EPF: Online withdrawal facility now available for education loans

Employees Provident Fund (EPF) contributors can now withdraw their savings to finance their own or their children’s education at local higher learning institutions.

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This is in addition to making EPF withdrawals for settling housing loans via the e-Pengeluaran online facility, with the services now extended to more participating financial institutions.

The financial institutions include RHB Bank, RHB Islamic, Maybank, Bank Islam, Oversea-Chinese Banking Corporation (OCBC), Bank Simpanan Nasional (BSN), Ambank and United Overseas Bank (UOB).

“The e-Pengeluaran is one of EPF’s breakthrough service to enable members with i-Akaun to submit their withdrawal applications anytime, anywhere.”

“Every quarter, the number of withdrawal applications, especially housing withdrawals increases, hence we saw the need to simplify the process and reduce lead time for withdrawal applications, which led to the development and introduction of e-Pengeluaran,” said EPF deputy chief executive officer (Operations) Datuk Mohd Naim Daruwish in a statement on Friday.

The e-Pengeluaran facility, introduced in 2013, started with limited housing withdrawals.

Mohd Naim said members are encouraged to use the e-Pengeluaran facility as it is a more efficient alternative to submitting their housing or education withdrawal applications at EPF branches.

“From the first roll-out in 2013 until April 2016, a total of 64,297 applications for various types of withdrawals have been sent via e-Pengeluaran, amounting to a total of RM32.35 million approved.

There are currently 10 higher learning institutions being assessed for integration with e-Pengeluaran, of which three institutions, namely International Islamic University Malaysia (IIUM), Multimedia University (MMU) and Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN), have been confirmed.

“We are working towards having more institutions and banks participate in e-Pengeluaran in order for more members to experience the benefit of withdrawal at their fingertips from this online facility,” said Mohd Naim.

He said the e-Pengeluaran facility allows members to check the amount entitled for withdrawal for a particular scheme and facilitates the crediting of the approved amount directly into the member’s or participating bank’s account.

e-Pengeluaran is available to all members with i-Akaun. Members who have yet to register for i-Akaun can do so by contacting the EPF Call Management Centre at 03-8922 6000 or via EPF kiosk or by visiting any EPF branches or via an EPF Mobile Team.

Source: http://www.thestar.com.my/news/nation/2016/04/22/epf-members-can-now-make-housing-education-withdrawals-via-e-pengeluaran/