Incentives to boost PTPTN loan repayment

GEORGE TOWN: The National Higher Education Fund Corporation (PTPTN) is targeting a 10% increase in loan repayment through salary deduction by yearend.

Its deputy chief executive officer (policy and operations) Mastura Mohd Khalid said it was hopeful of achieving the target in view of a 10% discount incentive given to borrowers as announced in Budget 2017.

“There are only 10% of borrowers repaying their PTPTN loans via salary deduction for now,” she said.

Mastura said this after handing over an undisclosed sum of money as Takaful coverage to the family members of Joice Chin Khoon Sing at a flat in Nordin Street Ghaut yesterday.

Chin, 24, was crushed to death when a hook that fell from a crane hit her car in Kuala Lumpur, on Aug 25.

Mastura said the incentives were a “good deal”, especially for those who could afford to settle the outstanding debt in full.

“They get to enjoy a 15% discount until December 2017. I hope they will make use of the three incentives as announced in the Budget,” she said.

The three incentives are a 15% discount on the outstanding debt for full settlement; 10% discount for payment of at least 50% of the outstanding debt made in a single payment; and 10% discount for repayment through salary deduction or direct debit in accordance with the repayment schedule.