KUALA LUMPUR, July 9 — Bank Rakyat signed a Memorandum of Understanding (MoU) with Universiti Malaysia Pahang (UMP), AKATI Consulting (M) Sdn Bhd, Admal Aviation College and Kolej Poly-Tech MARA (KPTM) for prospective students to finance their higher education studies.

The MoU will enable deserving students to apply for a maximum loan amount of RM1 million under the Education Financing-I scheme, with a financing period of up to 20 years at a competitive payment rate.

Chief operating officer (business) of Bank Rakyat, Datuk Amirudin Abdul Halim, said the cooperation is aimed at promoting Education Financing-I to a wider audience.

"This initiative will also enable Bank Rakyat to contribute to the nation’s human capital development and create a highly skilled society,” he said after the MoU signing event at Bank Rakyat Twin Towers, here, today.

Also present were UMP vice-chairman, Prof Datuk Seri Dr Daing Nasir Ibrahim; chief executive officer of AKATI Consulting (M) Sdn Bhd, Krishna Rajagopal; chief executive officer of Admal Aviation College, Abd Malek Packeer Mohamed; and chief executive officer of KTPM, Nordin Ahmad.

The Education Financing-I loan can be used for studies at local or international institutes. To qualify, applicants must be a Malaysian citizen aged between 18 and 60 years old, and applicants or their parents must earn a minimum monthly income of RM2000.

Applications can be made through UMP, AKATI Consulting (M) Sdn Bhd, Admal Aviation College and KPTM; or by calling Bank Rakyat at 1-300-80-5454 or by visiting www.bankrakyat.com.my — Bernama