It’s easier now to pay back your PTPTN loan if you know how to pay PTPTN online. PTPTN debt is a debt that many people in Malaysia have, especially young people who have just completed higher education. This article will explain PTPTN refund methods, PTPTN refund channels, PTPTN payment exceptions and other things you need to know.
PTPTN Online Payment and 3 Other Ways to Pay Back PTPTN Loan
Unless you are exempted from PTPTN repayment because you got a first class Bachelor’s Degree, you are obliged to repay your PTPTN debt. Among the reasons why PTPTN debt can become overdue is when the borrower does not pay the debt on time.
This procrastination will only hurt you. Ideally, when you get a monthly salary, you need to separate the money according to priority. There are various ways to make PTPTN debt payments according to your convenience. Here is a specific guide for all PTPTN borrowers who are confused about how to pay:
1. How to Pay PTPTN Online?
If you don’t have time to go to any PTPTN counter, the easiest way is to make a PTPTN online payment. There are several banks that provide online banking services. For example, Maybank, CIMB, RHB, Bank Rakyat and also Public Bank.
You can also make PTPTN debt payments through eWallet applications such as Touch N Go and Boost. Both of these payment methods require you to have an application to use the facilities offered.
2. Pay at the PTPTN Counter
In addition to paying through internet banking, you can also make PTPTN payments through a PTPTN branch counter near your home. Follow these steps:
- Go to any PTPTN branch or bank list above that is nearby;
- Take the turn number;
- Fill in the form given by the counter officer (Identification Card No., PTPTN Account No. and Contract No. or Bill No.);
- Give the form back to the officer, then pay the loan.;
3. PTPTN Auto Deduction From Salary
Payment of PTPTN debt can also be made by salary deduction. This method is usually used by civil servants. This is because those who receive PTPTN loans are required to make PTPTN repayments.
If you are not a civil servant and want to make PTPTN payments through salary deductions, your employer must submit a completed Employer Registration Form (PTPTN Salary Deductions) to the nearest PTPTN Office. As a borrower, you must submit a completed PTPTN Education Financing Authorization Form to the nearest PTPTN Office.
Meanwhile, PTPTN will update the salary deduction record into the system and submit a new salary deduction record to your employer at the end of each month. Next, the employer will make salary deductions and submit salary deduction data and payment to PTPTN before the 15th day of the month in the following month. Finally, PTPTN will update the loan statement.
4. How to Pay PTPTN using EPF (KWSP):
Many actually do not realize that PTPTN loans can be repaid using EPF money in EPF Account 2. Among the advantages of using 2 EPF accounts to make PTPTN refunds are:
- There is no withdrawal limit as long as there is a balance in the account 2;
- No processing charges;
- Enjoy savings in wage/administration costs and shorten the PTPTN repayment period.
Cara bayar PTPTN guna KWSP adalah seperti berikut:
- Register and Log in to i-Akaun;
- After successful login, click on “Withdrawals” on the top menu. Then click on “New Withdrawal Application” and select “Education”;
- A pop-up with an “OK” button will appear. Click on it, and a display of options for institutions involved (select PTPTN), payment recipient (select loan provider), educational level and application (select yourself) will be shown;
- Update Personal Information and Proceed with the Application;
- After filling in all necessary details, click on the “next” button and the “accept” button. Here, you need to update your personal information. Enter your current study matrix reference number in the withdrawal information section;
- Check eligibility. Your eligibility amount will then be displayed. Based on your EPF 2 account balance, that balance is the maximum amount in your account. It depends on how much you want to pay to PTPTN.
- Once you’ve made the application, PTPTN will process it, which usually takes less than a week.
- Upon successful approval, you will receive a confirmation SMS from EPF. After EPF approves your application, go to the nearest EPF office to take a thumbprint. Don’t forget to bring the necessary documents such as ID card, certificates, etc.
- The payment process will be completed within 16 days and can be checked in your EPF i-akaun.
What Are the Consequences of Not Paying PTPTN or Overdue PTPTN Debt?
PTPTN allocates as much as RM5 billion in education funds for Malaysians every year. As of 29 February 2016, PTPTN expects to collect repayments of RM15.8 billion from borrowers. However, only RM7.9 billion in refunds were received. What are the consequences of not paying PTPTN?
1. Credit Score Will Be Affected
As mentioned above, PTPTN payment arrears may cause your name to be blacklisted by PTPTN. It indirectly affects your credit score.
Through the CCRIS report, the bank can find out your inconsistent PTPTN repayment pattern (arrears, late payments and so on).
If you do not make PTPTN repayments consistently, you may face difficulties in applying for any loans such as housing loans, car loans or personal loans.
2. You Will Be Blacklisted
Borrowers who don’t repay loans or have PTPTN debt arrears will be blacklisted by the Malaysian Immigration Department. This will prevent you from traveling abroad, renewing your passport, or applying for a new passport.
3. Legal Action
You can also be sued if you fail to repay PTPTN debt. PTPTN will issue two notices if you don’t make repayments:
- PTPTN repayment reminder notice;
- Claim notice.
If you still don’t make any payments or negotiate with PTPTN, you can be sued or face legal action.
You are advised to pay your PTPTN debt according to the schedule so that you will not face any arrears payment problems with PTPTN. Additionally, if you are looking for the best car insurance, motorcycle insurance or home insurance, visit the Qoala website for more information.
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