How can I get a student loan in Malaysia?

Does Malaysia have student loans?

PTPTN or Perbadanan Tabung Pendidikan Nasional is a government institution that offers study loans for Malaysians to pursue their tertiary education. … Given the relatively low-interest rate to borrow, the PTPTN loan is one of the most attractive student loans in Malaysia.

Is student loan easy to get?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

How can I get study loan?

Salaried individuals will need the following documents in order for applying for an education loan against property.

  1. Latest salary slips.
  2. Bank account statements of the previous 3 months.
  3. PAN card/ Form 60 of all applicants.
  4. ID proof.
  5. Address proof.
  6. Document of the property to be mortgaged.
  7. IT returns.
  8. Title documents.

Who can give me education loan?

The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt. etc. Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse/parent-in-law (in case of married candidates).

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Can I get a student loan from a bank?

Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources.

How much is student debt in Malaysia?

The Malaysian National Higher Education Fund Corporation (PTPTN) was set up in 1997. Since then, it has accumulated a massive debt amounting to RM40 billion in principal plus RM13 billion in interest. All these are guaranteed by the Malaysian government.

Can I get a student loan with no job?

Student loans without a job could fill in the gaps or pay the entire costs. Students may seek a loan from a private lender. You may also be eligible for federal aid if you qualify. Private loan lenders may offer student loans even if you’re unemployed or if you have bad credit history.

Can a unemployed person get a loan?

Yes, since the bank may not be willing to offer you a loan if you are unemployed. The bank takes into consideration your occupation and annual income as it helps them determine the rate of interest, they should levy on your loan amount and whether you will be able to repay the loan back in time.

Which bank is good for education loan?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Processing Fees
SBI 8.65% Zero processing fee up to Rs.20 lakh
Axis 13.70% to 15.20% Nil to Rs.15,000 + tax
Bank of Baroda 7.85% to 9.85% 1% of loan amount up to Rs.10,000
HDFC 9.55% to 13.25% Up to 1% of loan amount + tax
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How long does it take to approve student loan?

Applications typically take around six weeks to process. This may take longer if additional evidence or information is required to support the application. If your application is successful, you will receive a student finance entitlement letter, which will outline the funding you are entitled to for that academic year.

Is taking education loan a good idea?

In either case, an education loan is a good idea and a commonly sought after resort. Pursuing higher studies usually involves high fees and an education loan comes in handy at this point. Banks provide education loans for graduation/PG, diploma or professional courses, at attractive interest rates.

Can I get education loan before admission?

You can apply for education loan before getting admission confirmation from University / College. If your case is approved, you’ll get a conditional loan sanction letter. … Students and parents feel confident to apply for better colleges, without worrying about how to fund the education cost.

Can all students get student loans?

Almost everyone qualifies for student loans, though students with the greatest financial need can generally borrow under the best terms. The first step in applying for a student loan is figuring out whether you will be considered an independent student or one who is dependent on your parents.

How do I repay my education loan?

How to repay your education loan with limited income

  1. Choose a higher loan tenure, pre-pay if you have funds. If you opt for a secured education loan, you can avail a tenure of 10 years and above. …
  2. Start a side hustle or work part-time. …
  3. Live frugally. …
  4. Future income.
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How much loan can I get for education?

In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.