The reason?? To pay less of course! :)
Note: The method desired by me is to prolong the loan as long as possible (ALAP) cause of the low interest rate and the fact that I can get higher returns through investing. ^_^ (heck even ASB is better)
Let's get started !
Loan amount : 28 000 (Engineering course)
3% for 15 Years
 |
| Financial Calculator App ( free download here ) or PTPTN's calculator |
Vs
1% for 15 Years ( am not sure if it changes to 15 or 20 years, so I'll do both )
1% for 20 Years
1% for 15 Years ( am not sure if it changes to 15 or 20 years, so I'll do both )
28000 x 0.01 x 15 years = 4200 ( interest )
28000 + 4200 = 32200 ( total amount to be repaid )
32200 / 180 months = RM 178.89 per month
28000 x 0.01 x 20 years = 5600( interest )
28000 + 5600= 33600 ( total amount to be repaid )
33600 / 240 months = RM 140.00 per month
Either way, changing to 1% is definitely the better choice. Do correct me if I'm wrong, okay? The best would be that they abolished the interest payment altogether or the least give discounts to second class honours. Still waiting for the good news :).
update: I managed to switch to the 1% through ptptn's website here
update: But they rejected my application lol.. this is the reason they gave
Tuan / Puan,
Tuan tidak berjaya ditawarkan pertukaran pinjaman dari (3%) kepada pembiayaan ujrah (1%). Dimaklumkan bahawa permohonan tuan tidak dapat dipertimbangkan atas sebab-sebab berikut:-
Status 10 - Pelajar yang mempunyai "Grace Period" tamat selepas March kerana Jadual Bayaran Balik masih belum di 'plot'.
And from what I googled, the answer given was
Semakan mendapati jadual bayaran balik anda belum di jana. Untuk makluman jadual bayaran balik akan di bina setelah 6 bulan tamat pengajian.Tawaran ujrah akan di tawarkan sebaik sahaja jadual bayaran balik anda di jana.
So, nothing else to do but wait I guess.
update: PTPTN loans: Incentive – repayment of full loan from 1 October 2012 until 30 September 2013, a discount of 20% will be given on their loan. Regular repayment gets a 10% discount.
Link to the pdf
19/5/2013 update: Successfully changed to 1% ujrah after a series of calls/emails to PTPTN. Slowly repaying while waiting for the next GE :)
update: I managed to switch to the 1% through ptptn's website here
update: But they rejected my application lol.. this is the reason they gave
Tuan / Puan,
Tuan tidak berjaya ditawarkan pertukaran pinjaman dari (3%) kepada pembiayaan ujrah (1%). Dimaklumkan bahawa permohonan tuan tidak dapat dipertimbangkan atas sebab-sebab berikut:-
Status 10 - Pelajar yang mempunyai "Grace Period" tamat selepas March kerana Jadual Bayaran Balik masih belum di 'plot'.
And from what I googled, the answer given was
Semakan mendapati jadual bayaran balik anda belum di jana. Untuk makluman jadual bayaran balik akan di bina setelah 6 bulan tamat pengajian.Tawaran ujrah akan di tawarkan sebaik sahaja jadual bayaran balik anda di jana.
So, nothing else to do but wait I guess.
update: PTPTN loans: Incentive – repayment of full loan from 1 October 2012 until 30 September 2013, a discount of 20% will be given on their loan. Regular repayment gets a 10% discount.
Link to the pdf
19/5/2013 update: Successfully changed to 1% ujrah after a series of calls/emails to PTPTN. Slowly repaying while waiting for the next GE :)
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