebas tol AKPK: 03-26167766
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Should You Withdraw Money From Your EPF Under The i-Sinar Facility? – The Pros And Cons
- By CompareHero.my
- January 15, 2021
If you’re facing financial hardships due to the COVID-19 pandemic and in need of extra cash to pay the bills, you might want to consider withdrawing your money from EPF under the i-Sinar facility. Read this article to find out the pros and cons of withdrawing money from your EPF account.
If you have been following the news, you may have heard that The Employees Provident Fund (EPF) i-Sinar facility applications for category two had opened on Monday this week.
The facility was introduced early last December by the EPF as an attempt to cushion the financial blow of the COVID-19 pandemic on Malaysians following a proposal by Finance Minister Tengku Zafrul Abdul Aziz to allow targeted EPF contributors to take out an advance from their EPF Account 1.
Through the facility, which expects to benefit half of its 14 million contributors, members can withdraw up to RM60,000 from their account one. Despite the convenience offered, the facility is not a withdrawal or a form of ‘free cash’ because EPF members still need to replace the funds later.
Though the i-Sinar facility is a helpful initiative by the Government to aid Malaysians, especially those who were made unemployed or have experienced a pay cut, the subject has been under much scrutiny from various parties including think tanks, financial councils, and EPF themselves. Without a proper guideline on the risks and opportunities, it may not be entirely clear to the public if withdrawing the cash is a wise or strategic move.
After all, the money is meant for retirement when one is no longer able to sustain themselves via a paying job. On top of that, EPF is a relatively stable vehicle to keep your cash for the long-term. If you didn’t already know, they are required, by law, to pay yearly dividends of at least 2.5% to its members!
Between needing instant cash and saving for your future, it may be a tough call to make. And honestly, the answer is not as straightforward either, so to help you make a comprehensive assessment of your situation, we list down the pros and cons to withdrawing money from your EPF as part of the i-Sinar facility.
Disclaimer: this is not a professional recommendation, but a simple guide and reference point.
Pros
1. If you are drowning in debt and need instant cash, this could be your temporary solution!
How instant you ask? Of course, this does not mean the cash will be deposited into your account overnight or even in two weeks, but it could be available by mid-January 2021 for category one applicants and by the end of the following month for category two applicants, according to the EPF. Bear in mind that it will take the Government agency at least two to three weeks to notify a member’s application status upon submission.
You should consider applying for the i-Sinar facility if you were among the unfortunate thousands to get retrenched or suffered from loss of salary and income because of the movement restrictions and don’t have enough savings to sustain your livelihood.
The fact of the matter is that the pandemic has affected the livelihood of many Malaysians. Quarantine and lockdown orders have slowed down the economy, forcing businesses, particularly the small and mid-size enterprises to shut down or limit operations and affects employees who are either forced to accept pay cuts or go on unpaid leaves to balance out the company’s books.
Other individual scenarios that could benefit from the facility are those experiencing cash flow issues or have sufficient savings. This means you can’t service your debts, pay off bills, or fund necessities. According to the World Bank, Malaysia has one of the lowest rates of household savings in the world.
Things may not be rosy right now, but the good news is that the Ministry of Finance’s (MoF) projects a decrease in the unemployment rate to 3.5% in 2021 from the estimated 4.2% in 2020, subject to the recovering status of the economy.
2. Avoid signing up for more debt to pay off existing debts
Even without the Movement Control Order (MCO), everyone wants to become debt-free fast, but clearing it off can be a long and challenging journey if you have multiple loans here and there. But wanting to get out of debt quickly, is even more relevant now than ever, especially as lockdown measures have been reinstated. The sooner we clear off our debt, the less interest we will accrue over time.
With the i-Sinar facility, you will get to pay off your debts without worrying about taking on more debt or accumulating interest, because it is, after all, a government facility. You also do not have to worry about increasing your debt service ratio, credit utilisation or possibly taking a hit on your credit score, all the factors that may affect your creditworthiness. However, you would be trading the advantage interest that you would have gotten on your savings.
Related: Ultimate Guide To Credit Scores
In comparison, without the i-Sinar facility, other ways you could get out of debt is through debt facilities. This method will require you to take on more debt (as the name suggests) to quickly get out of debt.
There are usually two ways to leverage on debt facilities. The first is to negotiate with the banks to convert your high-interest credit card debts into a term loan or consider a balance transfer. As the name suggests, it allows the credit card holder to “transfer” the outstanding owing on their credit card(s) to a new credit card and split the payment to monthly instalments. But this method is only applicable to credit card debt.
