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Education Loan

Introduction.

The PTPTN Education Loan Scheme was established for the purpose of providing educational loans to students pursuing studies at local Higher Education Institutions (IPT). This education loan will allow students to finance all or part of their tuition fees and living expenses throughout their period of study. The PTPTN education loan facility is open to students continuing their studies at local Public Higher Education Institutions (IPTA) and Private Higher Education Institutions (IPTS) only.

Educational Loans Offered

Loan application, education loan offer, education loan disbursement, withholding of education loan disbursement.

The conditions of applying for an education loan are as follows :

• Malaysian citizen;
• Aged not more than 45 years on the date of application;
• The monthly (gross) income of parents or guardians does not exceed RM50,000 (after deducting RM250 per dependent);
• Received offer to IPTA/ IPTS and Polytechnics based on the eligibility criteria set by the Ministry of Higher Education and the Malaysian Qualifications Agency (MQA);
• The course pursued by the student in IPTA/ IPTS and Polytechnics must be approved by the Ministry of Higher Education and registered with The National Higher Education Fund Corporation (PTPTN)*;
• The remaining duration of the course of study during application must not be less than one (1) semester;
• Has opened a Simpan SSPN Prime/ Simpan SSPN Plus** account.

*Only courses approved for sponsorship by PTPTN will be registered and listed in the PTPTN Online Application Portal. The IPT will have to apply to PTPTN if they want to obtain a loan from PTPTN.

**Only Simpan SSPN Prime accounts with 15 digits are allowed to apply for PTPTN. Please contact any PTPTN branch nearby to check the 15 digits Simpan SSPN Prime account numbers.

The PTPTN Education Loan Scheme with group takaful protection is intended to protect the loan amount that has been disbursed by PTPTN to borrowers for 24 hours a day and covers the entire world in the event of death or total permanent disability. Each student is required to bear the cost of takaful protection as stipulated in the loan agreement.

Under the group takaful protection concept, the amount of loan given by PTPTN to all borrowers will be fully protected by the takaful operator company hired by PTPTN.

For loan offers approved before 6 April 2016, the takaful contribution is deducted from the loan amount disbursed to the borrower every semester according to the set rate.

Starting from the offer approval date of 6 April 2016, the takaful contribution is part of the approved loan amount and must be settled by the borrower.

Education loans will be discontinued for the following reasons:

Failing/ discontinuing the course of study at the approved level/ field/ institution during the education loan application process;

The students terminate their PTPTN education loans;

Forgery of information during the application process; or

Borrower is declared bankrupt.

Ingin Membuat Permohonan Pinjaman?

Ingin membuat semakan jadual permohonan/ bayaran pinjaman.

Starting from 1 January 2024, PTPTN education loans are limited to parents/ guardians whose gross income does not exceed RM50,000 per month. The current eligibility conditions for a PTPTN loan are as follows:

• The monthly (gross) income of parents or guardians does not exceed RM50,000 (after deducting RM250 per dependent) ;
• The course pursued by the student in IPTA/ IPTS and Polytechnics must be approved by the Ministry of Higher Education and registered with The National Higher Education Fund Corporation (PTPTN);
• The remaining duration of the course of study during application must not be less than one (1) semester; and
• Have opened a SIMPAN SSPN Prime/ SIMPAN SSPN Plus account

Example 1: Eligible for PTPTN Loan:

Example 2: Not Eligible for PTPTN Loan:

Yes, an appeal can be made by submitting supporting documents such as salary statements and other relevant documents. Any consideration is subject to the supporting documents and the availability of sufficient loan allocation funds.

No. The duration of the education loan is based on the duration of the approved study program by JPT, KPT. The duration of the education loan is approved based on the semester when the application is made. If you apply in the second semester, the education loan will be approved starting from the second semester until the end of your usual study duration.

No. Second-time education loans will only be considered for students who continue their studies to a higher level.

Yes, provided that you have fully settled the amount of education loan received previously (the total amount of loan to be settled is subject to confirmation from PTPTN).

You do not need to settle your previous loan debt if you continue your studies to a higher level than the previous loan. The repayment of the previous loan debt can be deferred until completion of the new studies.

No. PTPTN only provides education loans to students pursuing studies at the Master's/ Doctor of Philosophy (PhD) level in Professional Courses at Public Universities.

Yes, you are eligible to apply if you are pursuing part-time studies at a Public University or Polytechnic. For studies at IPTS, PTPTN education loan is only available at the following IPT :

• Malaysia Open University (OUM)
• Wawasan Open University
• Asia E University
• UNITAR International University (UNITAR)
• Universiti Tun Abdul Razak (UNIRAZAK)

Yes, if you are pursuing studies at :

• Multimedia University (MMU)
• Universiti Tenaga Nasional (UNITEN)
• Universiti Teknologi Petronas (UTP)

Yes, you can. However, PTPTN only provides education loans for the duration of study pursued within the country.

• The offer of education loans is subject to the eligibility criteria set by PTPTN. Click here
• The loan period is determined based on the number of semesters at the time of the complete application being received.
• Loan application results Click here
• Guidelines on how to print and fill out the loan offer agreement document. Click here .
• The validity period of the loan offer is 14 days from the approval date.
• The complete agreement document must be affixed with a revenue stamp and sent together with a copy of the letter of admission.
• Borrowers who wish to reject the loan offer must submit the Borang Pembatalan dan Penolakan Tawaran Pinjaman Pendidikan PTPTN to any PTPTN State Office.

A second loan offer will be considered if the following criteria are met;

• Completion of studies for the previous loan.
• For those who have cancelled, failed or discontinued their previous education loan, they need to settle the outstanding balance of the loan before they can be considered for a new loan.
• Approval is only given to borrowers who are continuing their studies at the same level or higher than their previous loan.

Check Loan Application

Print approval offer letter.

Submission of offer documents must be made at the respective IPT or any nearby PTPTN branch office within 14 days from the approval date.

The conditions for a second loan are as follows :

Continuing studies at a higher level than previous loans only; and

For students who continue their studies at the same level or lower than the previous loan is only considered after the student has settled the total amount of the previous debt (including any costs determined by PTPTN).

• The first disbursement of the loan is made after the student submits the complete loan agreement documents to PTPTN.

The loan disbursement to students for the following semester is based on the following conditions :

• Currently studying at the approved level, program, and IPT; and
• Passing the previous semester's examination with a Grade Point Average (GPA) of 2.0 or higher.
• PTPTN is not involved in matters related to the deduction of IPT fees. The loan amount will be directly credited to the student’s account according to the semester, subject to confirmation from the IPT. Any inquiries related to the deduction of fees should be referred to the respective IPT.

The loan will be credited within 21 working days from the date upon receiving a complete set of documents.

The total loan amount received in every semester has been deducted for takaful protection and WPP (if WPP has been redeemed).

Currently studying actively on every approved level, courses and IPT;

Passing the previous semester's exams with a Grade Point Average (GPA) of 2.0 or above.

No. Loan repayments are based on the total amount received including the interest applied.

No. The education loan disbursement will only be issued until you graduate, either earlier or according to the usual study period. The loan repayment is based on the total loan received, including the interest applied.

No. The education loan disbursement will be credited directly only to the student’s personal account.

