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.
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.
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.
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:
The total disbursements will not go beyond the amount of tuition fee, late fees, and miscellaneous fee (compulsory) payable.
The guarantor will have to fulfil the following criteria:
The Tuition Fee Loan Scheme offered by Nanyang Technological University has the following repayment terms associated with it:
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.
You will have to go through the following steps to apply for this loan:
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.