Viral posts on social media about a 20% discount for National Higher Education Fund Corporation (PTPTN) loans have piqued the interest of many fresh graduates
These posts refer to one of the repayment incentives that are being offered under Budget 2018, as announced by Prime Minister Datuk Seri Najib Tun Razak during the tabling of the national budget last October.
Borrowers will be able to enjoy a 20% discount (an increase from the previous 15% discount offered in Budget 2017) if they repay the whole sum that they owe in a single payment.
For example, if a person's outstanding balance totals up to RM25,000, then the person would only need to pay RM20,000 in lump sum.
The offer begins from 27 October 2017 and will last until 31 December 2018.
Here's how you can check the outstanding loan amount and make a payment:
2. Once you get to know your 'No. Pinjaman', you may review your PTPTN loan statement through the PTPTN website.
3. You'll be able to view what is the amount that you have to pay back after the 20% discount is applied. The amount outstanding loan balance stated is only valid until the date specified, otherwise you might need to fork out an extra sum of money for the next monthly payment.
According to PTPTN, borrowers are advised to make the full settlement by the 27th of every month so that the transaction can be updated in the statement of the current month.
For more on the 20% discount for PTPTN loans, visit PTPTN's website.
Aside from the 20% discount on full settlement, there are also other incentives to encourage borrowers to repay their loan
Borrowers are entitled to a 10% discount on their PTPTN loan when they repay at least 50% of what they owe in a single payment.
Borrowers can also get a 10% discount when they choose to repay their loan consistently every month using the direct debit facility and/or automatic salary deduction based on the pre-determined amount.
These incentives will be valid until 31 December 2018.
Do you think these incentives would encourage more borrowers to repay their loan? Let us know your thoughts in the comments section below.