Borrowers need to fill in a Borang Pembatalan Pinjaman, which can be obtained from the Student Affairs Department (HEP)/ PTPTN counter/ PTPTN Official Portal, as well as an official letter requesting the cancellation of the education loan. For borrowers who receive other scholarships, please include a copy of the offer letter from the relevant sponsor.

Borrowers need to issue an official application letter to PTPTN to obtain the conditional discharge letter.

Yes, if the borrower has fully repaid a previous loan at the same educational level. However, a second loan for a higher level of education may also be considered even if the previous loan has not been fully repaid.

Education loan disbursement will not be made in any semester due to the following reasons :

Obtaining a PNG/ GPA examination result of less than 2.0;

Deferring studies; or

Suspension of studies by the IPT.

Example as follows :

For students who are suspended from their studies, disbursement of the loan will only be made after the student is confirmed to have re-registered for their studies by the IPT.

Inginkan Panduan Mengisi Dokumen Tawaran Perjanjian?

The National Higher Education Fund Corporation Ground Floor, Menara PTPTN Block D, Megan Avenue II No.12, Jalan Yap Kwan Seng 50450 Kuala Lumpur

eaduan.ptptn.gov.my 03 – 2193 3000

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Maybank Education Financing/-i

• Max. Financing Amount RM 400,000

Calculate your financing payment instantly

Key features.

Get financing up to 150% of collateral value for your local/overseas education at a competitive interest/profit rate.

Flexible repayment schemes & stretchable repayment period up to 30 years.

Covers enrolment at both local and overseas institution, including twinning programmes.

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Maybank Education Financing/-i is financing facility that provides financial assistance to qualified student to finance (fully or partly) the tuition fees of their courses at universities based on programs and universities approved by the Bank. This facility applicable for Bachelor’s Degree and above and it is secured with property or any other acceptable collaterals i.e. Fixed Deposit (FD) and Amanah Saham Bumiputra (ASB) units.

Income requirements: Minimum monthly household income of RM5,000

Best for:  Parents with children or student who are want to pursue Degree or Post Graduate & Professional Programme recognised by the Malaysian Qualification Agency (MQA) or Ministry of Higher Education (MoHE) at both local and overseas institutions, including twinning programmes.

• Higher financing amount up to RM400,000
• Margin of Financing up to 150% of collateral value
• Competitive interest/profit rate
• Covers enrolment at both local and overseas institution, including twinning programmes
• Stretchable repayment period up to 30 years
• Flexible repayment schemes

Product Disclosure Sheet (Islamic)

Product Disclosure Sheet (Conventional)

What is the maximum financing amount?

For Unsecured Financing (No Collateral)

The maximum you can borrow is up to RM150,000 or Margin of Financing (MOF) up to 105% inclusive of insurance, whichever is lower.

Secured Financing (With Acceptable Collateral)

The maximum you can borrow is up to RM400,000 or Margin of Financing (MOF) of the security to be charged/pledge, whichever is lower.

What is the maximum financing tenure?

Financing tenure means the period of your financing. The maximum financing tenure for Maybank Education Financing/-i is 30 years. Why does this matter? The longer your financing tenure is, the lower your monthly repayment will be. But it also means that you pay a higher amount by the end of your tenure.

Up to 15 years (180 months) or age up to 50 years old at end of loan tenor, whichever is earlier.

What is Maybank Education Financing/-i interest/profit rate?

• SBR + 4.05% [Effective Rate: 6.55%] (During study period) – Servicing of interest/profit only.
• SBR + 4.75% [Effective Rate: 7.25%] (Remaining years) – Servicing of instalment (principal and interest/profit).

*Standardised Base Rate (SBR) at 2.5% with effect from 12th September2022

Secured Financing (With Acceptable Collateral) 

The Standardised Base Rate (SBR) is a common reference rate for all commercial banks with effect from 1st August 2022 in the pricing of new retail loans pegged to base rates, refinancing of existing retail loans, and the renewal of revolving retail loans from 1st August 2022. The SBR is pegged to the Overnight Policy Rate (OPR) (ie SBR = OPR) and all existing Base Lending Rate (BLR) and Base Rate (BR) in turn are pegged to the SBR. In other words, SBR, BR and BLR will be adjusted in tandem with the changes in the OPR as determined by the Monetary Policy Committee (MPC) of Bank Negara Malaysia

Type of collateral accepted:

• Fixed Deposit
• Amanah Saham Bumiputera (ASB) units

Repayment Of Financing

Servicing of interest/profit during the study period and to be extended another 6 months grace period.

Repayment (principal and interest/profit) to start 6 months upon completion of study or upon employment, whichever earlier.

Maybank Education Financing/-i  Repayment Table

Joint's Borrower Requirement

• Up to maximum of 3 joint borrowers (excluding main applicant) which limited to immediate family members.
• Age 21 years old and not exceeding 70 years at the end of the financing period.

How do I qualify?

Income: Minimum monthly household income of RM5,000

Age: Between 18 – 35 years old for Undergraduate Students and between 18-45 for Postgraduate/Professional Programme Students. 

Other qualifying criteria:

• You must be a Malaysian citizen or Co-applicant (if required) must be a Malaysian citizen.
• Pursuing Degree or Post Graduate & Professional Programme recognised by the Malaysian Qualification Agency (MQA) or Ministry of Higher Education (MoHE).
• Existing or prospective student in possession of an admission/enrolment letter from the university concerned

What is my monthly commitment looks like?

As with any personal financing, you will have to make monthly repayment, which comprises of principal amount and a interest/profit charge.

How much you pay per month depends on your financing amount, tenure and interest/profit rate. For example, if you are borrowing RM50,000 with an interest/profit rate of 4.1% over 1 year, your monthly repayment will be around RM4,337.

Use our personal loan calculator above to estimate your monthly repayment.

Do I need any insurance coverage?

• Customer is encourage to take up insurance as for coverage in the event of death and permanent disability.
• The insurance premium on single premium shall depend on loan amount, age and gender.
• It is recommended for customer to take up insurance coverage from Bank’s Panel Insurance (Etiqa Family Berhad) or other insurance operators approved by the Bank.

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Education financing-i.

Reinvest your wealth into your child's future

Eligibility

• Minimum monthly household income of RM10,000
• Age 18 to 25 years old (non- working student)
• Age 18 to 35 years old (working student)
• Age is between 21 & 65 years and not exceeding 70 years at the end of financing period.
• Relationship of joint borrower with main borrower must be immediate family member.
• Degree and above (for local universities)
• List of courses are subject to changes by Maybank
• Longer financing tenure
• High financing limit
• Competitive profit rate
• Flexible repayment scheme

Required Documents

• Copy of NRIC
• Letter of admission from the university or college
• Total annual or semester course fee by university or college
• Latest income documents
• Copy of individual / Strata Title of SPA
• Fixed Deposit / Islamic Fixed Deposit / General Investment Account-I Certificate
• ASB Statement
• Click here to view  Product Disclosure Sheet in Eng (Islamic)
• Click here to view  Product Disclosure Sheet in BM (Islamic)
• Click here to view  Product Disclosure Sheet in Eng (Conventional)
• Click here to view  Product Disclosure Sheet in BM (Conventional)

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Ultimate Guide To Student Loans In Malaysia

CompareHero.my Team

We know how frustrating it is to juggle finance while pursuing quality education in both Malaysia and overseas. That’s why EasyUni, a local education website for student has come up with some of the most popular education loan schemes available here in Malaysia, as a guide for students to reach their passions and dreams.

