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.
However, I really don’t have any idea why PTPTN website never update the latest interest rate which is 1% in their loan repayment section, although the new interest rate took effect more than 1 year ago?
So, do you think what should I do since PTPTN still charge me 3% of admin fee? Just wonder how can the new rate effective since June 2008 but yet to be implemented in October 2009.
I had tried to send PTPTN an email and the officer saying that the conversion from 3% to 1% is still in progress.
Seriously, I really do not have patient waiting for the conversion as I have to plan to allocate money for my future. 3% interest fee might be a small interest rate, but for an RM10k loan, it can be a huge amount when you do the calculation properly. How suck was the PTPTN loan!!!
Suggestion to PTPTN: Offer Discount For People Who Pay On Time
I have an idea to PTPTN that they should give some discounts to people who pay quick or timely to encourage more borrowers. Do you think it is workable? Perhaps the cost of giving those discounts is much smaller compared to having large number of borrowers refuses to pay back. Am I right?
November 1st, 2009 at 1:50 pm
malaysia alot of thing also double standard one….for example the broadband offered by telcos…at first the price is sky high….then when the price fell, the earlier subscribers can’t get any benefit from that….don’t get upset…n hope more people vote for opposition next GE.
November 3rd, 2009 at 1:31 pm
I almost forgot that 1% exist before reading this post. Mine still at 3% right now. Instead of reduce to 1%, PTPTN is asking me for money.
http://spblogger.com/2009/10/27/pay-back-ptptn-loan/
November 5th, 2009 at 10:24 pm
yeah,they are very hardworking on chasing money…
November 8th, 2009 at 9:54 pm
SUCKS!!!!!!!!!!!!!
November 11th, 2009 at 1:39 am
I know you feel that way….but that is the problem with most scholarship/education loan in Malaysia…the sponsor can change what is written in the contract at any time without informing you first…even if the change would be unfavourable to you.
In this instance, you signed the contract stating that admin fee is 3%. And until PTPTN issue statement that they’re changing past contract. It would stay that way and only new loaners get 1% rate.
But let’s say they want to increase the rate to 5%, I’m sure they will change the clause to say 5% immediately.
This is the way of education loan. Very unfavourable to students. Sometimes I feel expensive tertiary education is just some propaganda to give profit to some people other than the students….:D
November 17th, 2009 at 11:58 am
Ptptn need profit from lending the money to the student. Thier expenses just maintaining the borrower account and some others like worker salary. Just imagine how much profit that they can earn from the 3% administration charges since their capital is from the government. Look likes upper level people in “there” playing with profit strategy although the govn has change the rate.
December 29th, 2009 at 9:35 am
I am also having the same problem and the PTPTN officer is not helping. In order to solve the problem, I have contacted my local assemblywomen and they are raising the issue to the relevant party. However, they wish to summit a memorandum up to the minister’s office and thus requiring signature of loan holders like us. The more people sign the memorandum, the better it is.
December 30th, 2009 at 10:27 am
Hi, I am currently starting to pay back my PTPTN loan. I realized that my interest is not 1% as mentioned so I had went to the PTPTN office to clarify the situation. The officer told me they had yet to change the interest rate but it is still in the progress, even after a year! So, I had raise this issue to my local assemblywomen recently and they wish to identify loan holders that have yet receive the 1% administration charge from PTPTN. They plan to send a memorandum to the minister’s office thus the more people the better. Please email your contact details should you have not receive your 1% interest to:
edwardling@gmail.com or
hannahyeoh@dapsj.com or
siewfook@gmail.com
March 1st, 2010 at 7:40 pm
me also face the same problem…..i write to the person in charge of ptptn,she said there are many contracts hav to renew,our contract to change to the new interest rate to 1% still in process.oh….my god….i m wonder how many people working in ptptn office???? why need a few years to do this…..
March 31st, 2010 at 11:16 am
i just checked my balance. they still charging me 3% even after 2 years. i think this PTPTN are using sucks system. what’s the big problem by changing the 3% to 1%?
just change it from their code level and that’s done.
now if i pay, i don’t if they still calculate based on the 1% or 3%.
anyone got any idea?
April 22nd, 2010 at 10:17 am
I borrowed RM66k from PTPTN loan. I had got a job with RM2.3k(havent deduct 11% for EPF)
How should I plan my financial?
I will be starting my work in 1.5 months time..