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LENDING & CREDIT | Cesar Tordesillas, Malaysia
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Higher education loans in Malaysia to be coursed through Maybank or Bank Islam

All loan applicants under the PTPTN must open an account with the SSPN through Maybank or Bank Islam.

 

The PTPTN or National Higher Education Fund Corporation said that opening of SSPN or National Education Savings Scheme accounts through other banks would only be allowed after this year.

It said for those who already had SSPN accounts, they could increase their savings through all existing channels such as Maybank, Bank Simpanan Nasional, Agrobank, CIMB Bank, Bank Islam, Bank Rakyat and at PTPTN counters.

Starting from Jan 1, PTPTN has required applicants to open SSPN accounts as a condition to apply for PTPTN loan.

Before this, the banks that served as PTPTN's agents had been told to upgrade their SSPN opening account system to ensure a smooth interface between PTPTN and the banks.

As of Jan 31, only Maybank and Bank Islam managed to upgrade their systems.

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