The top 4 loans available to prospective students are PTPTN, KOJADI, MARA and MIED, with an addition of a top-up loan scheme called SPP1M.

1.  PERBADANAN TABUNG PENDIDIKAN TINGGI NASIONAL (PTPTN)

PTPTN was established under the National Higher Education Fund Corporation Act 1997 to provide and manage education saving schemes for students aiming for higher education studies including Diplomas, Advanced Diplomas, First Degrees, Master’s Degrees, PhDs and other professional courses.

This loan scheme covers a wide range of courses but does not cover private pre-university courses such as MUFY, AUSMATS, A-Levels, and various Matriculations studies.

There are 3 categories to guide you on how PTPTN will sponsor an individual. These categories depend on the household income of a family and the course and institution an individual decides to study in. Have a look at these categories:

• Category A – Household income of below RM4,000 and BR1M recipient will receive a maximum amount of loan
• Category B – Household income of below RM8,000 and above RM4,000 will receive 75% of the maximum amount of loan
• Category C – Household income of above RM8,000 will receive 50% of the maximum amount of loan

Additionally, if students are able to achieve a First Class Honors and a CGPA of 3.70, the loan will directly be converted into a scholarship! If not, repayments are expected 6 months after graduation with a flat rate interest of 1%.

2.  KOPERASI JAYADIRI MALAYSIA BERHAD (KOJADI)

KOJADI was established in 1981 to provide financial aid for their members who are considering tertiary education. Currently, KOJADI offers 13 loan schemes that caters to a variety of education courses, as listed below:

A. KOJADI Higher Education Loan Scheme (HELS)

B. KOJADI Special Education Loan Scheme (SELS), an extension of HELS for member-students who are ineligible for HELS loan, including:

• KOJADI Vocational Education Loan Scheme (S-VELS)
• KOJADI Institute Education Loan Scheme (S-JELS)
• KOJADI Education Loan Scheme for TARC Graduates (S-TAR)
• KOJADI Education Loan Scheme for Local University Studies (S-LUS)
• KOJADI Education Loan Scheme for Foreign University Studies (S-FUS)
• KOJADI Education Loan Scheme for Independent Secondary School Certificate Holders (S-ISS)
• KOJADI Education Loan Scheme for Early Childhood Education (S-ECE)
• KOJADI Education Loan Scheme for Overseas Postgraduate Studies (S-LPS)
• KOJADI Education Loan Scheme for Universiti Tunku Abdul Rahman (S-UTAR)
• KOJADI Education Loan Scheme for Students of Foundation Programmes (S-PUF)

C. KOJADI Education Loan Scheme for MINOR (ELSM)

Here’s some information on how to be eligible, apply and repay your loans from KOJADI:

Amount of loans that can be applied for are RM10,000, RM15,000, RM20,000, RM25,000, RM 30,000 and RM35,000. New members of KOJADI will get an interest rate of 6.8% on the first year and 7.8% on the second year onward for new members of KOJADI. Existing members of KOJADI with a minimum of 5 years membership will get an interest rate of 5.8% on the first year and 6.8% on the second year onwards.

Repayments are expected to commence on the 4 th month after students have completed their studies. Before that, loan interest up to 4 months during the study period will also be waived if repayments are done at the time. The tentative monthly repayments amount depends on how much an individual has borrowed, as shown in the infographic above.

3.  SKIM PRIHATIN PENDIDIKAN 1MALAYSIA (SPP1M)

Through collaboration between Maybank and Yayasan Peneraju, SPP1M is designed to provide financial aid to benefit Malaysian students who are pursuing a Bachelor of Master’s Degree in local private or public universities. SPP1M acts as a top-up education loan scheme, to further help students reach their education goals!

SPP1M covers a wide range of courses from local universities including:

• Asia Pacific University of Technology and Innovation (APU)
• Binary University of Management
• Cyberjaya University College of Medical Sciences
• International Medical University
• Infrastructure University of Kuala Lumpur
• Management and Science University
• Monash University Malaysia
• Multimedia University
• Nilai University
• Sunway University
• Swinburne University of Technology Sarawak Campus
• Taylor’s University
• Universiti Kuala Lumpur
• Universiti Teknologi Petronas
• Universiti Tenaga Nasional
• Universiti Tunku Abdul Rahman
• Universiti Tun Abdul Razak

With a maximum loan up to RM200,000, students can study their most interested courses and build a career of passion for themselves. Repayment of loans starts upon employment of 6 months after completion of study.

4.  MAJLIST AMANAH RAKYAT (MARA)

Since its beginning in 1966, MARA runs as a scholarship program and loan scheme for Malaysian students from Bumiputera who also qualify for their loan schemes. Priority is even given to Malaysian students attending Malaysian universities, but are not only restricted to them. Here is an overview of the eligibility, application process and repayment system for MARA:

Once your application is made, the allowance eligible will be stated on the offer letter given by MARA. Monthly allowance can range between RM500 to RM700 based on family income.

Upon completion of study, students may convert their full loans into a scholarship with a 75% discount based on an academic excellence by maintaining a CGPA of 2.75 or above. Students will need to submit a few documents including a copy of the degree, copies of transcript for all semesters and a copy of their identity card to MARA to convert their loan.

5.  MAJU INSTITUTE OF EDUCATION DEVELOPMENT (MIED)

Started in 1984, MIED has since provided and supported students in need to assist them in their dream to pursue a higher education. Today, MIED is one of the most trusted provider of study loans to the members of Malaysian Indian community.

MIED offers a maximum of RM50,000 study loans to recognized universities in the public higher education institutions (IPTA), private higher education institutions (IPTS), and overseas or foreign universities recognized by Jabatan Perkhidmatan Awam (JPA). These loans will cover part of an individual's tuition fees and will be paid directly to the institutions.

Shortlisted candidates for the MIED student loan will be expected to attend a selection interview at the MIED office after an arranged date and time.

Repayments will also be expected 6 months from the time of completion of studies with an imposed 4% per annum administrative charge.

Or, make your life easier by applying for the best personal loan from us here for your children’s or your education!

About EasyUni.Com

EasyUni is the leading online destination for finding your dream University or College. We help students to search, compare, shortlist, and apply to Universities and Colleges around the world. EasyUni is aimed to make the process of choosing and applying to University and College easy for the potential students. Students can search, compare, shortlist and APPLY to universities and find more information about institutions through reviews, photos, videos, as well as read find useful advice, scholarships and information on studying abroad.

The CompareHero.my team is comprised of many talented individuals, sharing their knowledge, experiences and research to help others make better financial decisions.

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AFFIN Education Financing-i

Financing Margin

Up to 100%* of coursework fee + 5% of Takaful coverage 

Financing Tenure

Minimum: 5 years  Maximum: 20 years or up to age of 65, whichever is lower 

Financing Amount

Up to RM 400,000 (Note: Maximum facility amount of RM600,000 is eligible for Medical, Engineering and Pilot/Aviation courses only).

