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Tuesday, February 28, 2017

PTPTN repayment under budget 2017 discount

PTPTN repayment under budget 2017 discount

You can now withdraw EPF account 2 to repay PTPTN (under education category) and enjoy the incentive given under budget 2017.

It is indeed quite an attractive offer for those (like me) who had yet finished repayment to PTPTN.

Lets look at the SOP for such withdrawal.

Please ensure that you had already register yourself to have an i-Account with EPF. You may want to check at EPF website for more information on acquiring i-Account. Without i-Account, you could not make this PTPTN repayment via EPF withdrawal. The officer from PTPTN kiosk will inquire you to have your i-Account activated first, then to proceed with the EPF withdrawal for PTPTN repayment.

Go to PTPTN website and search for Bajet 2017 icon. Click on it to enter the statement page.
(The english version of PTPTN website is under maintenance at the moment, hence the link given is for Bahasa)

Once you clicked into Bajet 2017, you will be directed to a login page, where you have to key in you Malaysia ID number with the PTPTN loan number. You can refer to you initial offer letter for your loan number. However, if you had lost any trace of your loan number, you might need to call PTPTN at +603-2193 3000 to inquire for your loan number. You may drop by any PTPTN kiosk for a fast statement check with their officer. Do bear in mind that certain PTPTN kiosk might have huge crowds and hence, it is better to give a ring to their careline.

 Login page under Bajet 2017.
Click on pengesahan baki online to retrieve your current account statement.
You will be directed to this page, where you will have to fill in a bank account number, mobile phone, and personal email as an update to PTPTN system.

Then, you will be able to have you updated statement from PTPTN, with the incentive discount included in the final amount. That final amount will be the total that you have to repay PTPTN from your EPF account 2. Therefore, do make sure that you have more in your EPF account for one lump sum repayment.

Once you have the amount covered and comfortable to have the EPF account 2 withdrawal for PTPTN repayment, you may drive to any nearest PTPTN kiosk to initiate the repayment.

PTPTN officer will require your Malaysia ID card for verification, please do remember to bring along your ID card. (And ensure you have had your EPF i-account activated)

Then, PTPTN officer will start to register into EPF system for education withdrawal. The procedure would not take more than 15 minute. PTPTN officer will advice on the amount to repay PTPTN (it might be slightly more, as PTPTN charges admin fees if the account enter their accounting month after 27th each per month). According to PTPTN officer, they will refund the extra within two to three months time into our EPF account.

Lets take a look at your EPF i-Account login, once you had the withdrawal application submitted via any PTPTN kiosk.

When you log into your EPF i-account, you can click into secured message to check on the update from EPF. Then, they will send in a sms notification to your registered mobile phone number, and you are required to being along documents such as your original and photocopied Malaysia ID, original and photocopied transcript, and lastly original and photocopied scroll from the University/Institution that you had registered to loan this PTPTN. You are given about two weeks time to verify the withdrawal at any nearest EPF counter. If you failed to submit these documents for verification with the two weeks duration, you will have to go through the initial registration at PTPTN kiosk again. Hence, please ensure you will be in the country to run this errand.

As for my submission, EPF had received all relevant documents and verified my thumb prints for withdrawal. However, there is still pending update from PTPTN. According to EPF officer, PTPTN tends to be slower in updating their system upon receiving on the amount. Hence, I was advised to make a call to PTPTN officer to inquire about the repayment settlement after five working days of the EPF verification. 

***update: called PTPTN careline, and the customer service had kindly informed that it might take up to 14 days for the payment to be updated in PTPTN system.***

***update: PTPTN officer had released the settlement letter to me via my registered email with PTPTN. The extra payment had also refunded into my local bank account. However, I had yet to check on the CCRIS removal, as it require me to check with Bank Negara Malaysia.