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> Need advice on repaying PTPTN loan, all ur News and Questions on PTPTN

Aeon_Clock
post Dec 27 2007, 11:26 PM, updated 10 months ago

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Good to see this thread is used to assist people with problems with their PTPTN. Feel free to ask, there are people who will help given the time to respond.

Use this link to check if you're blocked from travelling - http://sspi2.imi.gov.my/. Please note its best to continue paying to avoid issues and checking does not necessarily mean you're safe to travel on that date. As we all know, there have been people who checked but were blocked on the day before their flight. Let's hope that's just a one-off. Best of luck and save travels!

My previous question:
QUOTE
Hi, I just received a early 2007 statement from PTPTN...and they've been charging me administration charges of almost RM100 every month. Not sure if the rest of you are the same but I think that's a little too much.

I need some advise or plan to repay the loan quickly so that I don't waste anymore money on admin charges.
This post has been edited by Aeon_Clock: Jun 8 2018, 05:53 PM
scorgio
post Dec 28 2007, 12:04 AM

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The so called 'admin charges' is actually INTEREST.

Get it?
calistachan
post Dec 28 2007, 12:08 AM

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how come the amount is so big? i tot it is 3%???
Aeon_Clock
post Dec 28 2007, 12:14 AM

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this interest looks stagnant every month. Almost as if they calculate the interest early in the year and just set that amount to add monthly? Its actually RM99.xx....from just about RM40k loan. Was 38k last time I checked...dunno when the hell they started the payment date without telling me. Now accumulated until over 40k ady.

One thing about this loan...if I have let's say 20k now...can I just pay up that amount and the interest will reduce?
leekk8
post Dec 28 2007, 11:01 AM

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PTPTN will start counting the interest 6 months after you graduate without informing you.

The interest is correct, 38k*3%=RM1140 a year. So, every month your interest is 1140/12=RM95. If you didnt pay for it, the interest will be higher and higher. 3% interest rate is the lowest rate in loan industry, what you expect? Imagine you have 38k debt with credit card, your interest every month will be 38k*1.5%=RM570. RM570 EVERY MONTH!!!

If you pay back RM20k one shot, definitely will reduce your interest. For example, total debt you have now is 40k. Pay back 20k, outstanding is 20k. So, 20k*3%=600. 600/12=50. Your monthly interest will be RM50.

Anyway, for me, I prefer to pay the minimum amount, as the interest rate is really low. I can save more money to invest in unit trust and share. This investment can give me average annual return 10%. I gain 7% from it after deduct the interest charged by PTPTN.
wintermelon
post Dec 28 2007, 11:07 AM

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Why suddenly they are charging this interest/admin charges? Those who borrowed about 10 years ago do not have to bear the same charges. It's so unfair.

Government is getting really poor, not much money left for those people to 'makan rasuah'. That's why they are chasing everyone to pay.
viper
post Dec 28 2007, 04:29 PM

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Hi guys, here some idea for you on PTPTN,

Why we charge 3% interest is natural understanding, we borrow we pay with interest. But I doesn't know anything bout 10 years ago how PTPTN charge, but I know that some people doesn't want to pay back PTPTN loan.

OK, why administrative fees is so high? This is actually the interest started to calculate once you working/6 months after you graduated. And the interest is times with the total loan annually. So for the first few years, you might be paying the admin fees. Correct me if i'm wrong.

Ok, for example here...

Total loan = RM80,000 and 3% interest for 20 years

And every month I'm entitle to pay RM500 (Approximately)

Then PTPTN will send a statement on a better paying ways, which will not burden for starting.

For 1st years, RM150
2nd years, RM200
3rd years, RM250
4th year, RM300
5th year, RM350
6th year, RM400
.
.
8th year, RM550
.
.
.
.
25th year RM550
Approximately, the period is extended extra 5 years, but it will be easier to pay for starting. And If you have large sum of money...do pay the loan as it will always be non-benefits to prolong ur loan too long. Bare in mind that though some do not pay, but heard some said our name will be black listed....well, don;t know is true....but just something what i know here and share with you guys here....PEACE icon_rolleyes.gif
yewkhuay
post Dec 28 2007, 04:54 PM

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3% interest is charged on ur outstanding loan amount, example, 21K loan, 3% is about 650/yr, tht will be about 52.50/month aka admin fees.

pls understand 1thing, u borrow and u pay back, it doesn't matter whether thousands ppl out there who borrow monkey years ago n didn't pay, it's ur responsibility to ur own debt. stop behaving like : why m i got summon when the rest of the vehicles also speeding...

perhaps when each every individual be responsible to pay up their own PTPTN loan, the government won't hav to imposed tht 3% interest (which has oready gone down from 4% to encourage u ppl to pay..) and ur children don hav problem borrowing money.