Collateral may be required either fully or partially secured 

Financing Your Academic Future Financial assistance for qualified individuals of selected University or College to cover their education programme. Shariah-Compliant Financing ​​​​​​​ Based on the Shariah concept of Ijarah of usufruct concept (leasing). No Early Settlement Fee  ​​​​​​​ No fee is imposed for early settlement.

Guarantor or Collateral ​​​​​​​ No guarantor is required. However, collateral may be required either fully or partially secured. Ceiling Rate ​​​​​​​ Get protected against a higher rate by the profit rate capped at 15% per annum. Takaful Coverage ​​​​​​​ Group Credit Family Takaful (GCFT) is highly encouraged to be taken by both applicant and joint applicant to ensure that you and your family are protected. *Terms and Conditions apply.  ​​​​​​​

Eligibility

• Malaysia citizen aged 18 and up to 45 years old. 
• Open to Foundation, Certificate, Pre-University (e.g. A-Level), Diploma, Degree and Postgraduate program (Master’s Degree and Doctorates) and Professional Courses for students of appointed universities/colleges
• Requires the parents, spouse, siblings or non-immediate family members to jointly apply with the student as joint applicants
• Malaysia citizen aged 21 years old and above.
• Minimum monthly income of RM 5,000. 
• If the minimum monthly income is unable to meet, a minimum of two (2) joint applicants with minimum income of RM3,000 per month per joint applicant is required. 
• For Pilot course: •    Minimum monthly income of RM 10,000 •    For joint applicant more than 1, minimum combined gross monthly income must be RM10,000 and subject to minimum each Joint Applicant is RM5,000 per month 

Important Information

• Product Disclosure Sheet ​​​​​​​
• Reference Rate (Base Rate)
• Consumer Guide on Reference Rate

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6 Useful Education Loans That You Can Consider

Education is a crucial long-term investment in your life. It is undeniable that not all students can bear the costs of education on their own or be supported by their families for the significant expenses involved. Therefore, taking an education loan is a reasonable alternative that should be considered.

Table of Contents

Do I Need to Take an Education Loan to Continue my Studies?

One of the main factors that leads someone to make the decision to take an education loan is the cost of continuing their studies. The cost of pursuing education depends on the type of university you choose, whether it’s a public university (IPTA) or a private university (IPTS). As you may already know, the tuition fees at private universities are much higher and can reach tens to hundreds of thousands of ringgit compared to the fees at public universities.

If parents haven’t taken early steps such as setting aside savings for their child’s education through SSPN (National Education Savings Scheme) or education insurance, then taking an education loan is a reasonable step if you want to continue your studies. This means that you may need to repay the loan after completing your studies. Here are some reasons why you should consider applying for an education loan:

Access to Education

Education loans can provide opportunities for students to pursue education that was previously unaffordable for their families.

Career Opportunities

By obtaining higher education, as a student, you will enhance your chances of securing better employment with a rewarding salary.

Financial Assistance

Education loans can serve as a financial aid source to help students pay for their education expenses and alleviate the financial burden on their families. For example, programs like PTPTN (National Higher Education Fund Corporation) offer exemptions for first-class degree holders, which means they may not have to repay their education loans.

Building Credit Score

Repaying your education loan can also help you build your credit score. A good credit score increases the likelihood of your loan applications, such as home loans, credit cards, and others, being approved. Therefore, it is important to ensure responsible use of your student loan and consistently make your monthly payments.

Types of Education Loans You Can Apply

Education loans in Malaysia can be obtained through several financial institutions such as banks, cooperatives, and government institutions. You can choose to apply for one from one of the following types:

1. PTPTN Education Loan

This loan is offered by the Malaysian government to students who wish to pursue higher education at tertiary institutions. By taking out a PTPTN loan, the education costs, including tuition fees, accommodation expenses, and living costs, will be covered by this loan. Additionally, students who receive PTPTN loans have a flexible repayment period, depending on the loan amount and post-graduation income.

The repayment rate of PTPTN loans is based on the student’s ability to repay, with lower repayment rates for those with lower incomes. PTPTN loans also offer lower interest rates compared to loans from other financial institutions. Failure to make repayments according to the schedule may result in strict actions taken by PTPTN.

To apply for a PTPTN loan, you need to follow these steps:

• Visit the PTPTN website at https://www.ptptn.gov.my/ and click on the “Permohonan Pembiayaan” (Loan Application) link at the top of the page.
• Choose the type of financing you want to apply for (for example, Higher Education Financing or SSPN-i Plus).
• Fill out the application form with your personal information, including family, education, and financial details.
• Prepare supporting documents such as a copy of your identification card, copies of your parents’ salary slips or bank statements, offer letter from the tertiary institution, and other relevant documents.
• Complete the application form and upload the supporting documents on the PTPTN website.
• Once your application is processed, PTPTN will provide a decision on whether your loan is approved or not.

2. Bank Education Loan

You can obtain loans from financial institutions such as local and international banks for students who wish to pursue higher education at tertiary institutions. Banks offer several advantages, including faster application and processing, a wide range of loan options, and quick disbursement.

Some banks that offer these loans include Bank Rakyat’s Education Financing Scheme (Pembiayaan Pelajaran Boleh Ubah or PBBU Bank Rakyat), Bank Islam’s education loan, and Maybank’s education loan.

How to Apply Education Loan

Here are the steps to apply for an education loan from a bank:

• Find a bank that offers education loans.
• Check the eligibility criteria required to apply for the loan. Make sure to understand the terms and interest rates applied before submitting your application.
• Complete the application form provided by the bank.
• Attach all the necessary documents, such as the offer letter from the educational institution, income verification, and other relevant personal documents.

After the application is approved, the bank will disburse the loan to the student. It is important for students to ensure that they repay the loan promptly according to the designated schedule. It should be noted that each bank may have its own procedures. Therefore, it is advisable to contact the bank directly before submitting the application.

3. Private Education Loan

Private education loans are a type of loan provided by private financial institutions such as finance companies, cooperatives, or banks to finance the education expenses of students studying at private educational institutions. Private education loans typically offer higher loan amounts compared to PTPTN or bank loans, but they also come with higher interest rates.

Before applying for a private education loan, it is important to carefully consider and ensure that you can repay the loan. Therefore, understand the terms and conditions imposed by the financial institution before making a decision to apply for a private education loan.

Steps to Apply For a Private Education Loan

Here are the steps to apply for a private education loan:

• Find a financial institution that offers private education loans.
• Complete the application form for the education loan and provide all the required personal and educational information.
• Prepare the necessary documents such as a copy of your identification card, offer letter from the educational institution, and other personal documents required by the financial institution.
• Wait for the application approval: Once the loan application is completed and the documents are submitted, the financial institution will assess the applicant’s eligibility and make a decision on whether the application is approved or rejected.

4. Foundation Education Loan

This loan is offered by foundations or charitable organizations to finance the education expenses of students. These foundations or charitable organizations typically offer loans with lower interest rates or even interest-free, depending on the policies and requirements of the foundation.

In addition to loans, these foundations or charitable organizations often provide other forms of financial assistance such as scholarships or contributions to help students manage their education costs. Some of the foundations that offer education loans include Yayasan Selangor’s Pinjaman Boleh Ubah, Yayasan Tenaga Nasional’s Pinjaman Boleh Ubah (YTN), and others.

