Loan Education Malaysia

Best Education Loan in Malaysia

downloadThe first option for most Malaysians thinking about taking a study loan is the PTPN loan (National Higher Education Fund). It is a study loan funded by the Malaysian government, and has a low interest rate of 1% p.a. (p.a. stands for per annum, which is Latin for per year).Basically, an interest rate of 1% p.a. means that if you borrow RM10, 000, then you will owe the lender the original RM10, 000 plus RM100 (per year) as an interest payment. If you take 3 years to repay the loan, you will have to pay RM10, 300. In terms of interest rates, the PTPN loan is the best option. However, if you are above the age of 45 (the age limit to secure a PTPN loan) or do not meet the stringent requirements of the PTPN loan, then your next best option is to get a loan from one of the banks in Malaysia.

Before we delve into the various study loans available in Malaysia, here are some important things to know about interest rates.There are two main types of interest rates: flat rate interest and compounded interest. Flat rate interest means that the same amount of interest will accrue each year. Some loans may charge compound interest (meaning that, if you do not pay off the interest payable per annum at the end of each year, a greater amount of interest will accrue the following year).

Another thing you should know about before taking a loan is the BLR (Base Lending Rate). BLR is a minimum interest rate calculated by financial institutions based on a certain formula. This formula takes into account the institutions cost of funds and other administrative costs. The BLR is adjusted by banks, but the rate actually is determined by Bank Negara Malaysia. The BLR for the year 2014 in Malaysia is approximately 6.85%, but every bank may offer a different package.

Now that we know the basics of taking a loan, let’s move on to the numerous types of study loans available.In Malaysia, study loans are usually funded by government bodies, financial institutions such as banks, orprivate corporations and organisations. Loans are also offered by some universities and colleges, but usually in partnership with a bank. Typically, a study loan covers a student’s tuition fees, cost of books and living expenses.

There’s an ocean of information out there on study loans, and it can be tough fishing them out. This article is going to save you the trouble of going deep sea fishing! Here’s the catch of the year.

Study loans offered by banks may be the only option for those of us who have passed the age limit restrictions that government loans or scholarships prescribe to. It is important to note thatstudy loans are not offered by all banks. However, most banks provide personal loans which can be used to fund education.

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What is the Malaysia Minstry Of Education?

Malaysia's ministry of education is a ministry which controls the education of primary and secondary students and schools of Malaysia.It is one of the most important ministry in Malaysia.Three of the nation's prime ministers( Tun Abdul Razak-2, Tun Hussein Onn-3, and Tun Dr.Mahathir Mohamad-4) were ex-education ministers.The current minister of education of Malaysia is Y.B Datuk Seri Hishammuddin Tun Hussein, who is the UMNO youth chief.The deputy ministers are Datok Hon Choon Kim and Datuk Noh.B.Omar.Please check out Education Ministry's official site, for further information.

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