KUALA LUMPUR: Prime Minister Tan Sri Muhyiddin Yassin has announced several initiatives to defer education loan repayments, in the unveiling of the Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (Pemulih) assistance programme today.
He said this would include repayments in four categories - the National Higher Education Fund Corporation (PTPTN), federal education loans under the Public Service Department (PSD), Majlis Amanah Rakyat (Mara) education loans, and loans under the Skills Development Fund Corporation (PTPK).
He said PTPTN borrowers would be provided with a three-month targeted moratorium, while PSD federal education loan borrowers would be able to defer their loan repayment and payment of compensation claims for federal scholarships for up to six months.
"Third, Mara education loan repayments will be deferred for three months, or a rescheduling of the loan repayment with monthly installments as low as RM100 for 12 months, and fourth, the postponement of PTPK loans for three months."
Muhyiddin said the total value of this initiative is estimated at RM400 million, which would benefit 1.6 million people.
The prime minister also announced that insurance and takaful policy holders affected by the pandemic could apply for deferment of payment of insurance premiums and takaful contributions until Dec 31, 2021.
He said this opt-in initiative would cover policy holders and life insurance certificates, and family takaful certificates.
"More than one million people are expected to benefit from this extension. The total value of premiums and deferred contributions is estimated at RM2.6 billion."