Student Loans
An investment in knowledge pays the best interest - Benjamin Franklin
Make the most of your education by studying worry-free.
benefitsHOW IT WORKSeligibilityHow to apply
Learning is the beginning of wealth.
Benefits
FOR NUS AND SMU STUDENTS
Fund up to 20% of the subsidised tuition fee payable by Singapore Citizens and/or up to S$3,600 living allowance per annum
No repayment and 0% interest while studying
Interest bearing, if applicable, will start after graduation at the average prime rate of DBS, OCBC and UOB
Repayment period up to 20 years for interest bearing loan or up to 5 years for interest free loan
Flexible repayment schemes with instalments as low as S$100
How It Works
From getting your loan to completing repayment
1
Apply Study Loan at respective University
Please refer to respective institution’s website for full criteria on Study Loan application details.
2
Print out the Study Loan agreement and the eligibility email
Please print the “LETTER OF ELIGIBILITY FOR STUDY LOAN SCHEME” email and the attached documents within the email in BLACK INK and bring them along for verification in the presence of a OCBC bank officer during the execution of the Loan Agreement. Please be informed that you will NOT be allowed to execute the Loan Agreement without all of these documents.
3
Visit any OCBC Branch or the FRANK Store
Visit any OCBC Branch with your guarantor to execute the Loan Agreement in the presence of an OCBC Bank officer.
4
Loan up to 20% of your tuition fees
The loan disbursem*nt terms will be determined by your institution. During your study, no interest will be charged and no payment is needed.
5
Start Repaying2
Start repayment immediately after graduation, or once you find a job within 6 months3 after graduation. Repayment of loan can be in one lump sum or by equal monthly instalments of a minimum of S$100. Repayment period can be up to 20 years4 for interest-bearing loan or up to 5 years4 for interest-free loan.
Study Loan (SL) is provided by the Ministry of Education (MOE) and administered by OCBC Bank.
Am I Eligible? - Application period is set by the university
Eligibility
Undergraduates who have received financing of tuition fee payable by Singapore Citizens from at least one or a combination of the following:
- Tuition Fee Loan
- CPF Education Loan
- MENDAKI Tertiary Fee Subsidy/Loan
- Scholarship/grant
- A fee subsidy/loan from a registered government agency
Please refer to respective institution's website for full criteria on Study Loan application details.
Guarantor
A guarantor is required and must be:
- 21 – 60 Years Old
- Not a Bankrupt
- Fits nationality check below:
Student | Guarantor5 |
Singaporean | Singaporean |
Permanent Resident | Singaporean/ Permanent Resident |
International | Singaporean/ Permanent Resident/ International |
Eligibility Email
All borrowers (student) must provide hardcopy eligibility email from the institute.
Study Loan Agreement
All borrowers (student) must provide hardcopy of the Study Loan Agreement. Both borrower and guarantor must sign the agreement at branch with branch staff as witness. If the guarantor is overseas, he/she will sign in the presence of a Notary Public, and will not be present during the signing at the branch.
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What do I need to prepare:
Visit any OCBC Branch with your guarantor to execute the Loan Agreement in the presence of an OCBC Bank officer. Please be informed that you will NOT be allowed to execute the Loan Agreement without all of the required documents.
Documents required as per the table below:
No. | Document | Student | Guarantor | ||
|---|---|---|---|---|---|
Original | Photocopy | Original | Photocopy | ||
1. | Identification documents
| √ | √ | √ | √ |
2. | Student Matriculation Card | √ | - | - | - |
3. | Study Loan Agreement6 (provided by your institution) | √ | - | - | - |
4. | Letter of Eligibility for Study Loan Scheme7 (provided by your institution) | √ | - | - | - |
Additional Details:
For terms and conditions, please refer to the institution's website.
Proof of residential address may be required if the residential address on your identification document differs from SL agreement.
1Based on a Singapore citizen university student's tuition fee.
2Interest commencement date is set by university. Loan interest is based on the average Prime Lending Rate of Oversea-Chinese Banking Corporation (OCBC), Development Bank of Singapore (DBS) and United Overseas Bank (UOB). Late interest of 1% per month on the outstanding amount will be charged if repayment is late.
3Additional loan interest of 1% per month on the outstanding loan will be charged if you do not start repaying a minimum of S$100 monthly within6 monthsfrom graduation.
4This is the maximum period of making monthly repayment instalments from graduation day.
5Guarantor must not be an undischarged bankrupt.
6All borrowers (student) must provide hardcopy of the Study Loan Agreement. Both borrower and guarantor must sign the agreement at branch with branch staff as witness. If the guarantor is overseas, he/she will sign in the presence of a Notary Public and will not be present during the signing at the branch.
7All borrowers (student) must provide hardcopy eligibility email from their respective institute.
Knowledge is money
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