PTPTN loan: should I pay it off early or invest the money instead?

I chose to pay mine off early and here's my reasoning beyond pure math. Yes, PTPTN's interest is low and ASB might return more, so financially keeping it invested is defensible. But being debt-free changed my life, no monthly deduction, cleaner credit profile when I applied for my home loan (lenders look at your commitments), and honestly the peace of mind. Also don't forget: consistent PTPTN repayment can qualify you for a tax relief and keeps you off the travel-ban list for defaulters. If PTPTN runs a settlement discount, grab it, that's basically a guaranteed return. If you're disciplined and will actually keep the money invested (not spend it), the invest route works. But many people spend it, so if that's a risk, clear the debt. Depends on your discipline and goals.

I faced this exact decision. Math-wise, PTPTN's charge (ujrah) is only about 1% a year, which is lower than what ASB or a decent investment can return, so purely on numbers, keeping the money invested and paying PTPTN slowly can come out ahead. HOWEVER, watch for the full-settlement discount, PTPTN sometimes offers a discount (like 10-15%) for one-lump-sum settlement during certain campaigns, and that discount can make early payoff worth it. What I did: I waited for a discount campaign, then paid off a chunk to grab the discount, and kept the rest invested. Also there's the psychological freedom of being debt-free, which for some people is worth more than the small math difference. Check current discount offers first, then decide. Maybe run the numbers with a financial planner.