Steps to Apply For a Foundation Education Loan

Here are the steps to apply for an education loan from a foundation:

• Research foundations that offer education loans.
• Check the eligibility requirements for the loan. Make sure to understand the loan policies and terms imposed by the foundation.
• Complete the education loan application form, providing all the required personal and educational information.
• Prepare the necessary documents, such as a copy of your identification card, the offer letter from the educational institution, and any other personal documents required by the foundation.
• Once the loan application is completed and the documents are submitted, the foundation will assess your eligibility and make a decision on whether to approve or reject your application.

5. MARA Education Loan

The eligibility and requirements to apply for MARA Education Loan depend on the type of loan being applied for, and there are several steps to be taken to apply for the loan. Therefore, it is important to have a clear understanding of the terms and conditions imposed by MARA before deciding to apply for an education loan from MARA.

Steps to Apply For MARA Loan

Here are the steps to apply for an education loan from MARA:

• Ensure that you meet the eligibility criteria, such as achieving the minimum required grade point average (GPA) and fulfilling other specified criteria.
• Choose the type of loan that is suitable for your educational needs.
• Complete the MARA loan application form and attach the required documents, including a copy of your identification card, offer letter from the educational institution, and any other personal documents requested by MARA.
• Submit the MARA loan application and required documents to MARA through the online application portal or at the nearest MARA office. Make sure to submit the application before the deadline.
• After submitting the application, MARA will assess your eligibility and make a decision on whether your application is approved or rejected. You will be notified of the decision through a letter or message.

6. JPA PIDN Education Loan

JPA PIDN (Program Ijazah Dalam Negara) Education Loan is a loan program provided by the Public Service Department (JPA) for students who wish to pursue undergraduate programs at public universities (IPTA) or polytechnics in Malaysia. This program is offered to high-achieving students who have the potential and require financial assistance to cover their study costs.

Eligible students can apply for the JPA PIDN Education Loan through the online application system provided by JPA. The application period usually opens annually, depending on the needs and budget allocated by the government .

Steps to Apply For JPA PIDN Education Loan

To apply for the JPA PIDN Education Loan, you need to follow these steps:

• Visit the official JPA website at https://www.jpa.gov.my/ and look for the education loan application button.
• Register an online account and complete all the required information in the application form. Ensure that the provided information is accurate and complete.
• Upload the required documents, such as the latest academic transcript, copy of identification card, offer letter of admission, and others.
• Include the family income confirmation letter and proof of parents’ or guardians’ income.
• Make sure to read and understand the terms and conditions imposed by JPA before submitting the application.
• Submit the online application and wait for approval from JPA.

After obtaining approval, you will need to sign a loan agreement with JPA and undergo an entrance session as a requirement to receive the loan. Students are required to repay the loan amount after completing their studies within the timeframe specified by JPA.

What Else Do You Need to Know About Education Loans?

Before applying for an education loan, you also need to consider its drawbacks. Firstly, you will start accumulating debt even before you have started working. In other words, you begin your life with debt. This can increase your financial commitments in the future when you want to take out other loans, such as for a car or a house, or when you need to obtain health insurance plans and so on.

Additionally, there are other disadvantages to consider, such as the interest charged on the loan. The repayment amount required may increase due to the accumulated interest that needs to be paid. Furthermore, some types of education loans may require collateral or a guarantor.

This can pose difficulties for students who do not have sufficient collateral. Therefore, it is important to consider the overall costs and responsibilities before making a decision to apply for an education loan. Hopefully, this article helps you gain a better understanding of education loans in Malaysia and enables you to make informed decisions when obtaining such loans.

Additionally, if you are considering the best and  comprehensive home insurance  for you, you may visit the Qoala website for more information. Qoala is an insurance platform in Malaysia that provides various types of insurance such as  car insurance ,  motorcycle insurance , and  medical insurance  with a guarantee of a safe, affordable, and easy insurance buying process.

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Top 6 Student Loans For Malaysian Students

Published by Afterschool.my on Jun 11, 2021 , 03:21 am

Click here for the   PTPTN Guide 2021

Eligibility

• You are a Malaysian citizen
• You are aged 45 years and below
• You must already have an offer to study at an institution of higher learning (both public and private institutions, including colleges, universities and polytechnics, are accepted)
• The course that you are pursuing is approved and accredited by MQA
• The remaining period of your study must not be less than one year
• You have no other sponsors
• You must have an SSPN-i savings account before sending in your application

Loan amount

PTPTN base their amount given, on which category you fall under, whether its A, B or C.

So most of you may know ask, “I understood all that, but what do you mean by maximum amount?”. Well, good question keen observer. The maximum amount is dependent on what type of course you study and what type of university you study that in. For example, Student No.1 studying Pharmacy at an IPTS would have a different maximum amount compared to Student No.2 studying Education at an IPTA. Here is the list of the maximum amount based on the course and type of university. 

For full-time studies:

For part-time studies:

How to Apply

To apply to PTPTN , just follow these 5 Simple steps  (PTPTN Is currently open. Click here to view the deadlines for respective IPTA & IPTS)

• Open an SSPN-i account — you can do this at any PTPTN counters, or at Maybank, Bank Islam, BSN, CIMB Bank, Agrobank or Bank Rakyat.
• Open a savings account at a panel bank — you will need to open a savings account with a specific bank based on your choice of institution (IPTS panel banks; IPTA panel banks)
• Buy a PTPTN number from Bank Simpanan Nasional (BSN) — this will cost you RM5 and is valid for 6 months
• Head to PTPTN’s website to apply online: http://www.ptptn.gov.my/gateway
• Complete the application form carefully based on the instructions

Contact info

Tel: 03-2098 3731/3732

Email: [email protected]

Address: 

PERBADANAN TABUNG PENDIDIKAN TINGGI NASIONAL

Lot G2, Tingkat Bawah, 

Wisma Chase Perdana, 

Off Jalan Semantan, 

Damansara Heights,

50490 Kuala Lumpur.

www.ptptn.gov.my

MARA Study Loan Programmes or Skim Pinjaman Pelajaran (SPiP) were introduced in 1966 when Majlis Amanah Rakyat (MARA) was formed. Students have to apply to the respective institutions before applying for the loan. 

• SPiP Program Khas (Special Programme)

For excellent SPM leavers who wish to take pre-university courses such as (but not limited to) ADFP, A-Levels, International Baccalaureate (IB) and Australia Matriculation (AUSMAT).

• SPiP Pinjaman Terbuka (Open Loan)

This loan is typically given to qualified Bumiputera students to continue their studies in Institut Pengajian MARA (IPMa) and local private Higher Education Institutions (IPTS). 

• General requirements require that you are a Malaysian citizen with bumiputera status and acquired at least credits in Bahasa Melayu at SPM/SPMV level.
• Never been sponsored by any scholarship bodies at the same education level.
• Institutions of higher learning are recognized by Malaysian Government or private institutions of higher learning are recognized by Private Education Division, Ministry of Education.
• Currently undergoing/enrolled in courses that are of great importance to MARA.
• The socio-economic status of the family where the annual taxable joint income of the parents or spouses must not exceed RM80,000.

The loan covers tuition fees and allowance while also depending on the student’s financial background. 

How to apply?

• Visit https://myeduloan.mara.gov.my/ and put in your details . 
• Visit the MARA headquarters
• Attend the MARA Education Carnivals.

