PRELUDE
Just a glimpse, I believe many of us will agree that 1% is
a better method. Yezza, 1% or 3% charges, so of coz we choose the fewer figures,
which is 1%, rite? However after I had reviewed and analyze both methods, I found
out and would like to share info that readers/applicants should take note
before decide convert to 1% Ujrah or stick to 3% Conventional rate method.
CONTENTS REVIEW
My review here is regarding calculation method, payback period and agreement contents.
CONTENTS REVIEW
My review here is regarding calculation method, payback period and agreement contents.
1-CALCULATION
METHOD
3% Conventional is based on REDUCING BALANCE (similar as
home loan). Meaning the 3% is depends on your balance. So, the fewer balance you have, the lesser you
pay. In other means, if the balance still in bulk, you have to pay more. 3%
calculation is based on formula below (which I print screen from PTPTN website)
or may use the loan calculator as stipulated in the PTPTN website as well.
1% Ujrah is based on FLAT RATE (similar as hire purchase/car
loan). Meaning the monthly amount you pay is the same figure (fixed) and if you
skip the monthly payment, you will be imposed on penalty as stated in the
agreement below.
1% calculation is based on formula below or may use the ujrah calculator.
Ujrah Chargers = Current Outstanding Balance x 1% a year x payback period
= RM28625 x 0.01 x 15 years
= RM4293.75
Total Payment = RM28625 + RM4293.75
= RM32918.75
Monthly payment = RM32918.75 / 180 months
= RM182.88
*Note : Current Outstanding Balance = loan principal amount + arrear amount
= RM28000 + RM 625
= RM28625
1% method is calculated based on the LATEST BALANCE (BAKI TERKINI) IN THE CURRENT YEAR
(TAHUN SEMASA). So, it will include the arrear amount (the amount which
borrowers didn’t pay for a few months or monthly payback amount is less than
the figure stated in the schedule). That is why in the case above, the figures
calculated is RM28625 not RM28000, even the loan principal is RM28000.
2-PAY
BACK PERIOD
Next, please note of the ‘pay back period’ given as well.
Some cases, during 3%, the period given is 10 years (120months), however after
convert to 1%, the timeline is 15years (180months). The ‘pay back period’ is
important bcoz it is included in payment calculation and it influencing the
amount you pay. If the payback year given is longer, meaning the bigger total
amount has to be paid. You may refer the formula below and detail calculation
as above.
Ujrah Chargers =
Current Outstanding Balance x 1% a year x PAYBACK PERIOD
The 1% schedule of pay back period as below :
3-AGREEMENT CONTENTS
I’m not a lawyer or a legal advisor, however I think you have to
consider some of the T&C stated in the 1% rate Agreement as below.
Agree to any rate? Meaning PTPTN can change the present 1% rate to any rate which is set by PTPTN from time to time? So, if suddenly the rate is change to 5% or 10% in future, the borrowers have to pay the new amount based on which is set by PTPTN in upcoming period, rite.
PTPTN reserve the right to charge a 1% penalty if borrowers do not pay on time.
PTPTN has absolute discretion
to amend or add any of the terms and conditions. Therefore, anything may happen such as if the management of PTPTN is
change, then the new management be able to amend/add the T&C or any
possibilities may happen. So, from 3% to 1%, then 1% to 5% huh?
Final point, I’m not sure about this
part, but I heard with the 1% method, if the borrower’s die, then the
beneficiaries will be responsible towards the loan (e.g. your
parents/spouse/family has to pay the loan until clear up. It is different with
3% rate which the loan will be written off if the borrowers pass away.
Therefore, it will not burden the family or beneficiaries.
UPSHOT
As for ME, I stick to 3% Conventional, as I already paid almost
17K and my balance is only 7K when they offered me 1% Ujrah. Plus, bcoz I feel
less comfortable regarding the “absolute discretion” terms.
For those who haven’t paid even a cent or plan to settle
in LONG TERM, I suggest better to choose the 1% Ujrah with MONTHLY PAYMENT MORE
than the amount stated in the schedule given. Bcoz in my roughly view, if you
do a payment according to the schedule given, the whole amount you paid is MORE
actually.
For those who plan to clear up the loan in SHORT TERM, I advise
better bond to 3% Conventional. I salute those people! Congratz!
PROPOSITION
PTPTN should give DISCOUNT instead of INTEREST and
Discount given is based on performance (e.g. 3.0 CGPA & above) to maintain
the quality or giving discounts if payments are paid earlier before the
timeline. I believe, discount method may encourage borrowers to pay earlier and
clear up the loan before the timeline. Our country given discounts to traffic OFFENDERS
for traffic summons, so absolutely may give discount for EDUCATION which is essential
to country.
Or at least borrowers should only pay the loan without the
interest/admin chargers as all the work done in managing the PTPTN should
already have been allocated in the yearly budget, not from the charges.
Besides, I suggest PTPTN start asking for reimbursement once the borrower’s salary reached a certain level. So, may less the burden for those who have a low salary.
WISHES
I do really hope that the present and future Government to maintain and manage Economical & Quality Education System.
WISHES
I do really hope that the present and future Government to maintain and manage Economical & Quality Education System.
Eventually, I wish viewers will get detail outlook and may
wisely decide which one is the best to opt.
Menilai bukan hanya dengan MATA FIZIKAL, tetapi gunakan
jua MATA HATI, pasti dapat keputusan yang dicari!
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