Cash woes? A personal loan to the rescue!

    DBS Study Loan Review – No Need to Pay Interest During the Course of the Study

    Let’s face it. Education has become expensive. And it is no longer limited to books alone. Students today require computers, e-book readers, and laptops as much as businessmen and top executives do. If you want your child to have quality education, don’t let lack of funds be a hurdle on his/her path to success. The solution is simple. Get a study loan and/or a tuition loan to cover expenses that you cannot afford.

    DBS offers 3 different types of loans to students. With the DBS Study Loan, you’ll have cash when your child needs it most – to cover for the expenses that a tuition fee loan won’t cover. You can benefit from the flexible tenure options and low interest rates.Let high tuition fees not deter your plans. Get a Tuition Fee Loan from DBS to cover for the tuition fees charged by your school. Lastly, if you need assistance to buy a computer/laptop for studies, you can apply for a computer loan from the bank. It’s hassle-free and affordable.

    No Interest on Loan Before Course Completion – What Makes The Study Loan Special?

    • Borrowing limit: Get a loan of up to 20% of the subsidised fee for your course that a Singaporean student would pay for the same course. Alternatively, you can apply for an annual living expense of up to S$3,600.
    • Interest-free: If you’re not comfortable paying the interest on the loan while you’re still studying, don’t worry! You can start paying the interest only after you have completed your course.
    • Low interest, where applicable: After you graduate and start paying off the loan, interest would be charged at the average prevailing prime lending rate of the three largest domestic banks in Singapore, namely, DBS, UOB, and OCBC.
    • Flexible loan repayment tenure: If you choose an interest-free loan, you’ll have 5 years to repay the loan from the time you complete your course. If you, however, choose an interest-bearing loan, you can stretch the loan up to 20 years from the time of course completion.

    Annual Living Allowance of Up to S$2,000, Low Interest Charges: How Good Is This Loan for Polytechnic Students?

    • Borrowing limit: Get up to 25% of the subsidised fee that a Singaporean student will pay for the same polytechnic course. Alternatively, you may also receive an annual living allowance of up to S$2,000.
    • No interest: No interest will be charged until the completion of your course of study.
    • Affordable interest, where applicable: After you graduate, you’ll have to pay interest charges at then prevailing average prime lending rate of UOB, DBS, and OCBC.
    • Convenient loan tenure options: Does your loan bear interest? If so, you’ll have up to 5 years to settle the loan dues in full. If you have, however, chosen the interest-free option, you’ll get up to 2 years to clear the dues.

    Fees and Charges That Will Apply to Your Loan

    When you start paying the loan off, you can pay as little as S$100 per month. This means that you may not feel burdened with interest payments even when interest becomes applicable. In addition, the bank may also charge collection fees. If there are insufficient funds in your loan account, whatever amount is left in the account, will be used to settle the collection fees first. The outstanding balance on your study loan will be deducted from your account on a daily basis until it is settled in full.

    Do You and Your Guarantor Satisfy the Loan Eligibility Criteria?

    University Education:

    If you want to use this study loan to fund your university education, make sure that you meet the following conditions:

    • You’re an undergraduate student who has received funds for tuition fee, payable by a Singaporean student, from one or more of the following sources:
      • CPF Education Loan Scheme.
      • A scholarship or study grant.
      • MENDAKI Tertiary Tuition Fee Loan/Subsidy.
      • A loan or a subsidised-education-fee grant from a government agency.
      • A tuition fee loan.
    • For further details on the eligibility criteria, please refer to your university’s website.
    • Furthermore, make sure that your guarantor meets the following requirements:
      • Should be aged between 21 years and 60 years.
      • Is in a financially stable condition.

    Also, the following condition has to be satisfied:

    Nationality of Student Nationality of Guarantor
    Singaporean Singaporean
    PR Singaporean/PR
    Foreigner Singaporean, PR, or Foreigner

    Polytechnic Education:

    As a student, you’ll first have to meet the following requirements:

    • You may be eligible for this loan if you’re a Singaporean/PR diploma student who is studying at a local polytechnic and who has received funding from one of the following sources:
    • Your guarantor satisfies the following conditions:
      • He/she is aged between 21 years and 60 years.
      • He/she hasn’t been discharged as a bankrupt.
    • For more details on the eligibility criteria for this loan and guarantors, please refer to your university’s website.

    Want to Repay Your Outstanding Loan Balance? Here Are the Channels Available

    If you want to fully repay your loan, you’ll have to download the relevant form from the bank’s website, fill in the relevant fields on the form, and then submit it to the bank for further processing. You may choose one of the following channels for payment of your loan dues:

    • Internet banking for partial settlement of the loan.
    • Internet banking for setting up and making monthly instalment payments.
    • Payment in cash at a branch.
    • Payment via cheque. The cheque can be dropped at a quick cheque deposit box.
    • Electronic or telegraphic transfer.

