TO cushion the impact of the movement control order (MCO), the National Higher Education Fund Corporation (PTPTN) is deferring loan repayments until Sept 30 this year.
Initially a three-month deferment, Prime Minister Tan Sri Muhyiddin Yassin announced
on Monday that it would be extended to six months to help borrowers cope in light of Covid-19. The move will involve a collection amounting to RM750mil, benefiting almost 1.5 million PTPTN borrowers.
Here’s what you should know about the deferment which is automatically granted to all borrowers effective March 19:
> Borrowers are exempted from legal enforcement and action throughout the deferral period.
> Those who wish to continue repaying can do so via internet banking; no need to fill any forms.
> Only borrowers who pay through salary deduction and direct debit are required to apply at www.ptptn.gov.my/covid-19 to continue their repayment through these two channels.
> No new application for repayment through salary deduction and direct debit is required once the deferral period is over; deductions will resume as normal.
> Borrowers who have been repaying through the Credit Counselling and Debt Management Agency (AKPK) are required to consult with the agency on the matter.
> Borrowers who repaid their loans through salary deductions for March will not receive a refund as salary deductions and direct debit deferrals will be enforced starting April, except for borrowers who agree to continue their deductions.
> Employers who help to pay off their workers’ outstanding loans won’t have to reimburse their employees for their March repayments. Employers must credit the deduction amount directly to PTPTN.
> Repayment period for all borrowers without arrears prior to the deferment announcement will be extended through the restructuring of loans.
> Borrowers with arrears before the announcement was made must consult with PTPTN to restructure their loans.
> For conventional borrowers, loan restructuring will be implemented through the exchange of Ujrah.
> All loan restructuring applications can only be done after the deferral period.
> Borrowers’ Central Credit Reference Information System (CCRIS) record will remain the same as before, except for those who continue repaying during this six-month period. Their CCRIS records will be updated.
> Loan restructuring will not affect borrowers’ CCRIS records as long as they don’t have prior arrears.
> Borrowers will only receive a notification notice via the email address registered with PTPTN, and not a new agreement for the extension in the repayment period.
> Borrowers who want to update their email addresses can do so at https://www.ptptn.gov.my/mail/Utama.
> Administrative cost/ujrah will be charged throughout the deferral period.
> Decisions on the deferral in repayment will be reviewed periodically.
> PTPTN will operate within a limited capacity during the MCO.
> Headquarters and all PTPTN branches are closed, as well as its careline number (03-21933000), starting March 26.
> Customers can communicate with PTPTN during the MCO by contacting the officers listed in https://www.ptptn.gov.my/hubungi-ptptn; or by submitting their questions at https://bit.ly/eAduanPTPTN. Feedback will be provided within seven working days.
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