The Majlis Amanah Rakyat, also known as MARA, is an agency that’s part of the Malaysian government. Its purpose is to provide aid and training for Malaysians interested in developing skills in business or starting new businesses themselves. Though MARA offers loans to independent entrepreneurs, one of its main purposes is to help Malaysian students pay for higher education by obtaining a MARA loan.
Uses of a MARA Loan for Business
One of the main uses of a MARA loan is to help entrepreneurs finance startup ideas. MARA offices also offer other help for people new to business. This includes courses to learn the basics of starting a business. MARA also helps Malaysians wishing to start businesses by offering training, consulting and marketing assistance. Entrepreneurs can also rent facilities from MARA. Facilities vary, with options ranging from shops for selling goods to factories for making them. Entrepreneurs who borrow using a MARA loan in 2018 have the option of paying back their loan using Islamic traditional banking practices. Many people choose to apply for Mara loans.
Get Help Paying for College
Another way to use a MARA Loan in 2018 is to pay for college. MARA is in charge of several colleges and other schools in Malaysia. These schools include the University of Kuala Lumpur, a number of junior science colleges and boarding schools. MARA also operates the vocational schools Pusat GIAT MARA and Kolej Kemahiran MARA. Students can obtain scholarships to study at these schools, but their acceptance of these scholarships is contingent on their intended area of study.
How to Apply for a MARA Loan in 2018
To apply for a MARA loan in 2018, make sure that you qualify. Only Malays and other indigenous Malaysian peoples qualify to apply for a MARA loan. Next, figure out which type of loan you need. For education loans, you will have to fulfill more qualifications. These qualifications will vary depending on the type of loan you wish to take out, your preferred area of study and the school you wish to attend. To understand the types of qualifications you will need to fulfill, read the description for each type on the MARA loan website itself.
After you know which kind of loan you want to apply for, you can either go to your local MARA office, ask the financial aid office of your university or access the portal on the MARA website in order to apply for a MARA loan.