Tuition Fee Loan Scheme - Nanyang Technological University

Among the various financial aid programmes offered by Nanyang Technological University, you can also get the Tuition Fee Loan Scheme. Nanyang Technological University has appointed OCBC and DBS as the two banks authorised to administer this loan scheme. There is no minimum income requirement to apply for this loan.

What Are the Eligibility Criteria for This Loan?

Students of all nationalities pursuing their undergraduate degrees will be eligible for this loan. However, applicants who have opted for Traditional Chinese Medicine and Biomedical Sciences courses will be covered only for the first three years of the course under the scheme. Also, Permanent Residents and international students paying non-subsidised tuition fees are not eligible.

What is the Quantum of the Loan Amount?

As part of this loan scheme, you will be eligible for a maximum loan amount of up to 90% of the tuition fees (subsidised) that a Singaporean has to pay for a similar course. However, you will not get any coverage for hostel and miscellaneous fees.

International students and Permanent Residents who have applied for both the Study Loan and Tuition Fee Loan will only be sanctioned an amount that is equal to the subsidised tuition fees that a Singapore Citizen is expected to pay for a course of the same type. Since the subsidised tuition fees for Permanent Residents and international students are much more than the fees for Singapore citizens, the loans will not completely cover their tuition fees.

How Will the Funds be Disbursed?

If you are using a combination of subsidies and loans to settle your Ministry of Education subsidised tuition fees, the funds will be disbursed as follows:

  1. Mendaki Tertiary Tuition fee Subsidies wherever pertinent.
  2. PSEA funds wherever pertinent
  3. CPF funds as part of the CPF Education Scheme wherever pertinent.
  4. Tuition Fee Loan wherever it is appropriate.
  5. Study Loan wherever it is appropriate
  6. Donated/MOE/NTU Bursary wherever it is appropriate.
  7. GIRO deduction from students' personal account/other account.

The total disbursements will not go beyond the amount of tuition fee, late fees, and miscellaneous fee (compulsory) payable.

What Are the Eligibility Criteria for the Guarantor?

The guarantor will have to fulfil the following criteria:

  • He/she must be between 21 and 60 years old and should not be an un-discharged bankrupt.
  • There is no problem regarding his or her income.
  • A loan applicant who is a:
    • Singaporean must arrange for a guarantor who is also Singaporean.
    • Permanent Resident must arrange for a guarantor who is either a Singaporean or a Permanent Resident.
    • International students can arrange for a guarantor of any nationality.
  • A person should not ideally stand-in for more than two loans considering the financial consequences associated with it.

What Are the Terms Associated With Loan Repayment?

The Tuition Fee Loan Scheme offered by Nanyang Technological University has the following repayment terms associated with it:

  • Repay the loan amount in a single lump sum or in monthly instalments, starting no later than two years after you graduate or after you secure a job, whichever comes first.
  • The minimum amount to be repaid every month isS$100 and you can pay the amount over a maximum period of 20 years.
  • If you leave the programme without completing the course, the outstanding amount will be due and payable immediately. However, the university may, at its discretion, allow you to pay the outstanding amount in instalments.

What Are the Terms Associated With the Interest Rate Applied?

The interest is calculated based on the average prime rates of UOB, OCBC and DBS banks that prevail on the first day of the quarter or on rates that the bank determines. This rate will apply to you once you complete your graduation.

The interest is calculated on a monthly basis. You will be charged a penalty interest at 1%/month on instalments if there is an arrear. If you leave the programme without finishing it, the interest will be charged from the first day of the month following the month in which the bank is notified.

How Can You Apply for This Loan?

You will have to go through the following steps to apply for this loan:

  • Fill in the Tuition Fee Loan Scheme form and go to the bank with your guarantor at the time of application.
  • You only have to apply once to cover for the duration of your programme at NTU.

If you fail to submit the entire set of required documents, your application will be considered inadequate and will not be processed. Get further information by calling the DBS Tuition Fee Loan hotline number.

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