1Malaysia Education Caring Scheme (SPP1M):Top-up Study Loan For College Students was launched recently to solved the problem for students who needs additional funds to complete their studies. In the recent news release, the SPP1M scheme was created to help many students who needs additional funds to top-up their study loan from PTPTN.
The government launched a new education loan scheme today for students in need of additional funds. Called the 1Malaysia Education Caring Scheme or SPP1M, this new loan scheme complements the National Higher Education Fund (PTPTN) and is open to students from all races. In some cases, PTPTN loan might not cover the total fees for certain courses in IPTS.
Two banks was appointed to provide the services for SPP1M scheme. SPP1M is managed by Maybank and RHB Bank and provides up to RM150,000 additional loan money for medical students and RM100,000 for other critical courses. The interest rate of the loan is at a base lending rate (BLR) of -1% while studying. After completion of studies, a normal BLR will be applied.
The SPP1M loan offers a 20-year loan term (15 years repayment after 5 years study period). Interest capitalized during the period of study and repayment begins six months after graduation or end of study.
The loan is for students pursuing their bachelor’s and master’s degree in certain fields. It will be made available for students in local universities in the second quarter of 2013 and students taking twinning programmes and programmes abroad in mid-2013.