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Are you planning to take student education loan in Malaysia, then do not worry as there are many good avenues for you to easily get one. Since, taking an education loan is always a very serious proposition for the students, hence, we have come up with the list of 5 most popular and best rated education loans for students in Malaysia. In Malaysia, the educational institutions offer a number of financial aids in the form of scholarships and other financial grants, but all the students would not be able to avail these.
Perbadanan Tabung Pendidikan Tinggi Nasional or National Higher Education Fund Corporation is a student education loan which is funded by the Malaysian Government. The students who wish to apply for the PTPTN Education Loan should open a bank account with any public bank in Malaysia – BSN or CIMB or BIMB or Bank Muamalat Malaysia Bhd. The students should first buy a PTPTN number from the bank branch and then register online to apply for the loan. The students in order to get the amount loan sanctioned have to submit their college or university admission related documents as proof to their PTPTN Officer.
The students who are not eligible to obtain a PTPTN Loan should apply for a Bank Study Loan. There are a number of banks in Malaysia that can offer you a number of student education loans. The repayment period for a bank study loan varies, usually, from 10 to 15 years, according to the terms and conditions of the bank.
i) Bank Rakyat Study Loan: Being one of the biggest Islamic cooperative banks in Malaysia that offers a finance up to RM 2,00,000 for a maximum period of 15 years.The interest rate ion this education loan will gradually increase, if the student takes a longer time to repay the loan amount.
ii) OCBC Bank Education Loan: This education loan is the best for those students who wish to pursue part time courses in any Malaysian educational private institutions.
The AMMA Foundation is a company established in the year 1980. The aim of its establishment was to help the needy Malaysians in their quest for higher learning in Malaysia. The AMMA Foundation Education Loans are open to all those Malaysian citizens who are pursuing full time degree or diploma program at a Malaysian University or College.
KOJADI was set up in the year 1981 for extending relevant financial help to students in Malaysia for pursuing higher education in a university college or university. There are 12 different types of KOJADI Education Loan schemes for the students to choose from based out of their education requirements.
The MIED (Maju Institute of Education Development) was started in the year 1984 for offering financial assistance to the backward or needy students pursuing higher education in Malaysia. A special preference is granted to students studying in TAFE College, Seremban as well as AIMST University, Kedah.