A 15% discount will be offered to borrowers who want to settle at least half of their total outstanding debt, which can be done via salary deduction or a scheduled direct debit repayment, Bernama reported.

Those who chose salary deductions or scheduled direct debit repayments are automatically eligible for a 15% discount.

Borrowers also get to enjoy a 5% discount if they service their loans through the myPTPTN app.

“PTPTN borrowers, including those who have had action taken against them, and recipients of Loan Advance (WPP) are eligible to enjoy this incentive,” PTPTN was quoted as saying in a statement.

Meanwhile, PTPTN borrowers who earn RM1,800 and below can apply for a deferment to pay their loans. However, it will not apply to participants of the Debt Management Programme under the Credit Counselling and Debt Management Agency.

Applications to defer payment can be made from today through PTPTN’s official portal.

“PTPTN will notify the approval status via email within 14 working days after the application is received,” the statement said.

The 20% discount on PTPTN loan repayments will be given for three months from today.

PTPTN borrowers earning less than RM1,800 were given a six-month loan moratorium.