Pekadin hails education loan moratorium under Pemulih

KOTA KINABALU: The Sabah Kadazandusun Murut Welfare and Education Association (Pekadin) welcomes the timely announcement on the targeted repayment moratorium of three months for those with National Higher Education Fund Corporation (PTPTN)

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under the Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (Pemulih) assistance programme.

Its president Newmond Tibin said the loan moratorium would be a big help to the PTPTN borrowers and provide a much-needed lifeline for them.

“We certainly welcome and support this announcement. This shows that the government cares for the welfare of the people, especially the education loan borrowers ,” he said in a statement, here today,

On Monday, Prime Minister Tan Sri Muhyiddin Yassin announced several initiatives to defer education loan repayments, in the unveiling of the Pemulih assistance programme.

These included repayments in four categories – the PTPTN, federal education loans under the Public Service Department (PSD), Majlis Amanah Rakyat (Mara) education loans, and loans under the Skills Development Fund Corporation (PTPK).

Newmond said Pekadin also lauded the granting of a six-month loan repayment moratorium for all Malaysians.

While financial institutions have continued to provide targeted loan assistance to individuals impacted by Covid-19 and movement control orders, this time around, the moratorium is for everyone, from the B40 segment to the country’s top 20% earners (T20), and micro entrepreneurs.

There will be no need for proof of pay reduction or job loss, and no documents are required.

Applications will open on July 7, and borrowers just need to apply with the bank and sign the amended loan agreement form. Approval will be automatic for individual borrowers.

Small and medium enterprises (SMEs) can also apply, but for companies, it’s subject to review by the banks (not automatic).

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