Skim Prihatin Pendidikan 1Malaysia (SPP1M) GuideJuly 10, 2017
With the advent of scholarships and convertible loans, there is one other form of financial assistance that many Malaysians may not be aware of, the Skim Prihatin Pendidikan 1 Malaysia.
What is it?
Skim Prihatin Pendidikan 1Malaysia (SPP1M) is a ‘top up’ based scheme for the funds or scholarships that are readily in the market that will benefit Malaysian students. This scheme is designed as an additional financial aid for students that are qualified to pursue their studies for Bachelors’ Degree or Master’s Degree in high quality universities locally.
A collaboration between Maybank and Yayasan Peneraju, the SPP1M is an education financing package that must be paid back based on the agreed upon interest rate.
Who Can Apply?
- Malaysian Student, age 18 to 35 years old.
- Students in the second semester onwards with CGPA of 3.00 and above.
- Full time student.
- University and programme/course as approved by Yayasan Peneraju.
- Tuition fees of the previous semester has been paid in full.
What Courses Does It Cover?
How Much Does The Loan Cover?
Maximum up to RM200,000 (Ringgit Malaysia Two Hundred Thousand only)
What Is The Tenure of The Loan?
Up to 20.5 years inclusive of study period
What Is The Interest/Profit Rate?
- Study period: BR/IBR + 2.85% p.a. (Eff. Rate 5.85%)
- Thereafter: BR/IBR + 3.85% p.a. (Eff. Rate 6.85%)
- Currently Bank’s Base Rate (BR) is 3.0% p.a. w.e.f 15/07/2016
When Do I Have To Begin Repaying The Loan?
Repayment to start upon employment or six months upon completion of study, whichever comes earlier.
How To Apply?
Download the following”
Send your application form with certified true copies of supporting documents (as per SPP1M checklist) to your nearest Maybank branches. It is recommended that you submit your application directly at Maybank Tower, Jalan Tun Perak, Kuala Lumpur (Level 20).
Applicants will be notified by the bank within 2.5 months from the date application received.
Click here to view all the scholarships for Malaysians for July 2017.