Budget 2023: Increased discount for early settlement of PTPTN loans

KUALA LUMPUR: PTPTN borrowers are eligible for additional discounts if they make payments from Nov 1 to April 30. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said those who pay off their loans between Nov 1 this year and April 30, 2023 will be eligible for a 20% discount, while those who pay off at least 50% of the loan will receive a 15% discount, compared to 15% and 12% respectively previously.

He also said those who repay PTPTN loans through salary deduction or direct debit according to the repayment schedule will receive a 15% discount, compared to the previous 10%. Tengku Zafrul also stated that those who achieved a first class bachelor’s degree were exempted from repaying the loan. This is done to facilitate the repayment process and foster a responsible attitude,” he said when presenting the 2023 Budget in the Dewan Rakyat.

He added that a total of RM3.8 billion had been allocated for scholarships and educational loans. He also said RM6.6 billion has been allocated for educational facilities for bumiputera students in Mara, Yayasan Peneraju and UiTM, as well as an increase of RM100 in living allowances for scholars and Civil Service Department officials in the country.

Overall, the Ministry of Higher Education received a boost of RM600 million as their allocation was increased to RM15.1 billion. The Ministry of Finance also allocated RM6.7 billion for various Technical and Vocational Education and Training (TVET) initiatives, with RM180 million for the TVET training fund. An additional RM20 million and 3,000 trainers are allocated for the National Dual Training System. Meanwhile, RM10 million is allocated for green campus initiatives in public universities.

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