Keep track of PTPTN (Interest reduction)

Interest rate reduction: A good move, bad implementation

It is important for those who have PTPTN loan to keep track of their loan from time to time. Last August (2008), the cabinet has announced reduction to 1% of administration fees compared to 3% previously (News release: Utusan Malaysia, The Star) . The rate was 4% last time.

PUTRAJAYA I3 Ogos – Kerajaan han mi mengumumkan penurunan kadar caj Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) kepada satu peratus berkuat kuasa 1 Jun lalu – satu langkah yang menggembirakan lebih 1.04 juta peminjam PTPTN yang kini akan membuat bayaran balik yang lebih rendah.

Source: Utusan Malaysia

After a quick check on Google result, I found another piece of news suggesting that the rate reduction would only kick in on Jan 2009 instead of June 2008 as said in the news release earlier.

Why? It’s because of some technical difficulties as claimed by the authority.

Keeping track of your loan

A quick check on my account statement shows that I’m being charge 3% per annum. The administration fees are calculated on monthly basis based on your current balance (If you owe RM 40000, then the fees charged for the month would be 40,000 * 0.03 / 12 = RM 100.00, with 1% rate, it would be RM33.33).

You can check your account statement easily through PTPTN’s epayment website available here.

Left: Graphic on left shows sample of account statement of a PTPTN loan account. You will need your I/C No and access pin (available from your printed statement sent to you) to log into the system.

And of course, don’t get banned

500,000 Malaysians banned from traveling overseas

PUTRAJAYA, Jan 31 — Thirteen per cent of Malaysians holding valid international passports have been put on the list of individuals banned from travelling overseas by the Immigration Department.

Source: The Malaysian Insider

Failing to settle your loan would result in a ban in traveling. Make sure you keep track of your loan properly. You can check your travel status easily thru Immigration website here.

Delayed again (from Jan 2009 to March 2009)

I called to PTPTN to clear the air abit.

We are supposed to receive a new agreement on the rate reduction on Jan 2009 (which has passed :-t ). And, failing to return the agreement in it’s specified time frame given would result in keeping the 3% rate on the loan instead of the new 1%. No one receives any agreement so far as far as I concern.

However, the lady told me that the delivery of agreement has been postponed to March 2009 and agreements will be sent out in batches.

Make sure you sign up

“Peminjam perlu menjawab surat tawaran itu sama ada setuju atau tidak, ini perlu kerana ia melibatkan perjanjian, mereka (peminjam) tidak boleh anggap bila kita umum ia akan berubah kerana ini ada perjanjian.

Source: Malaysia Kini

It seems that they followed KWSP’s way of implementing policy by asking those who want to retain higher allocation of salary into their EPF’s account by submitting a form. (Which the majority don’t want to reduce the rate and forced to go through the hassle doing all the paperwork).

If you fail to sign the agreement and return on time, you are doomed by paying 3 times more the interest in this case. Make sure you sign the agreement soon enough after you get it next time!

Questions that I had not asked

It is still unclear that PTPTN will re-calculate the interest (3%) that is charged to us since June 2008 though. Till then, hopefully they will do so.

Links

Caj Baru PTPTN 1 Peratus Berkuatkuasa 1 Jan 2009,Bukan Jun 2008 – mahasiswakini

Cabinet agrees on new rate for PTPTN loan applicants – The Star

Caj PTPTN turun kepada 1% – MalaysiaKini

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