Govt To Introduce Skim Amanah Rakyat 1M’sia
KUALA LUMPUR – The government will introduce Skim Amanah Rakyat 1Malaysia (SARA 1Malaysia) to increase disposable income and encourage savings among the low-income group.
The scheme will be implemented by Permodalan Nasional Bhd in collaboration with selected financial institutions, effective January 2012, said Prime Minister Datuk Seri Najib Tun Razak when tabling 2012 Budget at the Parliament here today.
The scheme is available to households with income below RM3,000 per month and will benefit 100,000 households.
Participants can apply for a RM5,000 loan with a repayment period of five years.
The unique feature of the scheme is that a participant will only pay a monthly installment of RM83 and will receive an incentive of RM133.
At the end of five years, the participant is expected to receive a net return totalling RM8,000.
If no withdrawal is made throughout the period, the total saving is expected to reach RM13,000. – BERNAMA