Contact info:

Tel: 03-26915377

MARA Headquarters

21, Jalan Raja Laut,

50609 Kuala Lumpur.

• KOJADI Education Loan Scheme For Students of Foundation Programmes
• KOJADI Education Loan Scheme for MINOR
• KOJADI Higher Education Loan Scheme
• KOJADI Special Education Loan Scheme
• KOJADI Vocational Education Loan Scheme
• KOJADI Institute Education Loan Scheme
• KOJADI Education Loan Scheme for TARC Graduates
• KOJADI Education Loan Scheme for Local University Studies
• KOJADI Education Loan Scheme for Foreign University Studies
• KOJADI Education Loan Scheme for Independent Secondary School Certificate Holders
• KOJADI Education Loan Scheme for Early Childhood Education
• KOJADI Education Loan Scheme for Universiti Tunku Abdul Rahman

  Loan Amount

Step 1: Application for membership

Step 2: Requisite Payment Required

Step 3: Submission of Legal Documents

Tel: 03-21616499 (Membership and Loan Department)

Koperasi Jayadiri Malaysia Berhad (KOJADI)

11th Floor, Wisma MCA,163, 

Jalan Ampang,50450 Kuala Lumpur.

www.kojadi.my

Maju Institute of Education Development (MIED)

MiED offers Study loans to needy students who are continuing and pursuing their tertiary education in any recognised:-

a. Public Higher Education Institution (IPTA)

b. Private Higher Education Institution (IPTS)

c. Overseas / Foreign Universities recognised by Jabatan Perkhidmatan Awam (JPA).

  Eligibility

• Be a Malaysian Citizen.
• Have a good academic record and preferably active in extracurricular activities.
• Have gained admission into a recognized Institution for an Approved Course.
• Must be full-time student.
• Students from public and local private institutions must apply for PTPTN loan first
• Applicants who met the socio-economic status of the family will also be taken into account.
• Preference will be given to students who have obtained admissions into TAFE COLLEGE, Seremban and AIMST University , Kedah.

  Loan amount

• The MiED study loan will only cover, part of tuition fees which will be paid directly to the institutions.
• The loan approved is only for the current year of application

How to apply  

• Please fill up the application form online.
• Download and print the completed form
• Duly completed Study Loan Application and Study Loan Checklist Forms with all the required documents must be returned to the address stated below:

Maju Institute of Educational Development (MiED )

1 st Floor, Menara Manickavasagam, 

N o.1, Jalan Rahmat,

50350 Kuala Lumpur

MiED requires two guarantors. The guarantors should be:

• Malaysian citizens.
• Basic salary more than RM1,000.00 per month.
• Must be below the age of fifty years from the date of application.
• Not “blacklisted” or declared as “bankrupt”.
• Guarantors required to submit NRIC copy, latest 2 months payslips or certified bank statement (if self-employed) or BE form.
• Only one of the guarantors can be a family member

Tel: 03-40452689 / 03-40503107

Maju Institute of Education Development (MIED),

1st Floor, Menara Manickavasagam,

No. 1, Jalan Rahmat,

www.mied.com.my

Yayasan Bank Rakyat's Pinjam Pendidikan Boleh Ubah (PPBU)

PPBU is offered to students pursuing tertiary level education from Skills Certificate, Diploma, Bachelor’s Degree, Professional, Master’s Degree, and Doctorate (PhD). Its aim is to aid the social and economic development of Malaysians by enabling bright but needy students to receive undergraduate education at local Public OR Private Higher Learning Institutions and Training Institutes in the country on a full-time basis. 

• Malaysian citizen
• NOT less than 18 years old during application and acceptance of the study offer.
• NOT exceeding 30 years old upon graduation for Malaysia Skills Certificate, Diploma and Bachelors Degree.
• NOT exceeding 45 years upon graduation for Masters Degree.
• NOT exceeding 50 years upon graduation for Doctorate & PhD.
• Confirmation of admission from the public OR private University OR Training Centre.
• Applicants must have/create a savings account with Bank Rakyat with a minimum of RM100 account balance.
• Only fields of studies which are recognized by the Public Services Department (JPA) / Malaysian Qualifications Agency (MQA) / Malaysian Vocational Training Council (NVTC) / Government Agencies (Malaysia) concerned and acknowledged by the Board of Trustees of YBR.

Specific Requirements

• for Doctorate / PhD the qualified applicants must hold a Masters Degree qualification with CGPA of 3.00 and above OR a Bachelor’s Degree with a CGPA of 3.75 and above.
• for Masters Degree, applicants must hold a Bachelor’s Degree with CGPA of 3.00 and above.
• for Degree, applicants must hold a Diploma OR STPM (Sijil Tinggi Pelajaran Malaysia) with CGPA 3.0 and above OR – STAM equivalent to STPM OR Matriculation with at least CGPA 3.00 and above
• for Diploma, the applicant must have SPM (Sijil Pelajaran Malaysia) qualification with a minimum grade of 5A & 4B (No grades below C)
• For Skills Diploma (Diploma Kemahiran), applicants should have attained or currently holding Level 2 Sijil Kemahiran Malaysia (SKM) qualification.
• For Skills Certificate (Sijil Kemahiran), applicants should have passed SPM, with a mandatory pass in Bahasa Malaysia and at least 2 credits in any other subjects.
• PhD: Up to RM55,800 (3 years)
• Masters: Maximum of RM12,000 annually
• Bachelor’s Degree: Maximum of RM9,500 annually (Only RM6,500 for UiTM)
• Diploma: Maximum of RM7,500 annually (UiTM & Politeknik only RM5,000)
• Skills Diploma: Up to RM30,000 (3 years).
• Skills Certificate: Up to RM30,000 (2 years).
• Step 1: All applications must be made online at yayasanbankrakyat.com.my
• Step 2: Before making application, the applicant is required to get an offer of admission to an IPTA/IPTS
• Step 3: Applicants are required to REGISTER an account on the YBR website to fill-out the application form.
• Step 4: After filling out the E-Form, applicants are required to print the document for personal reference.
• Step 5: After the closing date of the application, applicants are required to answer a general knowledge quiz.
• Step 6: All successful PPBU applicants will be announced on YBR’s official website and the offer letters will be posted.

Please click here for the PPBU 2021 Guide

Contact Info

Yayasan Bank Rakyat, 8th Floor, Tower 1, Menara Kembar Bank Rakyat,

No.33, Jalan Rakyat, 50470, Kuala Lumpur, Malaysia

Phone: +603 2612 9600

E-mail: [email protected]

Skim Prihatin Pendidikan 1Malaysia

• Malaysian Student, age 18 to 35 years old.
• Students in the second semester onwards with CGPA of 3.00 and above.
• Full-time student.
• University and programme/course as approved by Yayasan Peneraju.
• Tuition fee for the previous semester has been paid in full.

Loan Amount

Maximum up to RM200,000

Download the following:

• SPP1M Application Form
• Borang Pengesahan Status Pelajar
• SPP1M Checklist

Send your application form with certified true copies of supporting documents (as per SPP1M checklist) to your nearest Maybank branches. It is recommended that you submit your application directly to Maybank Tower, Jalan Tun Perak, Kuala Lumpur (Level 20).

