Taking too long to draft new agreement-Star Online

Monday June 14, 2010

Taking too long to draft new agreement

BACK in August 2008, came a report: Cabinet agrees on new rate for PTPTN loan applicants?that attracted many of the PTPTN borrowers, including myself.

Higher Education Minimster Datuk Seri Mohamed Khaled Nordin said the Cabinet had agreed to the new rate at its meeting and its effective date was backdated to June 1.

Many of us were delighted and looked forward for the new administration rate that will be reduced from 3% to 1%. According tothe minister, the borrowers will get the fresh loan agreements starting from January 2009, based on the new rate.

To date, it has yet to be implemented. We, the PTPTN borrowers have yet to receive the agreement.

Last June, many of us called up PTPTN to enquire of the status regarding the new rates. The answer: We are in the process of renewing the agreement. We will mail it to the borrowers after we complete it.

Earlier this month, many of us called PTPTN again and the answer was still the same. How long time does PTPTN need to complete its task? I understand that PTPTN has about one million borrowers but does one need this long to prepare a new agreement? Implementation should take place shortly after an announcement.

Can anyone update us on this status? Do we still need to wait for another year, perhaps years, for the agreement to be drafted out?

AN SIA, Johor Baru.


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