MARA calls for review of BNM policies to enable students to take out study loans

Majlis Amanah Rakyat (MARA) has called on the government to carry out review on several Bank Negara Malaysia's (BNM) policies to enable its students to take up study loans from banks.

Its chairman, Tan Sri Annuar Musa, said this was because, right now, banks could not offer study loans to Mara students as the students were subjected to certain regulations.

He said students who took up study loans under Mara Bank Scheme were compelled to repay their loans within a period of 10 years as in personal loan package.

"This is quite burdening for the students. We hope several BNM policies will be changed to enable students to repay their loans with an amount of less than RM1,000 a month and under three or four phases, with the repayment period to be extended."

He said this to reporters after meeting UMNO Division information chiefs at Kedah UMNO Liaison Committee Office here today.

Annuar said Mara had prepared a proposal on the matter and had submitted it to the Rural and Regional Development Ministry to be tabled to the Cabinet soon.

He added that Mara would also request for BNM to provide RM1 billion to Mara to give study loans to its students.