PTPTN 1% Administrative Cost

The Star - 16 June 2009

PTPTN to charge 3% till syariah system is in place

The service charge reduction from 3% to 1% for those who borrowed from the National Higher Education Fund Corporation (PTPTN) will take effect simultaneously with the offering of the Ujrah (syariah-compliant financing product).

The offer to eligible borrowers would be done in phases after the process of data migration, which is currently being done from the existing system to the new integrated financing system, is completed, said National Higher Education Fund Corporation chief executive officer Noora Md Yusoff.

“The existing administrative cost of 3% will remain until the completion of the Ujrah financing agreement between the borrowers and PTPTN,” she said in a statement yesterday. Noora was replying to a comment made by “Regular Payor” via SMS which was published in The Star recently which alleged that the PTPTN failed to implement the reduction of the service charge from 3% to 1% that was supposed to begin from June last year. Any overpayment prior to the implementation would be adjusted accordingly, Noora said. source: The Star


COMMENTS:
Administrative cost reduction from 3% to 1% effective on June 2008 has been announced more than 1 year in many mainstream newspaper. Unfortunately, there is still no adjustment until today and PTPTN has poor follow up on updating the borrowers about this matter. A long silent from them has created a lot of unnecessary confusion, anger, disappointment, waiting, restless emotions among the borrowers.

I personally think PTPTN should update borrowers consistently on this matter in their own portal because some people don't read newspaper or every page of newspaper everyday. By having an update on website will solve most of the issues.

PTPTN online Statement - http://epay.ptptn.gov.my/loan/ptptnlogin.jsp
PTPTN Loan Calculator - http://www.ptptn.gov.my/web/guest/loan_calc