May be the government should increase the interest to 8% instead , then ppl will stop claiming put the money in investment gain >5% return to pay back , which they never do.
Chester
post Dec 28 2007, 09:47 PM

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Did you choose how long you plan to pay or they choose for you? I need to pay 5 years..
wintermelon
post Dec 29 2007, 10:57 AM

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I heard from a friend that the payment is quite flexible as long as you pay. Most of my friends are not paying because they just started to work, just barely enough to survive. Many employers said we are newbies without experience and pay us really low.

Anyone know how to pay the PTPTN via maybank2u.com?
amenlo9
post Dec 29 2007, 11:44 AM

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QUOTE(wintermelon @ Dec 29 2007, 10:57 AM)
I heard from a friend that the payment is quite flexible as long as you pay. Most of my friends are not paying because they just started to work, just barely enough to survive. Many employers said we are newbies without experience and pay us really low.

Anyone know how to pay the PTPTN via maybank2u.com?
*
log on into your mb2u and add PTPTN into your payee list.same as CIMB and public bank.CIMB charged RM0.50 per payment and public bank charged RM1 if i am not mistaken
otherwise
post Dec 29 2007, 06:05 PM

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QUOTE(amenlo9 @ Dec 29 2007, 11:44 AM)
log on into your mb2u and add PTPTN into your payee list.same as CIMB and public bank.CIMB charged RM0.50 per payment and public bank charged RM1 if i am not mistaken
*
how much maybank2u charge? how much do u pay back to ptptn monthly?
yewkhuay
post Dec 29 2007, 07:22 PM

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m2u charge rm1 ,CIMB online rm0.50, rm2 over the counter.
amenlo9
post Dec 29 2007, 07:41 PM

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QUOTE(otherwise @ Dec 29 2007, 06:05 PM)
how much maybank2u charge? how much do u pay back to ptptn monthly?
*
i think u will received the letter from PTPTN about how much amount u need to pay per month base on your loan.

the will list down like this :

1st Year: RM100
2nd Year:RM150
............
...........
...........
Until Final Year: RMXXX

Just follow the schedule.


otherwise
post Jan 6 2008, 06:44 PM

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QUOTE(amenlo9 @ Dec 29 2007, 07:41 PM)
i think u will received the letter from PTPTN about how much amount u need to pay per month base on your loan.

the will list down like this :

1st Year: RM100
2nd Year:RM150
............
...........
...........
Until Final Year: RMXXX

Just follow the schedule.
*
I didnt get any repayment schedule from ptptn. So my loan is about rm25k. What is the ideal minimum pay since i just started work 2 months ago.
arsenal
post Jan 6 2008, 08:51 PM

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QUOTE(otherwise @ Jan 6 2008, 06:44 PM)
I didnt get any repayment schedule from ptptn. So my loan is about rm25k. What is the ideal minimum pay since i just started work 2 months ago.
*
just pay more than interest charge you chould be alrite...just put the money in fd also better...gain ard 0.25%..... tongue.gif tongue.gif tongue.gif
reflection_C
post Jan 6 2008, 09:48 PM

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QUOTE(yewkhuay @ Dec 28 2007, 04:54 PM)

pls understand 1thing, u borrow and u pay back, it doesn't matter whether thousands ppl out there who borrow monkey years ago n didn't pay, it's ur responsibility to ur own debt. stop behaving like : why m i got summon when the rest of the vehicles also speeding...
You are right. Whenever we borrowed money from others, or applying loans, we required to pay back whether the interest rate changed or not. So think carefully before taking other people money and using it for own advantages.

As for education loans, you may no need to repay all at once if you have other debts. Break it into years installments to a decade. But take up own risk for interest rate changes.
s@ni
post Jan 6 2008, 09:52 PM

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better put this in education thread for further reference.

can also change the title to: How Much You pay per month for PTPTN
uzairi
post Jan 6 2008, 10:25 PM

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QUOTE(wintermelon @ Dec 28 2007, 11:07 AM)
Why suddenly they are charging this interest/admin charges? Those who borrowed about 10 years ago do not have to bear the same charges. It's so unfair.

Government is getting really poor, not much money left for those people to 'makan rasuah'. That's why they are chasing everyone to pay.
*
They did that because previous borrower didnt pay, so they must do that in order to give loans for new students.
l3iTi
post Jan 10 2008, 10:18 AM

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Anyone know how they count the interest for PTPTN??
My loan is 21k. Interest is 3%.

My question are:

a) So the interest for one month is 21000 x (0.03/12) = MYR 52.50
Is that correct?

b) Interest started to count in 17th Oct. But i already started to pay before Oct. The interest should be counted base on the balance on 17Oct. Am i right??

I get the PTPTN Statement, it showed that interest is only MYR 48.70 rclxub.gif It's slightly lower than 3% lor So i believe my statement in Question b) is right hmm.gif

c) But when i compare my statement with my frens that never pay before, they have the same interest as mine doh.gif So how does PTPTN calculate interest?? rclxub.gif

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