Most people not clearly understand what is the Kos Pentadbiran /service charge / administrative cost stand for, where it come from and how to calculate with correct calculation of the charges. Here I want to share with you all about it and hope this will help all the PTPTN borrowers understand about Kos Pentadbiran /service charge /administrative cost.
What is the meaning of kos pentadbiran /service charge / administrative cost in PTPTN and where it come from?
Kos pentadbiran /service charge / administrative cost in PTPTN is a cost charged to the borrower as stated inside the agreement signed. This cost will be calculated 6 month after the borrower finish their study or end receiving loan which ever earlier. Rate 4% a year will be imposed for pay back period until 31 December 2003. From 1 January 2004, it was reduced to 3% a year and calculated base on monthly loan balance. Please take note that it is NOT 3% of you total loan, but 3% of your balance of every year. Here is the difference and common mistakes borrowers usually do.
Below is the the sample of the Kos Pentadbiran /service charge /administrative cost charged to borrowers:
How to calculate Kos Pentadbiran /service charge /administrative cost?
Your can find the loan repayment formula from PTPTN website to calculate. But here I will try to simplified it and borrowers easy can understand on how to calculate it so that you can settled your loan correctly and on time. Take your calculator and we try to calculate it.
Refer to the following table withÂ example of the variable that we will be use. I use simple amount to make the explanation easier and you all able to clearly understand it.
From above explanation, we can sumamrize that if we pay less than the amount stated in agreement signed + 3% of Kos pentadbiran, we cannot settled loan payment on time base on the target of payment term.
The Kos pentadbiran still recurring because it will be calculated base on monthly loan balance.