Did you know you can enjoy discounts when paying back your PTPTN debt?
In line with Budget 2024, the National Higher Education Fund Corporation (PTPTN) is giving out incentives for PTPTN loan repayments once again. According to the official statement, the discounts are as follows:
- 10% discount on the remaining debt for full loan settlement.
- 10% discount for payments of at least 50% of the remaining debt in one payment.
- 15% discount on payroll or scheduled direct debit payments.
First, a 10% 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 RM27,000 to clear the debt.
Next, borrowers who pay back half of the debt will get a 10% discount. For instance, if your debt is RM30,000, you will need to pay RM15,000, and a 10 per cent discount will be imposed on the remaining balance.
Do note that PTPTN borrowers who wish to repay the full debt or half of the debt will first have to obtain a Loan Balance Confirmation Letter from PTPTN’s website or its application, myPTPTN.
Moreover, borrowers who have applied or plan to apply for direct debit, auto-debit, and salary deductions to repay the loan each month can enjoy a 15% discount during the discount period. If you have previously set up direct debit, auto-debit, or salary deductions, there is no need to reapply; the discount will be applied automatically.
The discount period runs from 14 October 2023, to 31 March 2024. We also recommend downloading the myPTPTN app for more convenience.
Hopefully, this will be beneficial for PTPTN borrowers looking to repay their loans!
Also Read: 10% Sales Tax to be Imposed on Online Goods Below RM500, Effective January 1st, 2024
