How to defer PTPTN loan repayment

By admin
In PTPTN
May 8th, 2011
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If you plan to request for deferment of PTPTN loan payment, PTPTN has created a frequently asked question page here. Some of the questions that you need to know, we share it here :

Question 1:
Who is eligible to apply for deferment of PTPTN education loan repayment?

Answer:
Only borrowers who have completed their studies and are still unemployed (without an income) or who are continuing their studies on a full-time basis can apply for deferment.

Borrowers who are continuing their studies or are on practical training and are given an allowance, like KPLI, chambering, etc, are not eligible to apply for deferment.

Question 2:
What is the procedure to defer payment as I am still unemployed and my finances are not stable?

Answer:
Please send an official application letter for deferment to PTPTN together with a certification that you are still not working and confirmation of contribution/statement from the EPF.

Please note that only complete applications will be processed.

Please be informed that the 3% annual administrative cost will still be charged for the entire duration of deferment.

Question 3:
I wish to defer repayment as I am continuing my studies. What is the procedure?

Answer:
Please send an official application letter for deferment of repayment or complete the deferment form which can be downloaded from the PTPTN website together with the following supporting documents to PTPTN for consideration:

A copy of the study offer letter which has been certified by a government officer from the Management/Professional Group;
A copy of the offer letter from the new sponsor which has been certified by a government officer from the Management/Professional Group (if you receive sponsorship other than PTPTN);
Confirmation letter of date of completion of study from the IPT (if this is not stated in the offer letter); and
A copy of the transcript and degree for the completed level of study (if relevant) which has been certified by a government officer from the Management/Professional Group.

Please note that only complete applications will be processed.

Please be informed that the 3% annual administrative cost will still be charged for the entire duration of deferment.

Question 4:
What is the effect on the repayment period and total monthly instalments after deferment of repayment is approved?

Answer:
The deferment of repayment will result in an increase in the monthly instalment in the future as the period of repayment will be shortened. This is because the final date of repayment will remain the same. Only the commencement of repayment date is deferred. Therefore, the deferment will result in greater financial burden in the future.

Question 5:
Can I apply for deferment as I am only a temporary/contractual employee?

Answer:
Application for deferment is not allowed for borrowers with temporary/contractual employment. However, they can request for a reduction in the instalment amount for a specific period of time.

Question 6:
What is the period of deferment allowed by PTPTN for loan repayment?

Answer:
Deferment of repayment for those who have yet to find employment can be granted for a period of 2 years only. The deferment period approved can be terminated if employment is found. For borrowers who request deferment due to continuing their studies full-time, the period of deferment is for the entire duration of the new course of study. However, during the period of deferment, administrative cost is still charged. As such, deferment of repayment is not encouraged.

Question 7:

My application for deferment has been approved and I am now working. Can I commence repayment earlier than the approved period of deferment?

Answer:
Yes. Borrowers whose deferment has been approved but who wish to commence repayment earlier can do so and inform PTPTN through an official letter.

Question 8:
My application for deferment has been approved. How is the administrative cost calculated?

Answer:

During the deferment period, the administrative cost is still calculated based on the monthly loan balance. The total loan will increase if no payment is made. This means that the administrative cost will be charged for as long as there is loan balance.

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About the Author

- A founder of Malaysia-Scholarship.net who has more than 10 years experience in handling scholarship matters in a Government Link Company (GLC). I can be contacted at admin @ malaysia-scholarship.net

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