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Wednesday, March 20, 2013

Settling PTPTN through Bank borrowings?

Has it happened?

has there been a transfer from loans from PTPTN to the COMMERCIAL BANKS? If so what are the implications?

<what i wrote>
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.

We note;
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.

Info needed;
(1)PTPTN Loans details:-
1:Outstanding debts (after discount for 1Lump sum payment)
2:Int./charges incurred (depends on rate)                  
3:Monthly repayment             
4:Payment duration

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.

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