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Seize the special discounts offer on PTPTN loans
Published on: Saturday, December 17, 2016

By Mohd Faizal
DEFAULTERS of the National Higher Education Fund Corporation (PTPTN) study loan should take advantage of the special discounts offered for them to settle their outstanding loans as announced by the finance minister during his recent Budget speech.

From Oct 22 until Dec 31 next year, a 15 per cent discount will be given to borrowers who settle their loan in full and 10 per cent discount for those who clear half of the loan.

Another 10 per cent discount will be given to those who pay via salary deduction or direct debit through Bank Islam Malaysia Berhad.

The 15 per cent discount for full settlement is quite a discount. One can save RM150 for every RM1,000 loaned.

At times like this, it really benefits the borrowers. If the loan was RM15,000, they save quite a substantial sum.

Same goes with the 10 per cent discount.

Do not dream of such generous discounts if the loans were obtained from the banks or worst from the ruthless Ah Long — the illegal money lenders.

So, be smart as it makes good economic and common sense to take up the offer. Before the announcement was made, I reckon there are those who prayed PTPTN would give out a discount of sorts as an incentive to settle or reduce their outstanding loans.

Now that their prayers have been answered, they should go for it.

For the record, PTPTN had waived the service charges to borrowers to settle their loans.

The discounts given may not be a good idea but the government did the right thing as it needs to get the money back so it can fund new students to further their tertiary education.

A few years ago, police had given special discounts to errant motorists and motorcyclists to settle their outstanding traffic summonses, so why not PTPTN?

Those who have settled their study loans in full before the announcement was made must have literally banged their heads against the wall for making the payment early. But bear in mind, you did the right thing and had showed to the recalcitrant borrowers what good paymasters you all are.

Mohd Faizal

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