KUALA LUMPUR: The National Higher Education Fund Corporation (PTPTN) will extend the offer to convert PTPTN loan into the Islamic loan system known as ‘Ujrah’ to blacklisted borrowers, starting next Wednesday.
The ‘Ujrah’ system, which was introduced in 2008, offers a service charge of only one per cent based on the Syariah principle to reduce the burden of the borrowers.
PTPTN chief executive officer Agos Cholan said the borrowers should grab the opportunity to convert their loans as the offer would end on Dec 31.
“This is the time for the blacklisted borrowers to come to any PTPTN branches to convert their loans into ‘Ujrah’ loan system.
“Prior to this, the offer is only open to borrowers who make consistent repayment of their loans, but we are extending the offer to the blacklisted borrowers as a gift to repay their study loans,” he told reporters after visiting the Malaysian National News Agency (Bernama) here yesterday.
Agos said the offer to convert the conventional loan system, which offers a service charge of three per cent, into the
‘Ujrah’ system was expected to attract 132,800 blacklisted borrowers.
He said each blacklisted borrower would be given the offer letter which should be filled and submitted to PTPTN within 90 days. — Bernama