Sunday, February 14, 2010

The biggest scam in the name of SME Loans

This country is full of schemes and master plans. Everything is a scam to camouflage the real intent of destroying and cheating us in every possible manner. For instance the SME Loans. This loan is suppose to help small and medium scale enterprises. The assurance from the government that those facing difficulties in securing loans for their SME businesses to seek the assistance of Bank Negara ‘s counselling facility. When approached, Bank Negara would just hand over leaflets containing name of banks giving out the loans. Enquire further, they will answer point blank refer to those banks named in the leaflets and bye bye you go.

At the bank you are told to fill up the forms and return with all the necessary documents required but rest assure you can apply the maximum RM50,000 but WILL NEVER be given. Upon returning with all the required documents you are then told it will take a week or two the most for approval etc. The duration of time is just to make you happy, then you now wait and wait and wait. If you do not chase it can take as long as three months and to chase daily will take a month. By then the lack of money can affect your business by 99%.

The loan approved would be around 60% to 70% of what you applied. You are now put in a position of wanting the money badly by accepting the high interest rate or forget about the loan.

The interest rate of 17% per annum on is a KILLER, it is higher than those charged by credit cards companies, a modern day ‘Chettiar’ in disguise! If the loan is disbursed in the second or third week of the month; come the first of the following month you have to pay your first instalment already and not to be content with that, the interest on the number of days from the first day the loan is disbursed is deducted immediately from the original principal sum. Over and above that an amount equivalent to three months of the monthly instalment is also deducted from the original principal sum, this sum is only given back to the borrower on completion of the five year loan period.


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