After Budget 2023 was announced, it was stated that PTPTN borrowers can get a 20 per cent discount for PTPTN loan repayment, but nothing was clearly informed yet.
On 1 March, the National Higher Education Fund Corporation finally announced the details of PTPTN loan repayment incentives. Here’s a guide on the details about the incentives, and how the discount works.
First, a 20 per cent discount will be given to borrowers who repay the debt in full. This means that, if your debt is RM30,000, you only have to pay RM24,000 to clear the debt. However, before the full repayment, you have to obtain a Loan Balance Confirmation Letter from PTPTN’s website here. You can also go to the nearest PTPTN branch or contact their Whatsapp careline for help.
Next, borrowers who pay back half of the debt will be getting a 15 per cent discount. Similar to those who repay in full, you will first need to obtain a Loan Balance Confirmation Letter from PTPTN’s website here, to see what is the exact amount you will need to pay back after the 15 per cent discount. If your debt is RM30,000, you will need to pay RM15,000, and the 15 per cent discount will basically be imposed on the remaining balance.
Besides, borrowers who have applied or plan to apply for direct debit, auto-debit, and salary deductions to repay the loan each month will also be getting a 15 per cent discount. Since the discount will only be effective starting the month of March to May, the discount will be reflected at the end of the month.
Lastly, a five per cent discount will be given to borrowers who repay the loan via the myPTPTN application.
The discount period will only last for three months, from 1 March to 31 May 2023.
Instead of browsing the PTPTN website, I also recommend downloading the myPTPTN application to your mobile devices. It is more convenient, as the balance will be clearly shown, and you can easily apply for direct debit, auto-debit, and salary deduction, as well as download the Loan Balance Confirmation Letter directly from the app.
Hopefully this will be helpful to all PTPTN borrowers who want to repay the loan!
Also Read: Here is the List of 2022 Tax Reliefs You Can Benefit From!
