Education Loan Malaysia: How to Get The Financing For International Student
An educational loan is a form of financial loan given to students to pursue their studies at a higher level. These loans must be repaid by the students after they end their studies. Nevertheless, there are some financial institutions that offer these educational loans and convert them into scholarships depending on the results of their studies.
These educational loans are given with the aim of reducing their financial burden by covering their tuition fees, housing, books and writing supplies, study equipment, and daily expenses.
Not only that, the initiative was implemented to encourage eligible students to pursue their studies at a higher level without having to worry about their financial problems.
Therefore, there are many financial institutions or legal bodies in Malaysia offering these educational loans to students.
How Can I Get Education Loan Malaysia
There are many financial institutions or corporate bodies in Malaysia that offer educational loans to students. Among them are the following:
Alliance Bank’s banking institute offers an educational loan known as AllianceSave Education.
Applications for this educational assistance can be made via https://www.alliancebank.com.my.
This application can be made by students to obtain financial loan assistance to cover the cost of their studies at a higher level.
2. Hong Leong
The Hong Leong Bank Foundation has created an educational loan in the form of a scholarship for students aimed at developing innovative programmes to pursue education and enhance community development in Malaysia.
This scholarship is funded by the Hong Leong Bank Group company. Students who meet all the eligibility requirements outlined under the Hong Leong Bank Foundation financial assistance can make this application at https://docs.google.com
HSBC is one of the banking institutions that offers educational loan aid known as HSBC Premier Education.
It was introduced with the aim of nurturing their educational journey in a better direction.
Applications can now be made online at https://www.hsbc.com.my
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The National Institute of Higher Education (PTPTN) offers financial assistance in the form of loans to students who want to pursue their studies at a higher level.
PTPTN is a supervised agency under the Ministry of Education of Malaysia (KPM).
The advantage of this PTPTN is that it offers a low interest rate compared to other educational loans, and students will also be excluded from repaying their loans if they receive excellent results at the end of their studies.
Therefore, students can make an application for this PTPTN loan through the PTTTN website at https://www.ptptn.gov.my
5. Bank Rakyat
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The Bank Rakyat Foundation is a banking institution that offers educational loans known as Pinjaman Pendidikan Boleh Ubah (PPBU) to students who want to pursue their studies to the level of undergraduate degrees, master’s degrees, professional certificates, and doctorates in philosophy.
The purpose of this loan offer is to help the social and economic development of the Malaysian people in a more advanced direction by promoting further education through this offer.
This loan is only available to students who complete their studies full-time.
Applications for this loan can be made through the official portal of the Bank Rakyat at https://www.bankrakyat.com.my
6. ECM Libra
The ECM Libra Foundation is now offering financial assistance in the form of loans to all students in Malaysia who want to take their studies to a higher level.
Nevertheless, these loans give priority to students who are needy and underprivileged.
This loan covers the cost of study, living expenses, and other expenses related to their studies to ease the burden on students throughout their studies.
Applications for this loan can be made through the website https://www.ecmlibrafoundation.com
The Pembiayaan pendidikan Majlis Amanah Rakyat (MARA) is a loan offered to students that is divided into four (4) levels of study: pre-registration loans, preparatory levels, diploma and degree levels, and postgraduate and professional levels.
Not only that, the MARA educational loan is also offered to students who want to continue their studies abroad.
This MARA loan can be applied for online via the website: https://www.mara.gov.my
8. Kuok Foundation
The Kuok Berhad Foundation offers scholarships and financial assistance to underprivileged public university students to pursue their studies at higher levels.
This aid is given to reduce the poverty gap and bridge the economic gap among Malaysians.
Eligible students have been established by applying for this study loan assistance via https://apply.kuokfoundation.org online.
SOCSO also provides educational loans to students, but only to the dependent children of SOCSO beneficiaries.
This educational financial aid is in the form of a loan and needs to be repaid after students finish their studies.
This loan covers the cost of studies such as first-university enrollment, tuition fees, examination fees, and laboratory fees.
Students eligible for the qualifications established by SOCSO can apply for this educational loan by downloading the loan application form via the website https://www.perkeso.gov.my, then submitting the form along with supporting documents to the SOCSO officer near the student.
A successful applicant will receive the educational loan from this SOCSO.
10. Yayasan Selangor
The Selangor State Foundation has created an educational loan known as PBUDN for students born in Selangor.
This loan is dedicated to Selangorians who wish to advance their studies to the level of full-time certificates, diplomas, and undergraduate degrees in all fields recognised by the government.
