RM30mil 1MCA Education Loan Scheme launched for multiracial Malaysians in line with spirit of 1Malaysia
On 11 September 2011, MCA formally launched the 1MCA Education Loan Scheme. This Loan Scheme is open for application to students of all races from low-income families.
A total of RM30million interest-free loans in the Loan Scheme will be open to all races. University students studying abroad can apply for loans ranging from RM30,000 to RM50,000. MCA will bear the interest for the loans.
The first part entails 150 loans to pursue university degree programmes locally and overseas, with each successful applicant receiving loans up to RM30,000.
The second part entails 50 loans to pursue doctoral and post-graduate studies, with each successful applicant receiving loans up to RM50,000.
Successful applicants can enjoy interest-free loans for the first five years. The Loan Scheme takes into consideration the fact that the students are studying and will have only just started working for about two years.
Thus this plan will allow the students to repay the loan, after which a minimum interest rate will be charged.
Application forms for the 1MCA Education Loan Scheme maybe downloaded from the MCA website or http://www.mca.org.my/en/about-us/about-mca/introduction-of-mca/party-agenda/1mca-education-loan-scheme/
In his remarks, MCA President Datuk Seri Dr Chua Soi Lek said that ”the 1MCA Education Loan Scheme for all races in line with the spirit of 1Malaysia.” The President also urged UMNO, MIC & other component to emulate MCA’s efforts.
The party chief also cited that the Chang Ming Thien Foundation has disbursed more than RM20mil to 1,407 students from year 2004 to 2010.
MCA is the only political party that covers every aspect of education from A to Z as our party strongly believes that education development leads to strengthening the nation’s human capital, and also ensures a more progressive personal development of the individual.