More convenient to repay PTPTN loans now

by FG Media | Jun 15, 2017 | Branded Content, learn

More convenient to repay PTPTN loans now

In a bid to make the repayment of PTPTN loan more convenient, the National Higher Education Fund Corporation (PTPTN) has introduced loan repayments via online direct debit.

This is in addition to the existing repayment facilities that are already provided, including salary deduction, internet banking, FPX, MyPay and JomPay.

According to PTPTN, this initiative would not only speed up the loan repayment process, it is also more secured compared to making physical payments.

This repayment method has been introduced since 2 November 2016 through a partnership that PTPTN established with MyClear and Bank Islam.

Previously, borrowers had to manually apply for direct debit by filling up physical forms at PTPTN counters and risk having their applications rejected if any mistakes when fillup the form or difference in signatures were noticed.

Now, the application can be completed online and processed within 3 working days.

PTPTN also added that depositors of the National Education Savings Scheme (SSPN-i), can now use direct debit to deposit their savings aside from repaying their loans.

The advantages of direct debit

Borrowers who repay their PTPTN loans using the direct debit are also entitled to a 10% discount.

PTPTN says that direct debit ensures consistent repayment of PTPTN loans. Additionally, it also helps to avoid installment arrears and build a good track record in CCRIS.

This consistent payment will help borrowers to avoid legal action being taken against them for having outstanding debts.

If they do not want to their salaries deducted, direct debit is the best existing alternative loan repayment method that borrowers can opt for if they want to repay loans consistently every month.

Steps to applying for direct debit

Borrowers and depositors interested may proceed to apply for the facility by logging on to PTPTN’s official website at www.ptptn.gov.my.

The application process can be initiated in the ‘permohonan direct debit’ hyperlink located under the ‘perkhidmatan atas talian’ section.

Only one attempt is needed to apply for the direct debit facility. Once the application is completed, the monthly payment will be arranged between PTPTN and the bank of your choice.

The application procedure is also free of charge.

They must ensure that their bank account is active for the application. The payment amount for the loan should also exceed if not be equal to PTPTN’s monthly installment plan.

This direct debit facility is currently available in the following banks:

Local Banks

International Banks

Borrowers who are facing financial difficulties and can’t afford loan repayment according to PTPTN’s monthly installment plan may contact PTPTN’s Careline at 03-2193 3000 to negotiate for a restructured monthly installment plan that would accommodate the borrower’s financial capabilities.

For more information

contact PTPTN at
03-2193 3000
or visit PTPTN’s website

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Discounts of 15% and 10% for PTPTN loan repayment

by FG Media | Nov 15, 2016 | Branded Content, learn

Incentives under Budget 2017 for PTPTN repayment

Prime Minister Dato’ Sri Mohd Najib Tun Haji Abdul Razak had announced discount incentives for the repayment of PTPTN loan during the Budget 2017 speech on 21 October 2016. The incentives are valid from 22 October 2016 till 31 December 2017. They are:

A 15% discount incentive for borrowers who make a full settlement of their total outstanding debt ;
A 10% discount incentive for borrowers who make repayment at least 50% of their total outstanding debt;
A 10% discount incentive for borrowers who make repayment through salary deduction or direct debit according to the repayment schedule.

The 15% discount incentive

One of the most fundamental terms and conditions of this incentive is that borrowers must make a full settlement of their total outstanding debt between 22 October 2016 and 31 December 2017. For example, if you were a recipient of PTPTN loan for diploma and higher levels of studies, you need to settle all your debts within the stipulated period in order to enjoy the 15% discount.

Another attractive feature of this incentive is that multiple channels of the settlement are considered for the incentive. This simply means they can use a combination of payments through KWSP (Account II withdrawal at www.kwsp.gov.my), or by cash or online method (e.g. JomPay) with condition that the payment is received by PTPTN within the same month. Therefore, borrowers are advised to make loan repayment no later than the 27th day of each month.

The 15% discount is derived from the total outstanding debt and adjustment for the incentive given will be done at end of the month. Please refer to www.ptptn.gov.my or contact PTPTN Careline at 03 – 2193 3000 for confirmation of your total outstanding debt.

More special, this 15% discount is also applicable to the Wang Pendahuluan Pinjaman (WPP) recipients who were not the PTPTN borrowers but are still carrying the WPP debt. Another exciting aspect of this incentive is that it is also applicable to borrowers who have already been subject to enforcement action such as blacklisted by the Malaysian Immigration Department or summons.

The 10% discount incentive

The 10% discount is valid for (1) one-off loan repayment at least 50% of the total outstanding debt balance; or (2) salary deduction or direct debit according to the repayment schedule. The recipients of Wang Pendahuluan Pinjaman (WPP) are entitled to this incentive under the same condition.

The salary deduction application can be done online at www.ptptn.gov.my. For direct debit, you need to obtain the application form from the PTPTN counter and submit your complete form to any nearby PTPTN branch. Please be reminded that only the original form is accepted. Direct debit is done through periodic deductions from either the savings account or current account involving 22 banks and it is FREE.

The advantages of this 10% discount incentive include disciplining yourself with a consistent repayment schedule to avoid loan arrears. This will save you from being black-listed by the Malaysian Immigration Department or summons. Without loan arrears, you have a clean credit record on the Bank Negara’s credit reference system.

Grab it now!

Eligible PTPTN loan borrowers are strongly encouraged to seize this limited – time golden opportunity, which is valid until 31 December 2017.

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