The PTPTN loan is one of the Malaysian government's initiatives to assist students in financing their higher education. This loan is provided to eligible students to cover tuition fees, daily expenses, and other learning-related needs. However, while this loan significantly helps in reducing financial burdens during studies, borrowers need to be aware of the significant responsibility that comes with this loan, which is repaying the PTPTN loan.
The issue of PTPTN loan repayment is often a hot topic of discussion among borrowers, especially those who have just graduated. As they are just beginning their journey into the working world, they often face financial challenges, making PTPTN loan repayment a burden, leading them to skip payments. In such situations, borrowers must be wise in managing their finances to ensure that the PTPTN loan repayments are made according to the PTPTN Loan Repayment Schedule (JBB) that has been set. Failure to adhere to the PTPTN Loan Repayment Schedule (JBB) can result in arrears and subsequently have a negative impact on the borrower's credit record in the future.
In this article, we will delve deeper into how PTPTN loan repayments or PTPTN loan arrears can affect your credit record or CCRIS (Central Credit Reference Information System).
What is CCRIS?
Central Credit Reference Information System or known as CCRIS is a system managed by Central Bank of Malaysia to collect credit information on individuals and companies. This information is then used by financial institutions such as banks, cooperatives, and related entities to assess a person's creditworthiness before processing and approving loan or credit applications.
How is the PTPTN Loan Listed in CCRIS?
When you take a PTPTN loan, your loan information will be sent to Bank Negara Malaysia to be recorded in CCRIS after the PTPTN Loan Repayment Schedule (JBB) is generated. This includes details such as the loan amount, arrears amount, and the status of PTPTN loan repayments.
This information is updated regularly with CCRIS, usually on a monthly basis. If you make your PTPTN loan repayments on time, it will have a positive impact on your credit record. However, if your loan has arrears, you need to be aware that this situation can negatively affect your credit score.
The Benefits of Consistently Repaying the PTPTN Loan & Following the PTPTN Loan Repayment Schedule (JBB)
1. Good credit score
Repaying your PTPTN loan on time demonstrates that you are a responsible and committed borrower, which is reflected in a good credit record. This will improve your credit history and make it easier for you to obtain other loans in the future, for example:
- Home loans
- Vehicle loans
- Personal loans
- Credit card applications
2. You can avoid having arrears in your PTPTN loan statement
By repaying your PTPTN loan according to the set schedule, you can avoid arrears in your loan statement.
3. You have the opportunity to participate in PTPTN loan repayment campaigns
PTPTN often holds campaigns and offers various rewards or great prizes to borrowers who make consistent loan repayments.
The Impact of Having PTPTN Loan Repayment Arrears
1. Credit score affected
Arrears in PTPTN loan repayments will be reported to CCRIS, which can negatively impact your credit score. This will affect your ability to obtain loans or credit in the future.
2. The final step for borrowers who have not repaid their PTPTN loan
If borrowers still do not make PTPTN loan repayments, several actions will be taken, such as sending a Reminder Letter, issuing a Demand Notice (NOD), and/or taking enforcement actions without prejudice.
These actions are taken to ensure that borrowers are responsible for repaying their PTPTN loans, which supports the sustainability of educational funds for future generations.
PTPTN hopes that borrowers will always be attentive, aware, and take their PTPTN loan repayments seriously to avoid any enforcement actions due to failure to repay the loan, as stipulated in the agreement.
Prevention is better than cure
Let's update your financial records by consulting with us. #PTPTNSediaBantu is here to help you.
Conclusion
Repaying PTPTN loans or managing PTPTN loan arrears has a significant and closely related impact on your credit record and CCRIS information. By understanding these effects, you can make informed decisions in managing your finances in the future. Always ensure you make your PTPTN loan repayments on time to keep your credit record in the best possible condition.
If you have any questions, please contact PTPTN Careline at 03-21933000 or follow official social media @PTPTNOfficial for more information.
May this article be beneficial to you.
