FAQ
How do I apply for the Study Loan?
A: Please download these forms:
a. Study Loan Application Form
b. Study Loan Checklist Form
Duly completed Study Loan Application and Study Loan Checklist Forms with all the required documents must be sent to the address stated below. Please note that incomplete, illegible or improperly-filled application forms and those without all the required documents will be rejected.
Study Loan Application
ECM Libra Foundation
2nd Floor, Bangunan ECM Libra
8 Jalan Damansara Endah
Damansara Heights
50490 Kuala Lumpur
How long does it take to process my application?
A: We usually process the application within three months from the date of receipt.
When do I have to start repaying my loan?
A: This is subject to the terms and conditions contained in the Study Loan Agreement to be executed between the Foundation and the applicant. Currently, repayment of the study loan commences six months after you finish the Approved Course of study or whenever you start work, whichever is earlier.
Therefore, the onus is on you to inform the Foundation of your status, when you finish the Approved Course of study and when you begin employment.
However, the Foundation reserves the right to vary the commencement date of the repayment of the loan. The actual commencement date of repayment of the loan shall be as stated in the Study Loan Agreement.
How will I know when I need to start repaying my loan?
A: The Foundation will send you formal documentations, informing you of the amount due and date of commencement of the repayment of the loan. Notwithstanding anything herein contained, the Foundation reserves the right to vary the duration and/or mode of repayment of the loan. The actual duration and/or mode of repayment of the loan shall be as stated in the Study Loan Agreement.
There is no indication of closing date. When is the closing date?
A: There is no specific closing date as courses and semester intakes differ from one institution of higher learning to another. You are advised to submit your application with all required supporting documentation as soon as possible.
What does the Study Loan cover?
A: The Study Loan is extended to students pursuing undergraduate studies in local universities and colleges accredited by MQA. The loan covers tuition fees, and living expenses based on need.
Can I apply for the loan if I am pursuing a 2+1 degree?
A: No, the Study Loan is for studies to be completed in local institutions of higher learning.
Can I apply for the loan for foundation courses?
A: No, the Study Loan is for undergraduate studies only.
How much loan amount can I apply for?
A: The loan amount will normally cover tuition fees for the duration of the course and, where a need is established, will cover a fixed yearly amount for living expenses (‘COLA for cost of living allowance”). The loan amount and COLA will be disbursed on a yearly basis.
What is the interest rate for the Study Loan?
A: This is an interest-free loan as long as students pay according to schedule payments. However, interest will be applied on late payments.
Am I required to sign any agreement with the Foundation?
A: Yes, you are required to sign a Study Loan Agreement and your guarantor is required to sign a Guarantee and Indemnity Agreement with the Foundation.
What is the role of a guarantor?
A: In the event the applicant defaults on his/her loan repayment, the guarantor is required by law to repay the loan owed by the applicant.
Can I change my course of study midway through the Study Loan?
A: No, the change requires the prior written approval of the Foundation. You are required to submit your request to the Foundation stating the reasons for the change. Only upon approval by the Foundation can you change your course of study.
With the change of my course of study, what happens if the new tuition fees are cheaper than the existing course?
A: If the change results in cheaper tuition fees, the Foundation will only pay the lower fees.
How do I make the repayment?
A: You can repay the Foundation either by cheque, payable to ECM Libra Foundation or you can make payment via e-banking into the Foundation’s account.
Will the Foundation convert my loan to scholarship if I obtain very good/excellent results?
A: No, the Foundation will not convert your loan to a scholarship.
What happens if I abandon my studies mid-way through?
A: You will be required to pay back whatever loan that has been disbursed immediately in one lump sum, regardless whether you are working or not.
How will I know the status of my application?
A: All shortlisted and unsuccessful applicants will be notified via email.
Will I have to attend an interview if I am shortlisted?
A: Yes, shortlisted candidates are required to attend a selection interview at our office at a time and date to be determined by the Foundation. It is mandatory for your guarantor to attend the interview as well. You are required to bring along all your original certificates as proof.
