Type of loans that you can apply in Malaysian Banks to further your studies

study loan

There are many loans that you can actually look forward to further your studies here in Malaysia. Most of you would be thinking of PTPTN but what if the age requirements doesn’t fit yours?

When PTPTN is not an option for you, below is some other options that you will definitely find relief in your soul.

Personal Loans

This is a type of loan that normally people inquire to purchase a car, renovating or even going for holiday. That’s right! You can take this loan basically for anything as long as you match the bank’s requirements. Therefore, this loan can be applied for education as well. 

1Malaysia Education Caring Scheme (SPP1M)

This whole scheme was launched back in February 6th, 2013 by our Prime Minister, Dato’ Seri Najib Tun Haji Abdul Razak. They offer funding of RM100,000 up to RM150,000 with an interest rate of BLR -1% during studying period and BLR +0% during employment period. This loan is however specifically for students on existing funds or scholarships and the period of the loan can be brought up to 20 years.

Study Loans

In Malaysia, there are only few banks that offers study loan. Two banks that we heard of providing this option are OCBC Bank and Bank Rakyat. 

OCBC Bank – Offers a Secured Study Loan which finances up to 50% of the value of a secured property for a period of 10 years (maximum).

Bank Rakyat – This bank on the other hand offers a loan called Education Financing-I Falah which finances up to RM200,000 for a period of 15 years (maximum).