    If you want to make an appeal to repay the withdrawn loan amount in monthly instalments, you’ll have to download the appeal form from the official DBS website, fill it up, and submit it to the bank for further processing. You may have to also submit supporting documents. If you want to make full repayment, call the customer service number of the bank from Monday to Friday (except for public holidays), between 9:00 a.m. and 5:00 p.m., to know the exact settlement amount. After obtaining this information, you may proceed with the repayment. Please note that under normal circumstances, repayment of your loan, will commence six months after the completion of your course.

    Want to Apply? Here’s What You Should Do

    A range of loans are available from different local educational institutions. Please refer to the website of an institute you want to pursue education from, in order to glean detailed information on the mode, method, and terms of applying. You should note here that as the administrator of the loan, DBS can impose additional terms and clauses. Even if you don’t have an existing relationship with the bank or you don’t have a deposit account with the bank, its privacy banking policies will still apply to you.

    DBS Tuition Fee Loan: Use It to Pursue Education at Your Dream University

    Worried about the hefty tuition fees that you will have to bear in order to ensure that your child receives education from a top university/polytechnic in Singapore? Your child can receive a subsidised, government-funded loan, administered by DBS, to fulfil his/her potential. If your child has been accepted in a programme offered by a local university or polytechnic, you may be eligible for this loan, subject to other conditions.

    Educational Institutions That Offer This Loan

    • Nanyang Polytechnic
    • Temasek Polytechnic
    • Singapore Polytechnic
    • National University of Singapore (NUS)
    • Singapore University of Technology and Design
    • Ngee Ann Polytechnic
    • Singapore Institute of Technology
    • Nanyang Technological University
    • SIM University
    • Republic Polytechnic

    For more information on the nature of the loan and the conditions applicable, please refer to the website of the institution in which you’re enrolled.

    Up to 90% of the Tuition Fee: Is This University Loan Value for Money?

    The Tuition Fee Loan from DBS, available for University/NIE students, offers the following features and benefits:

    • Borrowing limit: Get up to 90% of the subsidised tuition fee for your course.
    • No interest payment: Until you graduate from your course, you won’t be charged any interest.
    • Attractive interest, where applicable: Interest, once applicable after course completion, will be an average of the prevailing prime lending rate at DBS, UOB, and OCBC.
    • Long loan tenure: The repayment of your loan can be stretched for up to 20 years from the time you complete your studies.
    • Minimum monthly repayment amount: In order to keep the loan active, you’ll have to pay as little as S$100 per month.

    Up to 75% of the Tuition Fee: How Polytechnic Students Can Benefit?

    If you’re a student of a polytechnic institute in Singapore, you’ll enjoy the following features and benefits with this loan:

    • Borrowing limit: Get up to 75% of the subsidised tuition fees payable by the local students.
    • Interest-free during the course duration: No interest will be charged on the loan till the time you remain enrolled in this course as a student.
    • Reasonable interest charges after graduation: Interest will apply on this loan once you have completed your study programme. It will be charged at the average prime lending rates of UOB, OCBC, and DBS.
    • Flexible loan tenure options: The tenure of your loan can go up to 10 years from the time you finish your course.
    • Minimum monthly repayment amount: You’ll have to pay S$100 or more each month to ensure that the loan remains active.

    Do You and Your Guarantor Satisfy the Eligibility Criteria for This Loan?

    Tuition Fee Loan for University/NIE Education:

    If you’re a student at a local university or NIE you may be eligible for this loan provided you don’t fall into one of the following classes:

    • You’re already receiving a full tuition-fee subsidy from MENDAKI.
    • You’re receiving financial assistance in the form of a financial grant or scholarship.
    • You’re enrolled in a self-funded course of study.
    • The tuition fees for your course is being/has been covered by a government scholarship/grant, assistance from a statutory board, or a scholarship offered by a school.
    • You’re using your CPF funds to pay the 100% subsidised tuition fee.
    • You’re a foreigner paying full fees.

    In addition, bear in mind that there is no age restriction or minimum-income requirement.

    Your guarantor will have to satisfy the following conditions:

    • He/she should be aged between 21 years and 60 years.
    • He/she hasn’t been discharged as a bankrupt.

    Tuition Fee loan for Polytechnic Students:

    If you’re a full-time diploma student studying at a local polytechnic and paying a subsidised tuition fee for your course, you may be eligible provided one of the following doesn’t apply:

    • You’re using your own CPF savings or that of a relative to pay for 100% of the subsidised tuition fee.
    • You’re receiving a scholarship from the government, a statutory board, or your own school that covers your tuition fee expenses.
    • You have received a full tuition fee subsidy from MENDAKI.

    There is no minimum income condition or age restriction on this loan.

    The loan may be granted, provided your guarantor meets the following conditions:

    • He/she is aged at least 21 years but not more than 60 years.
    • No record of bankruptcy can be attributed to him.

    In addition, the following conditions have to be fulfilled:

    • The guarantor for a Singaporean student has to be a Singaporean, too.
    • The guarantor for a student who is a permanent resident, can either be a Singaporean citizen or a PR.
    • The guarantor for an international student, has to be a Singaporean citizen or PR.

