KUALA LUMPUR: The implementation of the National Higher Education Fund Corporation (PTPTN) loan repayment discount of up to 20%, which is effective from Wednesday (March 1) until May 31 as announced in the Budget 2023, covers four categories.
PTPTN said it covers a 20% discount on the remaining debt for full settlement of the loan; a 15% discount for the settlement of at least 50% of the total outstanding debt with the remainder through salary deduction or scheduled direct debit repayment; in addition to a 5% discount for repayment through the myPTPTN application.
"All PTPTN borrowers, including those who have been subject to enforcement action, and recipients of Loan Advance (WPP) are eligible to enjoy this incentive," PTPTN said in a statement on Wednesday.
It also said that borrowers wanting to make a full settlement of the loan or 50% of the remaining debt must verify the loan balance, through the myPTPTN application or PTPTN's official portal at www.ptptn.gov.my or contact the PTPTN marketing executive, before making repayments through available payment channels.
Borrowers who are making repayments through salary deduction or direct debit are automatically eligible for a 15% discount; borrowers who want to make a deduction through that method can apply through myPTPTN or the official PTPTN portal.
Meanwhile, PTPTN also said that borrowers who are in the repayment period and have a monthly income of RM1,800 (gross salary) or below, are eligible to apply for payment deferment, except for borrowers who have participated in the Debt Management Programme (DMP) under the Credit Counselling and Debt Management Agency (AKPK) for PTPTN loans.
According to PTPTN, deferral applications can be made from March 1 through PTPTN's official portal, and borrowers need to complete contact and employment information and upload the latest salary slip, which have been certified.
"PTPTN will notify the approval status via e-mail within 14 working days after the application is received," read the statement.
Borrowers who are approved for deferment will be given an exemption from enforcement and legal action during the period of the repayment deferral in effect.
Administrative costs or fees are also not charged during the period of deferment granted. – Bernama
