Mara is the abbreviation for Majlis Amanah Rakyat, formed to help the Bumiputera in various areas especially in education and entrepreneurship. Those who wish to further studies or start an own business can seek help from Mara via the loans offered. In order for you to apply for a Mara loan, it is very important that you fit into certain criteria. As mentioned, you must be a Bumiputera and Malaysian citizen. If you’re not, the Mara loan option is definitely out for you.
In education, there are certain number of programs that allow you to apply for the Mara loan. In other words, not all programs are approved for students to apply for the loan. Thus, you may need to check this out from the universities. If you are taking any courses that bring great importance to Mara, this will put you in a higher chance to get the loan. In order for you to apply for the loan, it is a must that you have never received any scholarship sponsored by any bodies at the same level of education. However, if the scholarship has been terminated for about one year time, you may apply for the Mara financial assistance with some terms and conditions applied. In addition, age is also a factor. If you intend to take up a diploma course with the help of Mara loan, you need to be less than 35 years old and not exceeding 40 years old for a degree course. For higher education like Master’s degree, medicine, dentistry or any specialization course, you must not exceed 45 years old.
If you are interested and eligible, you may make an application within two weeks of the class commence date throughout the year. This is very important as the Mara website will be out of service on the third week of every month for maintenance purpose. Thus, no online application is allowed at that period of time. As for the procedure for loan payment, first timer must make an application through the internet. Thereafter, applicants must maintain a cGPA of 2.5 and above in order to stay eligible to get the loan. Applicants will receive an amount of monthly allowance depending on family income. The offered amount will be stated in the offer letter and usually ranging from RM500 to RM700 per month.
It is highly beneficial to get help from Mara loan as it is interest free, zero percent of interest rate. Consider yourself to be eligible, you may start to do some info digging about the loan.