OCBC Bank introduces OCBC Earn & Learn education loan

The loan offers students up to RM500,000 in financing subject to their fixed deposit placement, allowing them to liberally supplement the maximum amount offered through the National Higher Education Fund Corporation (PTPTN) and minimise the use of Employees Provident Fund (EPF) savings, it said in a statement today.

Giving an example, Head of Consumer Financial Services Lim Wyson said a person holding RM100,000 fixed deposit with OCBC Bank would be eligible to apply for RM200,000 in study loans.

"Additionally, OCBC Bank will now deal directly with the education institution, so a customer won't need to walk into our branches anymore to provide instructions on progressive disbursements and so forth, but simply bill the bank directly," he said.

With an interest rate of Base Rate +2.83 per cent per annum, the loan is available for courses at selected education institutions and repayable over a tenure of up to 10 years.