Government introduces new funding under SPP1M scheme for tertiary level students

PUTRAJAYA: A special loan scheme for tertiary level students, offering funding of between RM100,000 and RM150,000 with an interest rate of BLR-1%, has been introduced.

The Skim Prihatin Pendidikan 1Malaysia (SPP1M) works as a top-up funding and is for students at local and overseas universities.

It is also open to those receiving the PTPTN loan, on government or private scholarships and self-financed students.

For a start, Maybank and RHB Bank have agreed to offer the facility with an initial allocation of RM1bil.

Datuk Seri Najib Tun Razak said that more banks were expected to join in and the scheme would ultimately have RM5bil to offer.