FURTHER NOTE ON FINANCIAL LITERACY:
has there been a transfer from loans from PTPTN to the COMMERCIAL BANKS? If so what are the implications?
Financial Literacy : PTPTN Discounts from the perspective of a financial planner.
The purpose – to outline an objective look into the recent announcement of discounts on PTPTN Study Loans in the recent discounts structure offered in the 2013 budget, with a view to evaluate an alternative method to settle outstanding PTPTN study loan.
1) lucrative discounts of minimum 10% offered to immediate settlement of outstanding loans.
2) availability of financing from the commercial sectors at competitive rates for secured employees eg. public sector or GLC employees .
3) the possibility of using 2 above to fully settle 1 above.
(1)PTPTN Loans details:-
1:Outstanding debts (after discount for 1Lump sum payment)
2:Int./charges incurred (depends on rate)
Now, look into the discount you can get from PTPTN, that will give you the amount needed to borrow from commercial sectors.
(2)Needed to Borrowed (Loan-discount):
1: Loan Amount
2: interest incurred
3: Monthly repayment
4: Payment duration
Online tools to assist you in financial mathematics are readily available.
You may now compare (1) and (2) to see which is more financially advantage to you, therefore a lesser evil and decide accordingly.