The National Higher Education Fund Corporation (PTPTN) will set up booth at MyRumah Property showcase at The Curve in Mutiara Damansara, Selangor starting on Friday (6-8 October) to help visitors and would-be home buyers improve their credit scores.
According to PTPTN Senior General Manager Abdul Ghaffar Yusop, they look forward to helping individuals with a bad record in the Central Credit Reference Information System (CCRIS).
In March 2017, the student loan provider rolled out the #BolehBincang campaign to encourage individuals who have failed to repay their debts to negotiate with PTPTN on settling their financial obligations.
Abdul Ghaffar revealed that out of a total of 1.9 million student loan borrowers, 423,000 have not yet repaid any amount and this totalled around RM2.8 billion.
“Upon reviewing the necessary documents on their financial situation, PTPTN will request for them to pay an upfront payment of considerable amount and restructure their debt.”
“The repayment will be done via salary deduction or direct debit. PTPTN will deduct between six to eight percent of their salaries every month,” he noted, adding that the loan repayment can be extended until the borrower reaches the age of 60.
After the debt has been negotiated, PTPTN will issue a loan reschedule letter with new loan terms. This document will be issued on-the-spot to people who visit its booth at the event.
“The bank may use the letter for the purpose of offering financial assistance to home buyers,” he said, adding that the previous CCRIS bad record of those who have fully repaid their student loans will be removed within seven working days.
Under Budget 2017, those who pay at least half of their outstanding debt until 31 December 2017 will qualify for a 10 percent discount, while those who make full payment will get 15 percent off.
Moreover, Abdul Ghaffar revealed that their payment collection has improved after introducing the #BolehBincang campaign in March 2017.
“PTPTN has collected about RM2.7 billion between January and August compared to RM1.96 billion in the same period last year,” he said, adding that they are targeting to amass RM4 billion per annum so they can provide student loans to about 600,000 individuals.
Image sourced from NST.
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
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