Option A – Standard Repayment.
Your monthly installment for the next 36 months will be S$359 upon loan disbursement.
Option B – Graduated Repayment
During your study period of 2 years, your monthly interest payment will be S$49 upon loan disbursement. Your monthly installment of S$359 will commence upon completion of your study for the next 36 months.
Option C – Deferred Repayment (for full time local study only)
During your study period of 2 years, no payment will be required upon loan disbursement. Your monthly installment of S$396 will commence upon completion of your study for the next 36 months.
Effective Interest Rates
The Effective Interest Rates# for the different repayment schemes, based on the Applied Interest Rate of 4.88% p.a. for Overseas Studies, are as follows:
# Effective Interest Rates are calculated on a monthly rest method, and includes an upfront processing fee of 2% of the approved loan amount.
^ A 24 months study period is assumed in the calculation of the Effective Interest Rates for the Graduated and Deferred repayment schemes.
• Singapore Citizen or Singapore Permanent Resident
• Age between 21 and 62 (as at end of loan tenure)
• Earning a minimum annual income of S$12,000 or S$30,000 (for guarantor)
• Earning a minimum income of S$20,000 for study loan and S$36,000 for preferred credit
• Photocopy of NRIC (both sides) of all applicants/guarantor
• Proof of Income:
• Salaried Person:
1) Latest original payslip AND
2) Latest Income Tax Notice of Assessment OR CPF statement for past 6 months
Income Tax Notices of Assessment for past 2 years
• Original or certified true copy of Letter of Acceptance from Education Institution stating type and duration of course
• Invoice or course fee payment schedule
| Important Information
||2% of the approved loan amount
|| Free cashiers’ orders for disbursement to local education institutions
Various charges will be levied for demand drafts / telegraphic transfers to
Foreign education institutions
|Late Payment Fee
||5% above Prime Lending Rate (currently at 5.70%) on any overdue instalment
||1% on the loan amount cancelled
||1% on the outstanding loan amount
|Partial Prepayment Fee
||1% on the prepaid amount