PTPTN Loan

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What is PTPTN Loan?

Perbabadanan Tabung Pendidikan Tinggi Nasional (PTPTN)

As a student you are eligible for PTPTN if you need financial support to pursue higher education. You must be a Malaysian citizen with an offer from universities, colleges or polytechnics to apply for the study loan.

Once you have your loan approved, you will be entitled for Wang Pendahuluan Pembiayaan (WPP) approximately RM1500.00.WPP is a program to ease financial burden when you begin to purchase relevant items in preparation for higher education. The funds will be distributed based on the agreed terms, normally direct to your bank account.

PTPTN loan money will be automatically deducted to cover your university/college semester fee and the balance will be dispersed directly to your account to cover additional expenses per semester.

Six months after you have completed your studies, you shall prepare to repay your loan. PTPTN has tied up with a few payment methods for your convenience. Specific counters, salary deduction skim and online banking is some simple payment methods you can utilize. Please take note; there will be a small fee depending on the payment facilities used.

 

Interest Rates

PTPTN education loans are inclusive of an administrative cost of 3% based on reducing balance. However, recently ex-students were provided with options such as 1% “Ujrah” Interest Flat Rate.  The interest rates offered by PTPTN is extremely low as compared to other education loans in Malaysia.

 

Ujrah,is a loan conversion scheme to encourage ex-students to clear off their PTPTN loan payment faster and enjoy lower interest. Basically, by applying to Ujrah loan conversion scheme, you can replace the existing fixed administrative cost rate of 3% per annum to 1% flat rate per annum. Ujrah is an option that will be beneficial if you constantly service your monthly loan repayment.

The best way to be exempted from loan repayment is to pass your degree with first class honours  and make an application for the exemption. However, borrowers from private institutions of higher learning may be limited to those who pursue courses accredited by the National Accreditation Board (LAN).

Asian graduate girl with victory sign

Eligiblity

 

Do I qualify for the PTPTN Loan? Here are some requirements that must be fullfiled before applying for PTPTN loan

  • Applicant must be a Malaysian citizens
  • Applicant must be 45 years and below at the time of application
  • Applicant will require 2 guarantor that must be the parent
  • Applicant must pass SPM examination with minimum 3 credits for any subjects
  • Applicant must be pre-university exam with minimum 3 CGPA
  • Applicant must have an existing SSPN saving accounts before applying for PTPTN
  • Applicant must have no other sponsors
  • Applicant must have offer letters from Public or Private education
  • The cources applied by the applicants must have Accreditation Certificate from the Malaysian Qualifications Agency from the date applied
 

Alliance Bank Fixed Deposit Promotion ( 6 months and 9 months)

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Great news, Alliance Bank has finally launched a few Fixed Deposit promotion. Depositors can enjoy a great 4.25% p.a with 6 months deposits and a high 4.35% p.a with a 9 months deposits.  This is a conventional and not an Islamic Fixed deposit.

Things you should know

The fixed deposit campaign starts from 20 Nov 2015. This campaign is available to new and existing Alliance Bank customers. As of a lot of Fixed Deposit promo in Malaysia, this promotion will require depositor to deposit fresh funds which means that the source of the funds must not be from any Alliance or Alliance Islamic bank accounts. This applies not limited to existing savings, currents ,fixed deposit or any other accounts . The minimum deposit in order for you to enjoy the promotion would be RM 25,000 which is rather high as compared with other FD promotion in Malaysia.

There are 2 choices of the promotion which is at 6 months and 9 months. Depositors can enjoy a 4.25% p.a for 6 months while 4.35% with 9 months period. Personally, I would opt for 6 months for less lock in period just in case there are any other interesting promotion in Malaysia. Upon maturity of the promo, the fixed deposit would than be automatically reverted to standard board rate. There are no written terms on the early upliftment of the loan so do expect the bank for forfeit the interest if you are planning to do withdrawal earlier than the campaign period. This promotion is eligible for protection from PIDM.

E-FD

Alliance Bank is also running a concurrent promotion with the 6 months and 9 months promo. All terms are the same except that the E-FD promo is valid for Alliance Bank E-FD deposits only.

Campaign period ends at 31st of March 2016. Do hurry up to deposit if you are keen to enjoy the rates !

 

OCBC Personal Loan

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OCBC Personal Financing

The Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank is the smallest local bank in Singapore with aglobal presence. OCBC Al-Amin offers simple and easily accessible Shariah compliant personal loan/financing service that has your best interest in mind. The suite of products give you advance cash at affordable rate and monthly payment to lighten your financial burden. There are no collateral and guarantor needed for the loan

OCBC Al-Amin Cash Financing-i provides:

  • Fast approval. Fast cash
  • No collateral. No guarantor
  • Financing amount of up to RM150,000
  • Fixed monthly installments from as low as RM 100 per month
  • Extended financing tenure up to 10 years

Charges and Fees

There are no stamping and legal fees required for the loan. Early settlement penalty is applicable if borrower plans to settle the loan earlier. Applicants will have to write in letter in advance to the bank

Documentations

To apply, customers must be a Malaysian citizen or Permanent Resident earning at least gross monthly income of RM2,000. Permanent employment is also required

Documents required for application:

  • Photocopy of Malaysian I/C (front and back)
  • Photocopy of 1 month salary slip; OR 1 year EPF statement.
  • Documents required
  • Photocopy of I/C (front and back)
  • Photocopy of 1 month salary slip; OR 1 year EPF statement.

Repayment Table

ocbc cash financing-i

There are a few loan concepts to suit the customers.

Progres-i Personal Loan

The ideal personal financing solution made for those who are just getting started. Whether it is one of life’s necessities or luxuries – be it education, car or gadgets; or perhaps you’ve hit one of life’s speed bumps, we will sort out your ideal plan. With varying tenures and monthly installments as low as RM147, you get personal financing that is just right for you

  • Between 21 and 60 years of age

Sukses-i Personal Loan

Whatever your aspirations may be or wherever they may take you, you can rest assured we will be with you every step of the way. With long tenure up to 10 years and a profit rate as low as 0.71% a month, you get personal financing tailor-made to your needs.

  • Between 21 and 55 years of age
  • A holder of a Malaysian credit card with a limit of RM6,000 for at least 12 months and / or earning a monthly gross income of at least RM2,000

Prestij-i Personal Loan

Whatever the need, be it for the present or the future, you can rest assured we have your ideal plan that you so rightly deserve. With long tenure up to 10 years and an exclusive maximum financing amount of RM150,000, you get personal financing that is just right for you and your family.

  • Between 21 and 60 years of age
  • A holder of a Malaysian credit card with a limit of RM45,000 for at least 12 months and / or earning a monthly gross income of at least RM15,000