Any borrower who makes a repayment of at least RM1,000 is eligible to participate in the lucky draw, PTPTN said in an announcement on its website.
The “Pay and Win” contest, which runs until the end of the month, is being held in conjunction with PTPTN’s 20th anniversary.
Retail prices for the iPhone X begin at RM5,149, while the P10 is sold at RM2,499.
PTPTN, which was established in 1997, has struggled to collect its loan repayments.
In March, its chairman Shamsul Anuar Nasarah said 663,000 borrowers had failed to repay even a single sen of their loans.
“As of Jan 31, we have disbursed RM48.7 billion in student loans.
“By now, we should have collected RM18.8 billion back but we have managed to collect only RM10.8 billion, meaning many borrowers are in arrears.
“According to our records, 663,000 students owing a total of RM4.7 billion have not repaid their loans at all,” he said.