Borrowers who pay off their PTPTN loans in one go will receive a 20% discount!
To ease the burden of living for school leavers, the 2023 budget mentions a discount of up to 20% for PTPTN borrowers. This program will run from November 1, 2022 to April 30, 2023.
Borrowers who pay off their PTPTN higher education loans in one lump sum will receive a 20% discount, borrowers who pay at least 50% of their loans will receive a 15% discount, and borrowers who pay off their loans through monthly payroll deductions or automatic deduction will receive a 15% discount.
Whether you want to pay off your PTPTN in one lump sum, pay at least 50% of your PTPTN, or pay by monthly automatic deduction, you can do it directly online without going to a PTPTN counter.
To find out how much you owe on your PTPTN student loan, you can visit https://www.ptptn.gov.my/semakanpinjaman/. You can check how much PTPTN you owe by entering your ID number and password.
1. Pay off your PTPTN loan in one lump sum
If you choose to pay off your PTPTN loan in one go, you will be entitled to a 20% discount. For example, if you still owe RM10,000, you will only have to pay RM8,000, which means you can save RM2,000.
2. Pay at least 50% of your student loan
If you choose to pay at least 50% of your student loan, you can get a 15% discount. For example, if you owe RM10,000 on your student loan and you choose to pay 55% or RM5,500, this means you will get a discount of RM825. After getting the discount, you will still have RM3,675 left for your student loan. 3.
3. Monthly Payroll Deduction or Automatic Debit
If you choose to pay your PTPTN student loan by monthly payroll deduction or automatic debit, you will be entitled to a 15% discount. For example, if you pay RM500 in this month, you will get a discount of RM75 at the end of the month.
