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Have you started paying back your loan? As a matter of fact I have paid all of mine but…. that’s certainly almost not the main point of this post.

The main point is to provide a quick chronicled run through on PTPTN’s interest rate (aka Kos pentadbiran).

On the interest rates

Quoted from PTPTN FAQ

Kos pentadbiran 4% setahun dikenakan bagi tarikh bayaran balik pembiayaan sehingga 31 Disember 2003. Mulai 1 Januari 2004 kos pentadbiran diturunkan kepada 3% setahun atas baki berkurangan.

From 1st January 2004 onwards, the rate has been then revised to 3%. It was 4%.

On 14 August 2008, the government announced the reduction of interest rate from the current 3% to just 1% (see news article above). And the effective date was backdated to June 1 2008. But, the loan holders would need to sign a new contract to enjoy the new rate. Also to note that, all interest charged would not be revised.

On Feb 2009. I called to PTPTN to clear the air a bit on why we are still not getting the new agreement.

We are supposed to receive a new agreement on the rate reduction on Jan 2009 (which has already passed few months). 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.

Here’s a article from Malaysiakini.com (Dated 13 August 2008) saying that we must sign the new contract to enjoy the new rate.

“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’s very confusing but let me try to get it explained in plain English.

The effective date is back dated on 1st June 2008 would sound real good to all the loan holders but here’s the catch. It is only good for the new comers who sign up after 1 June 2008. For the existing loan holders? You gotta wait to sign the new agreement on agreeing to the new rate.

Please tell me that you would possibly not like to get your interest rate reduced from 3% to 1%? You simply won’t. How on earth you like to pay more interest? Can’t they just send out a notification or such? Due to the inefficiency of their department, our new agreements have not been sent out on time.

Until today (It’s Feb 2010 already), I have NOT receive any letter from PTPTN regarding the new rate or whatsoever. I gave up calling them. For this, I may conclude that.

My loan on PTPTN did NOT enjoy the immediate 1% interest rate effective on 1st June 2008 though. I’m continuing being charged at 3%  for god-don’t-know-how long.

I’m not sure if you are enjoying the new rate, cause, apparently, I’m not.

It’s not as straight forward as you think on how to calculate the interest rate. Read this article and you will know how.

And, just in case you are curious about how my statement look like, here are they. You may help me to calculate and tell me if I’m actually getting 1% rate.

I shall conclude this blog post with “Make sure you keep track of your loan well!”

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