Tuition Fee Loan Scheme - Ngee Ann Polytechnic
Under the various financial schemes offered by the Government of Singapore, all eligible students will get the opportunity to use them to pursue higher education in Singapore. Among the various polytechnic institutes in Singapore, Ngee Ann Polytechnic also has its own Tuition Fee Loan Scheme.
What Are the Features of This Loan Scheme?
Some of the features of this loan scheme are as follows:
- You can get up to 75% of the tuition fee as a loan.
- The interest applied will be the average of prime rates offered by DBS, UOB and OCBC which works out to around 4.75%.
- You will have to repay the entire amount over a maximum period of 10 years.
- No interest will be charged during the course of study.
- The interest will start accruing a month after you graduate or after you leave the Polytechnic without completing the study.
- You will have to pay at least S$100 per month through GIRO.
- For people who have National Service obligation, the interest will be applied one month after the Operationally Ready Date or ORD.
What Are the Eligibility Criteria for This Loan?
The following students will be eligible to apply for this loan scheme:
- All full-time students (international students, Permanent Residents and citizens of Singapore).
- International students and Permanent Residents must sign the Tuition Grant deed with the Ministry of Education before they can apply for the loan.
When Will the Loan Repayment Commence?
The loan repayment will commence in the following ways under different circumstances:
- If you leave your polytechnic without finishing your course, repayment will begin from the first day of the month in which such notification is received.
- If you have National Service obligation, the repayment will commence within a year after you complete your National Service.
- If you are graduating in the first half of the year, your loan repayment will commence from 1 June of the year following the year in which you graduate.
- If you are graduating in the second half of the year, your loan repayment will begin not later than 1 December of the calendar year following the year in which you graduate.
How Can You Apply for This Loan?
You will have to take the following steps when you apply for this loan:
- Use the eServices portal to download the application form.
- Take the correctly-filled application form and your guarantor to any DBS branch and sign the agreement in the bank officer’s presence.
If you wish to get any additional information, you can call the DBS Tuition Fee Loan hotline number at 6333 0033.