PTPTN Publishes Details Of Loan Repayment Discounts, Deferment Programme

Alex Cheong Pui Yin

2nd March 2023 - 4 min read

The National Higher Education Fund Corporation (PTPTN) has published key details regarding the implementation of its latest repayment discounts and six-month deferment programme for eligible PTPTN borrowers, announced during the re-tabling of Budget 2023. These include information such as the categories of discounts that will be provided, eligibility criteria, and how the two initiatives will be implemented.

With regard to the repayment discounts, PTPTN said that borrowers will be able to tap into four categories of rebates, provided from today until 31 May 2023 (three months). Here are some of the main things that you need to know about the discounts that are currently being offered:

PTPTN repayment discount categories	How to apply	Implementation method	How will the discount be provided
20% discount on the remaining debt for full settlement of the loan	Borrowers must first verify their loan balances before making repayments, either through: – myPTPTN app – PTPTN official portal – PTPTN marketing executive	– Discount will be applied on the total amount paid within the month – Borrowers can make more than one repayment, as long as the total amount paid within the month meets the requirement	Discount will be provided at the end of the month to help clear off borrowers’ outstanding debt
15% discount for the settlement of at least 50% of the total outstanding debt	Borrowers must first verify their loan balances before making repayments, either through: – myPTPTN app – PTPTN official portal – PTPTN marketing executive	– Discount will be applied on the total amount paid within the month – Borrowers can make more than one repayment, as long as the total amount paid within the month meets the requirement	Discount will be provided at the end of the month, and will be used to reduce borrowers’ outstanding debt
15% discount for repayments made through salary deductions or scheduled direct debit	Automatically eligible, must schedule payment/apply for deduction through: – myPTPTN app – PTPTN official portal	– Discount will be applied on the total amount paid within the month – Borrowers can opt to use both channels if they wish to	Discount will be provided at the end of the month, and will be used to reduce borrowers’ outstanding debt
5% discount for repayments made through myPTPTN app	Must make repayments through the myPTPTN app	Discount will be applied on the total amount paid within the app	Discount will be provided at the end of the month, and will be used to reduce borrowers’ outstanding debt

PTPTN also said that all borrowers will be eligible for the discounts listed, including those who have been subjected to enforcement action. Recipients of the Loan Advance facility (Wang Pendahuluan Pinjaman (WPP)), too, are allowed to take advantage of the offers.

Meanwhile, borrowers who are earning a monthly salary of RM1,800 (gross income) or below are welcome to apply for the six-month payment deferment if they find themselves struggling financially. Those who have participated in the Debt Management Programme (DMP) under the Credit Counselling and Debt Management Agency (AKPK) for PTPTN loans, however, are not eligible for this initiative.

PTPTN is already accepting applications for the deferment programme; if you are interested, you can head on over to its official portal to kickstart the process. You will need to complete an online form with your contact and employment information, as well as upload a certified copy of your latest salary slip. You will also be notified of your application status via email within 14 working days after it is submitted.

In its detailed FAQ, PTPTN further highlighted that the credit score of borrowers who tap into this programme will not be impacted. Likewise, they will also be exempted from enforcement and legal action during the deferment period. Administrative costs or fees are not charged either.

During the re-tabling of Budget 2023 last Friday, Prime Minister Datuk Seri Anwar Ibrahim announced the reintroduction of PTPTN repayment discounts, along with a new repayment deferment programme for borrowers with lower incomes. These initiatives were to be made available starting from 1 March 2023, he said then.

(Source: PTPTN [1, 2])

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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