    Keep in Mind: This Fee Won’t Cover Certain Expenses of Your Student Life

    • A student has to worry about certain expenses in addition to the tuition fees for his/her course. These additional cost burdens could be living expenses, purchase of a personal computer, and hostel fees among other things. This loan won’t pay for such expenses.
    • Not all courses may be eligible for this loan. Check the website of your educational institution for more details.
    • You’ll have to collect the application form for this loan and the letter of offer from your university/NIE/polytechnic. DBS bears no responsibility for loan approval or rejection.

    Ready to Apply? Here’s What You Have to Do

    Before you decide to apply for this student loan, you’ll have to complete certain formalities. Here is a to-do list:

    • Collect the application form and letter of offer from your respective university, NIE, or polytechnic.
    • Fill in the details and bring the application form and the letter of offer to a DBS branch near you.
    • Your guarantor will have to accompany you on your visit to the bank.
    • You’ll also have to carry the following supporting documents:
      • NRIC/Passport (both applicant and guarantor).
      • If you’re a new student, bring your letter of admission, if applicable. If you’re an existing student, don’t forget to carry your student ID card, as and where applicable.

    Computer Loan From DBS: No Need to Prolong Your Wait for Your First Computer

    Learning today is no longer confined to classrooms. To take care of your assignments and to expand your horizons, you require a personal computer, laptop, or tablet. However, after paying for the tuition fees and other living expenses, saving up money to buy a computer may not always be possible.

    No worries though! A computer loan administered by DBS has been designed specifically to address this issue. Whether you’re a university or a polytechnic student, you may stand to benefit from this loan. Note that even if don’t have an existing relationship with DBS, the privacy policies from DBS will apply to you. You can collect a copy of it from a DBS branch or download it from the bank’s website.

    Standout Features of This Loan That You Should Be Aware of

    University Education:

    If you’re a university student who wants to apply for this computer loan, you need to know about the following key benefits:

    • No interest will be charged on this loan.
    • You’ll have to make a monthly repayment of S$100 or more.
    • Enjoy a repayment tenure that can be stretched up to 30 months after the completion of your studies.

    Polytechnic Education:

    • It’s an interest-free loan.
    • The minimum monthly payment amount is S$100.
    • The loan can be repaid within 24 months or less, from the time of completion of your course.

    Are You Eligible?

    You can apply for this loan if you satisfy one of the following conditions:

    • You’re an undergraduate or full-time postgraduate student at NUS.
    • You’re a student of Ngee Ann Polytechnic.

    Please note that loan approval will depend on the availability of funds and approval from the educational institution concerned. In addition, you’ll have to make sure that your loan guarantor satisfies the following conditions:

    Guarantor for University Education Computer Loan:

    • He/she should be aged between 21 years and 60 years.
    • He/she shouldn’t have been discharged as a bankrupt by a court in Singapore.
    • He/she can be a recipient of or party to one more active loan at the most.

    Guarantor for Polytechnic Education Computer Loan:

    • He/she shouldn’t be aged below 21 years or above 60 years.
    • He/she should have a good financial standing and can’t be a bankrupt.

    In addition, the nationality of the guarantor and the student-applicant will depend on each other in the following way:

    Nationality of the Student Nationality of the Guarantor
    PR Singaporean citizen or PR
    International student applying to NUS Singaporean national/PR/International
    International student applying to Ngee Ann Polytechnic Singaporean national or PR

    Planning to Apply? Here’s What You Need to Do

    Since the approval of this loan would depend on the consent from the concerned university/polytechnic, you’ll have to visit their website for relevant information on the application process. You can also learn about the terms and conditions of the loan on their website. You’ll have to refer to the website of NUS if you’re a student there or refer to the website of Ngee Ann Polytechnic in case you have enrolled in a course offered by this institution.

    What Else Should You Know?

    Q. Is GIRO payment option available for monthly instalment payments?

    A. Yes. If you’re using internet banking for setting up an instalment payment arrangement, you can select the GIRO payment option.

    Q. The bank claims to apply the average prime lending rates of OCBC, UOB, and DBS, once interest rates become applicable. What is the rate currently?

    A. As per the last update, the OCBC, UOB, and DBS prime lending rates are 5% p.a., 5% p.a., and 4.25% p.a., respectively. Therefore, currently, a rate of 4.75% p.a. will apply on the DBS Study Loan, provided interest charges are applicable.

    Q. Can I apply for a tuition-fee loan from another bank when I already have one from DBS?

    A. No. Once a loan has been granted by one of the participating banks, you may not apply for a similar loan from another participating bank during the course of your study.

    Q. What are the rules of disbursement?

    A. Depending on the terms and specific instructions as mentioned on the letter of offer issued by your education institution, the loan amount will be credited by DBS to an account as specified in the letter.

    Q. What will happen if I default on the repayment of my tuition fee loan?

    A. In case you default on the payment of your outstanding dues, the bank may impose an additional interest rate of 1% per month or a rate that it may deem fit for late payments. The additional interest rate will apply to the outstanding balance until such time as the dues are fully settled.

    DBS Study Loan Singapore
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