Applicants will be notified by the bank within 2.5 months from the date application received.

 Please click here for the SPP1M 2021 Guide

Other reads:

When Do I Apply for PTPTN

PTPTN Loan - A Complete Guide

PPBU vs PTPTN : Which One is Better?

Foundation Programmes in IPTS Eligible for PTPTN Loan

Can You Apply for PTPTN If You’re in a Twinning Programme?

Twinning Programmes and PTPTN

How to Check How Much You Will Receive From PTPTN in Two Steps

PTPTN Deadlines for Every Course and Every Institution Released

How to Qualify for a PTPTN Loan Repayment Exemption

Deadlines for PTPTN Online Applications at Every UA & IPTS for Every Course

How To Use The New PTPTN Direct Debit System & List Of Associated Banks

8 Questions about Repaying Your PTPTN Loan

How Much Loan Does PTPTN offer?

How to Check How Much You Owe PTPTN

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The ability to properly clear all principal and interest payment amounts stipulated is crucial if you want to continue enjoying a good credit score and several other financial privileges in Malaysia. Whether secured or personal loans , individuals who can clear their loan balance quickly tend to enjoy more financial dividends from financial institutions in the country today, whether it’s requesting credit cards or applying for a new loan. One of the most invaluable tools that can help you structure how you handle your finances within the loan term is the FinCrew monthly loan repayment calculator.

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Our monthly loan repayment calculator in Malaysia evaluates the most appropriate monthly payment pattern for loans with a fixed amount to be paid back periodically. As such, it’s perfect for calculating the specifics if you have a student loan to clear, auto loans to deal with, or you need a reliable personal loan calculator. It would help if you had to enter variables like the loan amount, loan term (or the number of months to pay), the loan’s interest rates , and a few other details. Our tools’ algorithms will process this information and present you with the best monthly payment amount for your monthly loan repayment. This value will include the month’s interest as well as other payable sums as well.

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WIn addition to using our monthly loan repayment calculator to speed things up, there are a few things you may be able to do to get you debt-free as soon as possible.

• Pay Extra, If Possible

Depending on the specifics of your loan, you may not have a prepayment penalty. In such cases, the higher the payment is, the faster the principal amount of your loan reduces, meaning you’ll be able to clear your debt in short order.

• Make Payments Biweekly

Another strategy you can employ, if applicable, is bi-weekly payments. This approach has merit because it helps you repay your loan more conveniently, but it may also reduce the total interest rates you end up paying.

• Refinancing

It simply involves taking another loan (usually with more favourable terms and conditions) to replace the current loan. However, as refinancing fees can be relatively high and typically need to be paid upfront, you need to consider your options carefully. Ultimately, improving the amount paid on your loan can be a straightforward exercise.

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• Campus Power
• Education Loan Calculator

Education Loan EMI and Tax Benefit Calculator

Expense Details

Tax Benefits

• ₹ 1,00,000
• ₹ 2 Cr
• ₹ 50,000

Tuition Fees + Cost of Living

₹ 30,00,000

You can avail Education loan from ICICI Bank for both tuition fees and living expenses as per the eligibility.

* As per Bank Norms Caution Courses are not Included.

Know your EMI and Tax Benefits on ICICI Bank Education Loan

• Know your EMI
• Know your Tax Benefits ( As per old tax regime )

Know Your EMI

Loan Required

₹ 15,00,000

₹ 1,01,162 **.

Interest Rate

Loan Tenure

Max unsecured loan amount limit

₹ 10,000,000 **

Loan tenure: It is inclusive of course duration and additional period of 6 months.

Moratorium Period: The time during which a customer is not required to make any loan repayment. It comprises of course duration with an additional period of 6 months. A customer depending on the merit of the case may be given an option to avail of moratorium period.

Complete Moratorium: Where customer has an option to not pay EMI till the moratorium period. Interest is accrued and EMI starts after completion of moratorium Period.

Principal Moratorium: Where customer has an option to pay only Interest accrued during the moratorium period and full EMI starts after completion of moratorium Period.

Full EMI: Where customer has an option to pay full EMI (Interest and Principal) as soon as loan is disbursed.

Know Your Tax Benefit

Tax benefits can be availed under the old tax regime

Total Expense

₹ 40,00,000

Tuition Fees

₹ 20,00,000

Cost of Living

1 Tax benefits: The amount of Income Tax an individual can save by availing Education Loan. The amount of rebate will vary for different income slabs and can be availed as per Income Tax benefits under Section 80E of Income Tax Act, 1961. Tax rebate can be availed only if individual opts for Old Tax Regime. For simplicity of Tax Benefit calculations we are considering flat Tax Rate as per the income slab selected by individual.

2 Effective loan ROI: The rate of interest that an individual will effectively pay on the Education Loan as per the tax savings on interest paid for education loan at applicable tax rate. User can avail this reduction in rate of interest only after opting for the Old Tax Regime.

3 Net ROI: The rate of interest that an individual will effectively pay on the Education Loan if an individual opts for a Fixed Deposit (FD) against Education Loan and utilises the FD interest to reduce the total interest on Education Loan. (Tenure of Loan and FD are considered to be the same and only Cumulative FD types considered; Quarterly/Monthly pay-out variants not considered)

The tax related information provided herein is merely for general understanding and reference. The user needs to verify all the facts, law and contents with the text of the prevailing statutes and seek appropriate professional advice before acting on the basis of any information contained herein as the tax implications may vary depending upon the facts in each case/ interpretation by tax authorities. The tax laws are subject to change from time to time. ICICI Bank disclaims any liability for any losses incurred by you due to use of or due to investment decisions made by you on the basis of this Tax Calculator. The Tax calculator has been developed based upon projections determined in good faith and from sources deemed reliable (including public sources). lClCl Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the Tax Calculator. Use/ misuse of any intellectual property, or other information provided in this Tax Calculator is strictly prohibited. The information provided in the Tax Calculator is also subject to other product specific terms and conditions and any third party terms and conditions, as applicable.

The expense calculator is only for the purpose information and does not amount to an offer, and is not intended to create any rights or obligations. Such information is subject to updation, completion, amendment without notice and is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or would subject lClCl Bank Limited (“ICICI Bank”) or its affiliates to any licensing or registration requirements. Nothing contained herein is intended to constitute advice or opinion. You may obtain professional advice before making any investment. ICICI Bank disclaims any liability for any losses incurred by you due to use of or due to investment decisions made by you on the basis of this Expense calculator. The Expense calculator has been developed based upon projections determined in good faith and from sources deemed reliable (including public sources). lClCl Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the Expense Calculator. Use/ misuse of any intellectual property, or other information provided in this Expense Calculator is strictly prohibited. The information provided in the Expense Calculator is also subject to other product specific terms and conditions and any third party terms and conditions, as applicable.

Student Loan Calculator

Student expense calculator.

Planning and executing the financial aspects of higher education can be tricky at times, but with ICICI Bank's Student Expense Calculator, you can simplify the process. This user-friendly tool empowers students by helping them estimate and plan for various educational expenses such as tuition fees, accommodation, textbooks, and other day-to-day living costs.

