Today, it marks a historic milestone for my PTPTN's loan. After waiting for a year since the day government announced that it will reduce the interest rate from 3% to 1%, all the borrowers' wish finally came true.
I am very pleased with the announcement, though, it should be more effective. Understandably, there are thousands of borrowers who had taken up the education loan. However, did PTPTN file and store those record in a systematic way? If so, why would it take so long?
Right after the announcement, many of us (loan takers) curiously thinking about the procedure, terms and conditions applies, and of course, when would it started. Then, I believe many of us can't wait anymore, and take the first step by ringing up to inquire about the issue.
Personally, I did called. Surprisingly, the official politely told us that NOT everyone are entitle for the reduced 1% interest rate. The term was: "Qualified borrowers is meant for those who regularly repay the loan for the past 12 months".
Fortunately, I am one of those qualified borrower (I think). However, there was a lists of questions?
What does 'regularly' mean? Repaying 3 months in one shot, can?
This is because there is a transaction fee each time we repay loan. Hence, many of us prefer to repay in one shot, albeit bigger amount, to reduce our costs and avoiding the monthly hassle.
The reduced rate is on the outstanding loan amount?
This would be unfair for those who regularly repaying a certain amount, as we are serving interest only initially. If this is the case, what's the incentive for us to repay early previously?
Until now, we still are unsure about the entitlements and the procedures, if any.
Conclusion was clarifications from PTPTN are very much needed here. Not because we don't want to repay, in fact, we need the assurances given by PTPTN.