Malaysia’s Financial Blogger | Financial Freedom Ideas | imDavidLee.Com

Why PTPTN Loan Interest Rate Still 3% ?

I think I should feel proud at this moment because I always keep on paying back the PTPTN loan. Compare to many other borrowers, most of them will defy the loans even they have money to payback. And, in the end, they may receive the warning letter then only start to pay.

Why PTPTN Still Charge Me 3% Interest Rate But Not 1% ?

I had been taking PTPTN loan for my Diploma, which is a total of RM10, 000. Based on the first agreement that I signed, the interest rate was around 3%. However, our Prime Minister announced that the interest rate of PTPTN would be reduced to 1% since 1st of January 2008, and clarified that this will apply to ALL students.

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Considerations Before Applying Education Loan

Private Student Loans can help you to cover your cost of college education when savings, scholarships and parent aid aren’t enough. However, sometimes we need to know the student loans information in order to help you understand your responsibilities and avoid financial burden.

Nowadays, having a college education is not as cheap as last time. There might have students who are paying fees for their study under loads of debts. Once you graduate, they might find it difficult to payback the payments.

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How To Payback PTPTN Loan ?

Mostly I will choose to payback more than the original installment amount because if the borrower settles the PTPTN loan earlier, then the PTPTN loan interest charge will be reduced based on the remaining monthly balance.

Assume monthly PTPTN payment is MYR 100 and each time transaction cost is MYR 2, therefore the transaction cost is 2% (MYR 2/MYR 100). If pay half yearly on the same amount which is paying MYR 600 and transaction cost is MYR 2, therefore the transaction cost is only 0.33% (MYR 2/MYR 600). Most important is, think about the convenience…

Method of PTPTN Loan Repayment

i) Through FPX (Financial Process Exchange), you need to have an account with any bank with FPX and be registered as an Internet banking service.

ii) Through bank draft/money order, it must be crossed and made payable to PERBADANAN TABUNG PENDIDIKAN TINGGI NASIONAL. Post your payment by using an envelope to:

National Higher Education Fund Corporation
Lot G2, Ground Floor, Wisma Chase Perdana
Off Jalan Semantan, Damansara Heights
50490 Kuala Lumpur
(Attn: Receiving Unit)

*Make sure your identity card no and full name are written on the reverse side of the bank draft/money order.

iii) Through Internet banking, you must have an Internet banking account in these banks if you really want to make online payment:

iv) Through cash payment:

- PTPTN Services Counter
- Bank Islam
- CIMB
- Bank Simpanan Nasional
- POS Malaysia Berhad

Loan Repayment Through Salary Deduction Read More …

How Burden Of PTPTN Loan Interest Charge?

Do you feel that PTPTN loan interest charge are enormous?

As far as I know, PTPTN will start counting the interest 6 months after you graduate. For me, they have been charging me almost MYR 25 per month which is 3% interest charged. 3% interest rate is the lowest rate in loan industry, so I prefer to pay minimum amount. Then I can make more money by investing in unit trust and share due to difference in % return.

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Consequences of Never Paying Back PTPTN Loan

What action will be taken by government if did not payback PTPTN loan??

You’ll probably get banned from going oversea and unable to get any loan from bank in future. And, it will affect your next generations too.

Did you receive any letters chasing for the repayment? If you got and keep on ignoring those letters, their lawyer will send you one final reminder letter. The compound will be issued after you received the lawyer letter but still refuse to pay.

Interest rate is 3% only. Usually they start charging interest 6 months after graduation. They put it as administrative cost in the statement and they are actually charging it every month, which is depends on the loan balance. If you don’t pay now, the so-called administrative cost will keep on accumulating. So, finishing the payment as soon as possible will be better as it is compounded. Try to think mature; don’t let others immature behaviors affect you.

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