KOJADI: Education loan scheme for the massesChen Wan Lim
Koperasi Jayadiri Malaysia Berhad, or better known as KOJADI was established more than 35 years ago with the primary objective of extending effective educational loan facility to needy students to pursue higher education. Today, KOJADI offers more than educational loans, expanding its offerings to small and medium enterprise (SME) loans, micro credit facilities and business related financial assistance. For prospective students intending to pursue higher education locally or abroad, KOJADI is able to assists financially to make that dream come true.
There are basically two types of loan plans given out by KOJADI. Under PLAN I, a maximum loan amount of RM100,000 will be disbursed for all local courses including certificate, skill based, diploma, professional, postgraduate and all undergraduate courses. Under PLAN II, a maximum loan amount of RM200,000 will be disbursed for all overseas courses, postgraduate/undergraduate medical related courses and local medical related courses.
Currently, KOJADI has 13 loan schemes under its loan programme to cater for a wide spectrum of education courses ranging from vocational and technical to undergraduate and postgraduate studies. The following are the 13 education loan schemes offered:
|1||KOJADI Higher Education Loan Scheme (HELS)||Original loan first offered by KOJADI back in 1981|
|2||KOJADI Education Loan Scheme for MINOR (ELSM)||This loan scheme is designed for students below 18 years old for tertiary and vocational education|
|3||KOJADI Special Education Loan Scheme (SELS)||KOJADI Vocational Education Loan Scheme (S-VELS)|
|4||KOJADI Institute Education Loan Scheme (S-JELS)|
|5||KOJADI Education Loan Scheme for TARC Graduates (S-TAR)|
|6||KOJADI Education Loan Scheme for Local University Studies (S-LUS)|
|7||KOJADI Education Loan Scheme for Foreign University Studies (S-FUS)|
|8||KOJADI Education Loan Scheme for Independent Secondary School Certificate Holders (S-ISS)|
|9||KOJADI Education Loan Scheme for Early Childhood Education (S-ECE)|
|10||KOJADI Education Loan Scheme for Overseas Postgraduate Studies (S-OPS)|
|11||KOJADI Education Loan Scheme for Local Postgraduate Studies (S-LPS)|
|12||KOJADI Education Loan Scheme for Universiti Tunku Abdul Rahman (S-UTAR)|
|13||KOJADI Education Loan Scheme For Students of Foundation Programmes (S-PUF)|
The benefits of applying for KOJADI education loans are: (i) there is no collateral; (ii) it is affordable with stepped repayments; (iii) it has flexible drawdowns and repayments; (iv) no repayments during the study period and; (v) there is a refinancing facility for higher levels of studies. Also, there are no restrictions for PTPTN loan applicants.
The interest charged on the loan will be on a monthly rest and reducing balance basis. For the first year, the interest rate is 6.8% while from the second year onwards, the interest rate charged will be 7.8%.
Here’s how to apply:
Step 1: Application for membership
The first step is for both the Applicant (prospective student) and Co-applicant to become members of KOJADI. This can be done by both the applicant and the co-applicant subscribing for RM500 worth of shares each and to pay an entrance fee of RM10.60 each.
Step 2: Payment
Next, prepare a cheque or a bank draft payable to KOPERASI JAYADIRI MALAYSIA BERHAD. The payment must be accompanied with the loan application form and KOJADI membership form. In addition, there must be 1 to 2 qualified guarantors for the loan. Related documents which must be included are: (i) IC photocopies of applicant, co-applicant and guarantors; (ii) admission letter from higher learning institution plus examination results and; (iii) income documents from applicant, co-applicant and guarantors.
The total payment will be RM1,074.20, inclusive of the two membership share subscriptions, two entrance fees plus a non-refundable initial processing fee of RM53.
Step 3: Submission of legal documents
The loan applicants and guarantors are required to return the duly executed Loan Agreement and Guarantee within two months upon receiving the Loan Offer from KOJADI. The loan processing will then take approximately 30 days. An important point to note is that prospective students are required to take up a group term life/personal accident insurance arranged by KOJADI with the premiums deducted from the approved loan.
Step 4: Disbursement
Finally, after everything has been submitted and approved, the loan will be disbursed in one lump sum less the processing and administration fees, insurance premiums and stamp duty into the applicant’s bank account.
One very important point to note is that KOJADI has never appointed any third parties or agents for any of its loan schemes. Therefore, every loan application must be dealt directly with KOJADI. For more information, visit www.kojadi.my or call 03-21616499.