Saturday, September 29, 2012

Budget 2013

Ok, I don't know what to say about this year Budget, although there is some good news for those low income family, but I don't think that is sufficient as compare to inflation. Anyway, I'm not entitle for any of the sweets.

But I somehow manage to get a small piece of sweet, the PTPTN discount, hohoho. I have been paying this since I graduated from uni, but still left few k loan that need to settle. Count, count, I had paid this for 11 years, time fly, getting old now :(
... the first incentive was a discount of 20 per cent from the total loan to borrowers who settle their loans in one lump sum within one year from Oct 1, 2012 to Sept 30, 2013.
First of all, it said, 20% from total loan, I hope it is true, not 20% from balance. Last time I borrow RM21k from PTPTN, thanks to this monies that let me finish my uni, so total discount is RM21k * 20% = 21 = RM4.2k.

Based on my payment schedule, I should finish paying my loan in 15 years with interest rate of 3%, now I had paid 11 years, so left 4 years,

RM21 * (1.03)^11 * 4/15 = approx RM7.7k

After minus RM4.2k left around RM3.5k.

The total interest charge to my account is around RM8k, so basically I got 50% discount on the interest. At least it is a good news for me.

So, if you getting loan from PTPTN, then it is a good time for you to pay back. I always believe one thing, borrow money, return money is high level standard human. I still remember we are queuing like hell in a small room to get the signature from an officer, although I forgot that signature is for what purpose, but at least I got help from the government.

You may dislike what the government do, but this loan is nothing to do with politic. Please don't blame anything else so that you don't need to pay back the money, for me it is just an excuse.

So get your check ready and pay the loan.