If the Foundation, in its absolute discretion, decides to offer you the student loan (subject to compliance with all its requirements), you and your guarantor are required to sign the Study Loan Agreement and Guarantee and Indemnity Agreement, respectively (in the form and substance determined by the Foundation) with the Foundation.
Please click here to download a copy of the map to our office.
How long is the repayment period?
A: Currently, repayment of the loan is over five (5) years and we collect repayment on a yearly basis. For example: RM50,000 loan / 5 years = RM10,000 per year.
Will there be any penalties if I fail to repay my loan on time?
A: Although the loan is interest free, the Foundation will charge you interest for late payment. The interest rate on late payments will be stated in the Study Loan Agreement.
What is the basis of granting the Study Loan?
A: The loans are granted based on students’ prior results, leadership credentials, and need for financial aid.
Can I apply for the loan if I am pursuing a Master’s degree?
A: No, the Study Loan is meant for undergraduate study only.
Can I apply for the loan for my A-Level studies?
A: No, the Study Loan is for undergraduate studies only.
Can I apply for the loan for overseas study?
A: No, the loan is available for studies in local institutions of higher learning only.
What if I do not want the COLA?
A: Yes, you can choose not to take the COLA as this is optional.
Will I be required to serve a bond with the company upon graduation?
A: No, you will not be bonded (unless otherwise stated) upon completion of your studies.
Who can stand as my guarantor?
A: Anyone except your parents with the following criteria:
i. Must be below 50 years of age.
ii. Must be earning an income of RM3,000 and above per month
Can I apply for a scholarship?
A: No, this is strictly a loan.
With the change of my course of study, will the Foundation top-up the difference in the tuition fees if the new course is higher than the old one?
A: No.
When does the repayment of the loan commence?
A: Maximum six (6) months after you finish your course of study or immediately when you start working, whichever is earlier.
What is the frequency of repayment?
A: We do not collect monthly repayment; therefore, you must repay the Foundation on a yearly basis.
Will the Foundation convert my loan to partial scholarship if I obtain very good/excellent results?
A: No, the Foundation will not convert your loan to partial scholarship.
How do I apply for the Study Loan?
A: Please download these forms:
a. Study Loan Application Form
b. Study Loan Checklist Form
Duly completed Study Loan Application and Study Loan Checklist Forms with all the required documents must be sent to the address stated below. Please note that incomplete, illegible or improperly-filled application forms and those without all the required documents will be rejected.
Study Loan Application
ECM Libra Foundation
2nd Floor, Bangunan ECM Libra
8 Jalan Damansara Endah
Damansara Heights
50490 Kuala Lumpur
How long does it take to process my application?
A: We usually process the application within three months from the date of receipt.
When do I have to start repaying my loan?
A: This is subject to the terms and conditions contained in the Study Loan Agreement to be executed between the Foundation and the applicant. Currently, repayment of the study loan commences six months after you finish the Approved Course of study or whenever you start work, whichever is earlier.
Therefore, the onus is on you to inform the Foundation of your status, when you finish the Approved Course of study and when you begin employment.
However, the Foundation reserves the right to vary the commencement date of the repayment of the loan. The actual commencement date of repayment of the loan shall be as stated in the Study Loan Agreement.
How will I know when I need to start repaying my loan?
A: The Foundation will send you formal documentations, informing you of the amount due and date of commencement of the repayment of the loan. Notwithstanding anything herein contained, the Foundation reserves the right to vary the duration and/or mode of repayment of the loan. The actual duration and/or mode of repayment of the loan shall be as stated in the Study Loan Agreement.
There is no indication of closing date. When is the closing date?
A: There is no specific closing date as courses and semester intakes differ from one institution of higher learning to another. You are advised to submit your application with all required supporting documentation as soon as possible.
What does the Study Loan cover?
A: The Study Loan is extended to students pursuing undergraduate studies in local universities and colleges accredited by MQA. The loan covers tuition fees, and living expenses based on need.
Can I apply for the loan if I am pursuing a 2+1 degree?
A: No, the Study Loan is for studies to be completed in local institutions of higher learning.
Can I apply for the loan for foundation courses?
