Budget 2022: PTPTN loan repayment discount incentives


Discount incentives presented at the 2022 Budget.

POISED on the cusp on a world driven by technology, the needs and expectations of the times has also shifted in line with the knowledge and skills needed to navigate life in the future.

Therefore, a strong education background is imperative to shape the future generation of Malaysians.

To make education accessible to all regardless of background, the National Higher Education Fund Corporation (PTPTN) was established as part of government efforts to ensure no student is denied higher education due to financial constraint by providing education loans.

Generally, these loans are intended to cover tuition fees, as well as a portion of living costs.

Since its establishment in 1997 until Oct 31 this year, PTPTN education loans have benefited over 3.59 million borrowers, involving RM65.18bil.

Beyond merely being a loan provider, PTPTN should be seen as an education fund for Malaysians to start their savings for their children’s future education and encourage a culture of savings through its National Education Savings Scheme (SSPN) initiative. The role of PTPTN is much like that of Lembaga Tabung Haji as a place to save for Hajj preparations, or the Employees Provident Fund (EPF) as savings for retirement.

In line with the PTPTN Strategic Plan 2021-2025 via the third strategic thrust, PTPTN always strives to improve the management of loan repayments collection to be more effective.

To this end, the #PTPTNSediaBantu initiative has been introduced to facilitate dealings between PTPTN and borrowers, as well as to create awareness on the wide variety of channels for easier, quick and secure transactions.

This initiative also helps borrowers to understand and use its existing communication channels more effectively and connect with its frontliners for help to settle matters or answer questions.

The recent budget presentation by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz will definitely benefit PTPTN borrowers through the provision of loan repayment discount incentives.

A PTPTN loan repayment discount is given from Nov 1, 2021 to April 30, 2022 that involves:

> 15% discount for full settlement.

> 12% discount for payments of at least 50% of the debt balance in one payment.

> 10% discount for repayment through salary deduction or direct debit on schedule.

This discount incentive would benefit 1.67 million borrowers.

Borrowers who want to make full settlement of at least 50% need to get confirmation of the debt balance through www.ptptn.gov.my or contact a PTPTN marketing executive. Subsequently, loan repayment can be made through any repayment channel provided by PTPTN.

Borrowers who want to make repayments through salary deduction or direct debit can continue to apply online via PTPTN website.

The discount incentive will be updated in the borrower’s loan account at the end of every month and the borrower can make a review of the respective statements within seven days in the following month.

Meanwhile, borrowers who make debt settlement through various payment channels provided by PTPTN such as the EPF and banks are also eligible to enjoy 15% and 12% discount incentives for payment in the same month.

Borrowers are advised to make payments no later than 27 days of each month.

In addition, borrowers who only owe a Wang Pendahuluan Pinjaman (WPP) is also eligible for a 12% discount for payment of at least 50% of the total WPP debt balance in the same month only and is eligible for a 15% discount if they pay off the entire WPP debt in the same month.

PTPTN is open to any negotiations if the borrowers face problems with financial commitments, as they can apply for the restructuring of their loan repayments. That said, borrowers have to fulfill their responsibility to make repayments to ensure that funds can continue to be provided for future generations.

“With the various efforts and friendly approaches implemented by PTPTN, it is hoped that borrowers take the opportunity to make repayments and come discuss with us because we are ready to help,” says Ahmad Dasuki.“With the various efforts and friendly approaches implemented by PTPTN, it is hoped that borrowers take the opportunity to make repayments and come discuss with us because we are ready to help,” says Ahmad Dasuki.

“PTPTN, as an agency under the Ministry of Higher Education, hopes borrowers will continue to support the government's efforts in conserving education financing funds by fulfilling their responsibility to repay their loans for the future education of the next generation. Grab this opportunity with the given discount incentives now.

With the various efforts and friendly approaches implemented by PTPTN, it is hoped that borrowers take the opportunity to make repayments and come discuss with us because we are ready to help.”

For details, borrowers can browse PTPTN's official portal at www.ptptn.gov.my or contact PTPTN through the following channels:

> PTPTN Careline at 03-2193 3000 (Monday to Friday, 9-5 pm)

> Live Chat at www.ptptn.gov.my

> e-Aduan at https: //eaduan.ptptn.gov.my

> PTPTN Marketing Executive at www.ptptn.gov.my/hubung-ptptn

> Official social media of the National Higher Education Fund Corporation

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