In the 2022 Budget, the government will once again launch a microcredit offer in 2022 with the first six months interest-free.
According to Finance Minister Tunku Zafrul, the Skim Mikro Kredit scheme will be launched through the Agricultural Bank and the BSN. The government has allocated RM800 million to BSN for the implementation of the micro-credit scheme and RM250 million to Agribank for the implementation of the micro-credit scheme.
Under the micro-credit scheme, borrowers can borrow up to RM75,000 for a maximum period of five years, with interest-free and suspended repayment for the first six months and 4% interest thereafter.
While the Bank has yet to officially announce the eligibility criteria for the microfinance loans, under the microfinance scheme launched last year, applicants must be Malaysians, must be micro-entrepreneurs, must be registered with the Companies Commission of Malaysia (SSM) and must have been in business for more than six months.
The microfinance scheme is designed to help businesses with cash flow problems.