Related: 3 Methods to Clear Your Debts
Another method to clear off your loan debt is via a debt consolidation loan. A variation of a personal loan, it runs similarly to a balance transfer, but the sole purpose of this loan is to consolidate all your existing debt (regardless of the type of debt). The great thing about personal loans is that unlike the high-interest rate of credit cards, personal loans have a much lower interest fee, and their payment may be extended for many years so you can take your time to pay it off.
Lastly, you could look for side jobs to earn side income to help bolster your finances. It will require you to work extra hours (like taking on a part-time job). But in these trying times, side-gigs and part-time jobs like freelancing, online tutoring, delivery jobs, dropshipping, starting a small online business, may not be such a bad idea.
3. Cash from i-Sinar could cover other expenses beyond loan repayments
When budgeting, it’s important to remember that our expenses are not just loan repayments such as mortgages, car loans, personal loans, credit cards. We also need to consider other expenses used for utilities, necessities, telco, transportation, groceries, childcare, Internet and more. These are all necessary expenses that cannot be deferred through a government assistance programme like the targeted moratorium. Hence, here is where the i-Sinar facility money could be well utilised.
Under Budget 2021, the other government assistance programme offered for individual B40 and M40 borrowers, as well as businesses to service their debts, is the targeted moratorium. This assistance gives borrowers the option to postpone monthly instalments for three months, or reduce the monthly instalment by 50% for a period of six months; it will take effect from April to September this year.
Additionally, if you still experience financial difficulties at the end of the targeted moratorium period, other forms of targeted repayment assistance are still available by the banks until June 2021.
Cons
1. Earn fewer dividends and miss out on the effects of compounding interest, which means lesser savings in your retirement fund
Established by the Government in 1991, the EPF scheme helps Malaysians save parts of their money into a retirement savings fund. This mandatory contribution (for private agencies) is to encourage savings among Malaysians.
As with just any savings fund, the benefit of putting our money in EPF is the dividends and the compounding interest that you could accumulate over the years. Some members even opt to invest their money into unit trusts, which could offer higher returns.
So say you do withdraw money from your EPF, you could potentially miss out on both the yearly dividends (returns) and the extra returns from compounding interest (accumulated returns) on your savings.
Let’s use an example to illustrate this:
Say Ali has RM50,000 in his EPF savings account, and his monthly EPF contributions is 9% of his RM5,000 salary at a fixed dividend rate of 5%. In a year, his annual contribution to EPF will amount to RM5,400.
The below table explains how Ali’s savings may grow from RM50,000 in his first year to RM141,439 after 11 years thanks to dividends and compound interest.
| Years | Current retirement savings (RM) | Annual contribution (RM) | Dividends received (RM) | Retirement savings (RM) |
| 1 | 50,000 | 5,400 | 2,216 | 57,616 |
| 2 | 57,616 | 5,400 | 2,521 | 65,537 |
| 3 | 65,537 | 5,400 | 2,837 | 73,774 |
| 4 | 73,774 | 5,400 | 3,167 | 82,341 |
| 5 | 82,341 | 5,400 | 3,510 | 91,251 |
| 6 | 91,251 | 5,400 | 3,866 | 100,517 |
| 7 | 100,517 | 5,400 | 4,237 | 110,154 |
| 8 | 110,154 | 5,400 | 4,622 | 120,176 |
| 9 | 120,176 | 5,400 | 5,023 | 130,599 |
| 10 | 130,599 | 5,400 | 5,440 | 141,439 |
| 11 | 141,439 | 5,400 | 5,874 | 152,713 |
2. Paying the advancement back in full may take a long time
If you plan on taking the advancement because you experienced a pay cut or got retrenched, chances are you will not be earning the same or more in the next few months to be able to “replenish” your EPF account soon. If you do lose your job, chances are you will remain jobless for a while unless you are lucky enough to secure a job again within the next few weeks. Securing a job or getting your normal reinstated are two things that may not be within your locus of control.
When you don’t replace the funds in your account, in full, as soon as possible, you won’t get to capitalise on the interest.
On top of that, you will need to put in double the effort to replace the money that you took out as its value most likely had increased by a large margin over time due to compounding interest.
Weigh the pros and cons, and understand the risks before applying for a withdrawal. Don’t be easily swayed by the availability of extra cash.
Having extra cash on hand can be tempting when you are in desperate need of cash to pay off unpaid expenses and loans.
On the one hand, for some, it is a safer alternative to opt for i-Sinar than to turn to informal and risky channels like loan sharks. On the other hand, it may be a more strategic choice to depend on your savings or emergency fund until you secure another job because withdrawing all that money is a waste of the effort and discipline you took to save up and build your wealth.
Now more than ever, you need to put your financial literacy skills to the test. We wish you good luck and hope you make the right choice!