By entering the required details, students clearly understand their financial needs, enabling them to make informed decisions about education loans and create a realistic budget. This Education Loan Calculator is your trusted companion for a smoother and a more secure academic journey with ICICI Bank's support

Education Loan EMI Calculator

Are you considering financing your educational expenses? ICICI Bank Education Loan EMI Calculator is a tool that simplifies financial planning and helps in effectively managing your educational expenses.

Using this user-friendly calculator, you can get the most suitable Loan repayment plan that fits your budget and also estimate EMI based on the Loan amount, interest rate and tenure.

With ICICI Bank Education Loan EMI Calculator, you can stay informed and make confident decisions about your educational aspirations without worrying about finances.

Education Loan Tax Benefit Calculator

Our Education Loan Tax Benefit Calculator makes it easy to calculate the tax benefits associated with your education loan. You only need to provide key financial details like your loan amount, interest paid, and relevant information.

This tool then provides a precise estimate of the tax deductions and benefits you may qualify for. The Education Loan Calculator is a valuable resource for optimising your financial planning, ensuring you make the most of available tax benefits, and reducing your overall tax burden.

The Education Loan calculator is your trusted companion when making important financial decisions while pursuing higher education. It empowers you to make informed choices, maximise savings, and confidently work toward achieving your academic and financial goals.

How to use the Education Loan EMI Calculator?

Using the Education Loan Calculator is simple. Input your Loan details in the calculator and get instant results.

• Loan amount: This refers to the total amount of Education Loan that you require. Input the desired Loan amount in the calculator.
• Loan tenure: Decide the duration over which you wish to repay your Loan. This period represents the timeframe of your Equated Monthly Instalment (EMI). Opting for a longer tenure reduces your EMI amount, while a shorter tenure increases it.
• Interest rate: Enter the preferred interest rate in the calculator, to accurately compute your repayment plan.

Benefits of Education Loan EMI Calculator

Explore the benefits of using an Education Loan EMI Calculator to make informed decisions and effectively manage your expenses:

Precise estimation

Offers an accurate calculation of the EMI.

Financial planning

Helps in planning finances effectively by estimating the repayment obligations.

Convenience

Offers an easy and hassle-free way to calculate your Loan repayments anytime, anywhere.

Smart choices

Empowers you to make wise decisions by illustrating the long-term effects of your Loan.

Education Loan Calculator FAQs

What is an education loan emi calculator.

An Education loan EMI Calculator which is available online helps in assessing the Equated Monthly Installment a borrower needs to pay on availing an  Education Loan . The Equated Monthly Installment (EMI) is arrived at after considering factors like loan amount, education loan interest rate and tenure of the loan.

How is EMI calculated for an education loan?

EMI calculation for education loans considers the loan amount, interest rate, and tenure. An Education Loan EMI Calculator can provide precise results for your financial planning.

How much tax can I save on an education loan?

Education loan tax benefits vary by country and region. Use a Student Loan Tax Benefit Calculator or an Education Loan Tax Benefit Calculator to estimate your potential tax savings based on applicable laws and provisions.

How do you calculate a student budget?

Calculating a student budget is easy with tools like the Student Expense Calculator or the Student Living Costs Calculator. List your income sources and allocate funds to expenses like tuition and groceries, ensuring your spending aligns with your financial goals.

How do I calculate my living expenses?

Use resources like the ICICI Bank’s Education Loan Calculator or the Student Living Costs Calculator to calculate living expenses. List monthly costs like rent, utilities, and entertainment; these tools will help you estimate your budget.

How can I create my budget as a student?

Creating your budget is simplified with tools like a Student Budget Calculator. List your income and categorise expenses, ensuring your spending aligns with your financial goals and student loan repayment plans.

How do I calculate my 80E deduction?

For example, if you have a Rs 10 lakh Education loan with Rs 1 lakh annual interest and an income of Rs 8 lakh, using Section 80E (as per Old Tax Regime), your taxable income becomes Rs 7 lakh. But remember, only the interest, not the principal, is eligible for tax deduction.

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Education Loan EMI Calculator

Your Amortization Details (Yearly/Monthly)

EMIs are made up of the principal and the interest portions. It is the whole amount that you pay every month till you repay the full loan. The EMI is generally fixed on the whole tenure of the loan. At the beginning of your loan, a major portion of your repayment would go to the interest portion. As you keep repaying the loan, a higher portion will be adjusted to the principal component of the loan. 

If you prefer knowing the EMI you would be contributing each month towards an education loan before you apply for it, you can use the Educational loan EMI calculator .

What is an Education Loan EMI Calculator?

Groww's Education Loan EMI calculator is an online instrument that assists the loan-borrower with the calculation of the amount that they need to pay every month after borrowing an educational loan. It will give you an amortization schedule that shows you the EMI breakup in terms of monthly interest paid and the principal that has been repaid. 

It will also detail the amount of loan that you have repaid to date and how much is yet outstanding. All of this will give you a fair idea of how much an educational loan is going to cost you by assisting you in calculating the total interest amount that needs to be paid over the whole loan tenure.

How Does the Education Loan Calculator Help You?

If you are or planning to apply for an educational loan, you will choose to know how much on a monthly basis you would be giving in to the EMI of the loan. When you know how much would be spent there, you can apply preferred interest rates and selected banks. Along with that, you could also plan your monthly budget.

Using the education loan EMI calculator will assist you with it, as it is simple to use, extremely fast, you can test different combinations, and it is completely free.

How to Use the Educational Loan EMI Calculator?

As already mentioned, this tool has been made 100% free and user-friendly, which means you will only have to enter the following details to get started.

Amount:  This is the educational loan amount that you require, and you will have to update the loan amount by marking it on the calculator.

Tenure:  This will be the information on how long you would prefer to extend or shorten the tenure of your loan. In simpler words, it is the time period that you will be paying your EMI. Also, another point to note is that the longer the tenure of your EMI - the lesser would be the EMI amount to you, and the shorter the time period - the higher your EMI would be.

Rate of Interest: Now, different banks offer different rates of interest - which means you will have to enter your preferred interest rate on a loan. 

All of these data sets will give you the result of how much EMI you would be paying each month towards your loan. You can always edit these details and get a different set of EMI amounts that would suit your monthly budget. 

How to Calculate the Educational Loans EMI?

Mentioned below is the formula and an example to show how educational loan EMI is calculated.

This is the formula that is used to calculate the EMI of an educational loan.

EMI = [P*R*(1+R)^n]/[(1+R)^n-1]

P = The principal amount

R = The rate of interest

n = The tenure

Let us understand with an example how the educational loan EMI is calculated.

Mr Gokul borrows an educational loan of Rs. 10 lakhs with an average interest rate of 12% for a period of two years, and then the EMI would be:

P = 10 lakhs

R = 12/100/12 (converted to months)

N = 2 years

EMI = Rs. 46,073

Advantages of Using the Educational Loan EMI Calculator

These are some of the most crucial pros of utilizing the educational loan EMI calculator:

• The Educational loan EMI calculator will show you the EMI amount you would have to pay within seconds.
• You will get to see a clear picture of the EMIs that you will be paying every month.
• It will assist you in budgeting for the expenses and also saving for your financial goals.
• The amortization schedule shows you the education loan EMIs that you have already paid off.
• You will also gain an idea of the principal outstanding on the loan. This will help you manage your funds.
• You could also use this calculator from anywhere you wish, like, and all for free.

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