SCHOOL LEAVERS TRAINING SKILL LOAN
Skills Development Fund Corporation (PTPK) is a statutory body under the Ministry of Human Resources whose primary function is to provide skills training loans to individuals who undergo training in Training Providers Public (PLA) and Private (PLS), which was commissioned by the Department of Skills Development and registered with PTPK.
This training is open to trainee who attended the training programs from Malaysian Skills Certificate (SKM), the Malaysian Skills Diploma (DKM) and the Malaysian Skills Advanced Diploma (DLKM).
LOAN TERMS & CONDITIONS
- A Malaysian Citizen.
- Attended SKM training program for Levels 1 to 3, DKM for Level 4 and DLKM for Level 5 and other programs approved by PTPK.
- The applicant must be between 15 to 45 years.
- Have not receive financial assistance from other agencies.
- Studying full-time in accordance with the prescribed period.
- Family income not exceeding RM 5,000.00 per month.
- Need a quarantor.
The lending rate between RM 2,500 to RM 24,000 depends on the program and the level of training that includes: -
- Tuition Fees.
- Subsistence allowance of RM 400 a month during the training period.
- Premium paid for insurance coverage.
- Administration fee of 3% per annum charged on a reducing balance.
Quarantor Terms & Conditions
- A Malaysian Citizen.
- A guarantor monthly income of not less than RM700 a month, at least 21 years of age and not more than 50 years of age when the trainee started training.
- If the guarantor is a mother / father / guardian / the age requirement and income is exempted.
- A guarantor can not guarantee more than two (2) trainees unless it is the mother / father / legal guardian.
- Not declared a bankrupcy.
Skills Training Loan Payment Procedure
- Borrowers need to open an account with CIMB Bank Berhad (conventional account).
- The loan will be disbursed directly to the borrower's account for auto pay and payment of tuition fees will be direct debit made to Training Providers Account.
- Repayment begins six (6) months after graduation.
- The repayment period is between one (1) to ten (10) years.
- Monthly installments are between RM84.69 to RM 193.12 subjected to the approval of the loan amount.