A: No, the Study Loan is for undergraduate studies only.
How much loan amount can I apply for?
A: The loan amount will normally cover tuition fees for the duration of the course and, where a need is established, will cover a fixed yearly amount for living expenses (‘COLA for cost of living allowance”). The loan amount and COLA will be disbursed on a yearly basis.
What is the interest rate for the Study Loan?
A: This is an interest-free loan as long as students pay according to schedule payments. However, interest will be applied on late payments.
Am I required to sign any agreement with the Foundation?
A: Yes, you are required to sign a Study Loan Agreement and your guarantor is required to sign a Guarantee and Indemnity Agreement with the Foundation.
What is the role of a guarantor?
A: In the event the applicant defaults on his/her loan repayment, the guarantor is required by law to repay the loan owed by the applicant.
Can I change my course of study midway through the Study Loan?
A: No, the change requires the prior written approval of the Foundation. You are required to submit your request to the Foundation stating the reasons for the change. Only upon approval by the Foundation can you change your course of study.
With the change of my course of study, what happens if the new tuition fees are cheaper than the existing course?
A: If the change results in cheaper tuition fees, the Foundation will only pay the lower fees.
How do I make the repayment?
A: You can repay the Foundation either by cheque, payable to ECM Libra Foundation or you can make payment via e-banking into the Foundation’s account.
Will the Foundation convert my loan to scholarship if I obtain very good/excellent results?
A: No, the Foundation will not convert your loan to a scholarship.
What happens if I abandon my studies mid-way through?
A: You will be required to pay back whatever loan that has been disbursed immediately in one lump sum, regardless whether you are working or not.
How will I know the status of my application?
A: All shortlisted and unsuccessful applicants will be notified via email.
Will I have to attend an interview if I am shortlisted?
A: Yes, shortlisted candidates are required to attend a selection interview at our office at a time and date to be determined by the Foundation. It is mandatory for your guarantor to attend the interview as well. You are required to bring along all your original certificates as proof.
If the Foundation, in its absolute discretion, decides to offer you the student loan (subject to compliance with all its requirements), you and your guarantor are required to sign the Study Loan Agreement and Guarantee and Indemnity Agreement, respectively (in the form and substance determined by the Foundation) with the Foundation.
Please click here to download a copy of the map to our office.
How long is the repayment period?
A: Currently, repayment of the loan is over five (5) years and we collect repayment on a yearly basis. For example: RM50,000 loan / 5 years = RM10,000 per year.
Will there be any penalties if I fail to repay my loan on time?
A: Although the loan is interest free, the Foundation will charge you interest for late payment. The interest rate on late payments will be stated in the Study Loan Agreement.
What is the basis of granting the Study Loan?
A: The loans are granted based on students’ prior results, leadership credentials, and need for financial aid.
Can I apply for the loan if I am pursuing a Master’s degree?
A: No, the Study Loan is meant for undergraduate study only.
Can I apply for the loan for my A-Level studies?
A: No, the Study Loan is for undergraduate studies only.
Can I apply for the loan for overseas study?
A: No, the loan is available for studies in local institutions of higher learning only.
What if I do not want the COLA?
A: Yes, you can choose not to take the COLA as this is optional.
Will I be required to serve a bond with the company upon graduation?
A: No, you will not be bonded (unless otherwise stated) upon completion of your studies.
Who can stand as my guarantor?
A: Anyone except your parents with the following criteria:
i. Must be below 50 years of age.
ii. Must be earning an income of RM3,000 and above per month
Can I apply for a scholarship?
A: No, this is strictly a loan.
With the change of my course of study, will the Foundation top-up the difference in the tuition fees if the new course is higher than the old one?
A: No.
When does the repayment of the loan commence?
A: Maximum six (6) months after you finish your course of study or immediately when you start working, whichever is earlier.
What is the frequency of repayment?
A: We do not collect monthly repayment; therefore, you must repay the Foundation on a yearly basis.
Will the Foundation convert my loan to partial scholarship if I obtain very good/excellent results?
A: No, the Foundation will not convert your loan to partial scholarship.