To those who is about to borrow loans from PTPTN, think twice before you sign those forms.
I borrowed RM10k from PTPTN but only got RM5k cos my loan was suspended after sem 2. To be exact, I got only RM4899 from them. The balance is some administration charges according to them. Maybe some of you is not aware that you’ll be given a rebate if you’re paying a lump-sum before the 6 month grace period which was given after you officialy graduated ends.
For your information, PTPTN has history of complaints for ignoring request for lump-sum payment from students. Why? If you’re paying a lump-sum, they’ll have to give you a rebate. If you don’t, they’ll just earn those interest.
I went to their office personally to make my payment and I was expecting a rebate because I’m making a lump-sum payment. Instead of getting rebates, they charged me interest for my loan. I asked why am I being charged interest. They replied, the interest was charged as soon as my loan got suspended and they say they informed student about this matter. They did not tell us about this during the briefing, nor the college did.
I brought along all my documents, I asked them which clause of the regulation says that I will be charged. THey just replied, the clause is not there but there is a clause that enable them to change their rules anytime they want. So, I’m fine with it. I’m being charged 4 months of interest. But if you make the calculation right, the total of months charged for interest should be more than 6 months if it starts from my 3rd sem.
After payment, they say i’ll receive my Release Letter after 2 weeks of payment. Guess what? It’s already 4 months and I yet to receive anything. Everytime I called the person in charge, he’s always outstation. When you call them the second time, no one will pickup the phone. The third time, you’ll find that the line is engaged.
WHAT THE HELL ARE THEY TRYING TO DO ?
My advice, make sure you make few copies of your payment receipt before you receive your Release Letter. As those printed papers will get blurred as time goes by. That time you’ll loose your proof of payment. When that happens and you yet to receive your letter, you’re still bound to the contract.
And yes, I’m still waiting for that stupid letter so that I won’t be called up in court or have my money deducted from EPF for nothing.