KUALA LUMPUR – Majlis Amanah Rakyat (MARA) has announced four enhancements to the MARA Bank Scheme (Scheme 3) launched on July 1.
Its chairman, Tan Sri Annuar Musa said they were to meet increasing number of loan applications and to enable more Bumiputera students enjoy the facility.
“Firstly, it is to reduce the borrowers repayment to the bank via management cost of two per cent of total loans. The remaining loan will be funded by MARA for free,” he told a press conference on Smart Partnership with Financial Institutions at the MARA building here, today.
The second enhancement was for students with first class (CGPA 3.75 and above) where 90 per cent of funding will be settled by MARA in the form of scholarships.
Annuar said the third was to open the scheme to all levels, from Diploma, Bachelor, Degree, Master and Doctor of Philosophy (PhD) within and outside the country.
The fourth was for students abroad who do not exceed the stipulated qualifications but have the ability to repay the loan and have qualified guarantors. – BERNAMA