Cash woes? A personal loan to the rescue!
  • Loans You Could Get from Top 3 Banks to Further Your Studies in Malaysia

    If you are willing to pursue your studies further and are in need of financial support, you can opt for student loans or various modes of financing in Malaysia. Ranging from government schemes to bank loans, you can get financial aid as per your choice.

    Let’s have a look at some of these schemes:

    Government and university-supported funding programmes

    National Higher Education Fund aka Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN), is a government funding scheme recognised under National Higher Education Act 1997. The scheme offers funding to qualifying students. However, many stringent criteria associated with the scheme like an age limit along with insufficient funds provided can persuade students to apply for education or personal loan programmes with banks and other financing institutions.

    Furthermore, UTAR Loan is another facility that involves a range of personal educational loan schemes for students pursuing different learning programs. The loans are offered by the Universiti Tunku Abdul Rahman (UTAR) to aspiring students who are looking for financial support for their studies and to scholars who are pursuing curriculums like foundation and undergraduate degree programmes.

    There are three different types of UTAR loans offered to the Malaysian citizens: UTAR Student Loan, UTAR Student Bridging Loan, and UTAR Toh Kim Eng Student Loan. You can get a funding of up to RM15,000 under this programme which can also be reviewed on yearly basis. The UTAR Loan schemes are interest-free loan facilities.

    Read below to find out the types of loan schemes offered by banks through which you can fund your studies:

    Education or Study Loans

    A study loan or education financing is clearly the first thing that comes to your mind while thinking about financing your studies. Below are some loan schemes offered by various banks in Malaysia.

    Bank Rakyat:

    The bank offers education financing of up to RM1 million through its Education Financing-i scheme. You can also obtain a flexible tenure of up to 20 years through this scheme. However, you may need to present a guarantor and collateral, depending upon your desired loan amount. The profit rate applicable for the scheme ranges from 4.85% p.a. to 9.75% p.a.

    OCBCBank:

    The OCBC Earn and Learn Education Loan scheme can be taken by a student and/or his/her parent. You can pledge your fixed deposit with the bank and obtain a desired financing amount. Additionally, the fixed deposit amount that you have pledged, will keep on earning interest. This loan is offered with tenures of up to 10 years and you can get funds of up to RM50,000. However, only selected colleges and universities are qualified for this programme.

    You can also check with other Malaysian banks for an education/study loan scheme.

    1Malaysia Education Caring Scheme (SPP1M) by Maybank

    This scheme is a supplementary financial aid for students who have qualified to pursue their bachelor’s degree or master’s degree courses at select universities in Malaysia. Maybank offers a financing amount of up to RM150,000 for students who are above 18 years of age and below the age of 35 years. You also need to be a full time student to qualify for this scheme. Students who are in their second semester, need to have CGPA of 3.00 and above to apply for the facility. You can obtain tenures of up to 20.5 years through this plan.

    The profit rate for the scheme is BR + 2.85% (EIR 5.85% p.a.) for loans acquired during the study period and a rate of BR + 3.85% (EIR 6.85% p.a.) after the study period.

    Personal Loans

    Apart from above mentioned types of government supported funding and bank offered loan schemes, you can also opt for a personal loan scheme to support your education. In Malaysia, you can get funding of up to RM400,000 in the form of a personal loan based on your income. Thus, if you are a working student, a personal loan can be an effective solution to back your educational expenses. You can obtain tenures of up to 10 years to make your repayments for which interest rates may vary from 3.99% p.a. to 14% p.a. depending on your plan.

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