This PBUDN application can be submitted through the website https://edanapendidikan.selangor.gov.my.
The educational loan offered by Asia Pacific University (APU) is a variable education loan from FELDA.
It is dedicated to students who are children or grandchildren of FELDA employees or explorers.
The repayment of this loan must be made by the student after the end of the period of study, but a reduction in the rate of repayment will be given to the student if the student’s results are good.
Applications for this loan can be made through the official APU portal at https://www.apu.edu.my
12. MAYBANK Education Loan Malaysia
Maybank Berhad is one of the banking institutions that offers educational loans to eligible students.
Many benefits are given to students under this loan, including financing up to RM400,000.
This loan is known as Maybank Education Financing-i.
13. CIMB Education Loan Malaysia
The educational loan introduced by CIMB Bank is a loan in the form of a scholarship. It is known as the ASEAN Scholarship.
Applications for this educational aid can be made through the website https://careers.cimb.com, and eligible students will be selected through five (5) stages to gain this scholarship.
Koperasi Jayadiri Malaysia Berhad (KOJADI) offers a special educational loan scheme to KOJADI members.
This loan covers students’ studies to link their studies to the diploma, degree, and postgraduate degree levels, both part-time and full-time, either at educational institutions in Malaysia or abroad. There are 13 educational loan programmes offered by KOJADI.
Therefore, a student who is a KOJADI member can make this loan application by sending the form of application for membership and the loan application form to the KOJADI office.
OCBC Bank offers educational loans to students who want to pursue their studies at a higher level, and this bank covers any shortfall up to RM250,000.
These loans can be made by students who wish to continue their studies at any educational institute in the country or abroad. This loan can be settled at any time within a seven-year repayment tenure.
Students who qualify can fill in their personal and educational information on the website https://www.ocbc.com.my and submit it.
If successful, the OCBC bank will contact the student regarding this educational loan.
The Maju Institute of Educational Development (MiED) is an institute that offers education funds in the form of loans.
These loans are offered to students who need to continue their studies for tertiary education at any public, private, or foreign educational institutions that have been recognised by the government.
Priority will be given to students who obtained admissions into TAFE and AIMST University.
Applications can be made by filling out the permohona form online at https://loan.mied.com.my/index.php/site/login and then sending the application form to the MiED office together with the relevant supporting documents.
Educational loans in the form of scholarships are offered by the RHB Foundation to students through the X-Cel Star Scholarship program.
It is offered specifically to students belonging to the B40 family.
Applications can be made through the website https://rhbfoundation.rhbgroup.com.
MBSB is a banking institution that offers educational loans known as “Education-i Financing”.
It is an education funding facility under Shariah that offers financial assistance to students who continue their studies in public and private educational institutions.
Applications can be made online by students who are eligible for this educational loan at https://www.mbsbbank.com
AFFIN Education Financing-i is an educational loan offered under the banking institute AFFIN Bank.
The scheme is designed for eligible students from selected universities and colleges to receive this financial assistance for their educational plans.
It is given to students aimed at covering their study expenses in order to have a good learning experience.
This loan can be applied for online through the official AFFIN Bank portal at https://www.affinalways.com.
Which Banks Are Best For Education Loan Malaysia
Bank Rakyat is one of the best financial institutions that provides educational loans that help students finance their education in Malaysia or abroad.
Applicants can apply online through the official portal of the Bank Rakyat. This educational loan can reach a whopping RM1,000,000 and be repaid within 20 years.
Many advantages are offered under this bank’s education loan.
Which Bank Provides Cheapest Education Loan Malaysia
Maybank is among the banking institutions that offer the cheapest educational loans.
The amount of financing is up to RM150,000. It’s a lot lower than at other banks.
Which Education Loan Offers the Lowest Interest Rate In Malaysia Besides Bank
PTPTN is among the institutions that offer educational loans that have a low interest rate compared to other financial institutions.
It’s funded by the Malaysian government.
The interest rate offered by PTPTN is 1% p.a. It’s one of the lowest interest rates applicable to students repaying their loans.
Can International Students Get Education Loan In Malaysia
The educational loans offered in Malaysia are not only focused on Malaysian students; they are also offered to international students who continue their studies in Malaysia. It aims to encourage more international students to study in Malaysia.
Among the educational loans available to foreign students in Malaysia are the Malaysia Government Scholarship provided by the Ministry of Education, the PTPTN study loan, the KOJADI education loan, and the KUOK Foundation.
All of them are the agencies that provide education loans to international students to obtain study facilities and relieve their burden of joining studies at universities in Malaysia.