Under the Government of Singapore’s effort to provide affordable higher education, all eligible students in Singapore whether local or international, will be able to apply for the Tuition Fee Loan Scheme offered by Nanyang Polytechnic. This loan scheme is offered as part of the Ministry of Education. This loan is administered by DBS Bank.
All permanent sponsored diploma students who are either citizens of Singapore or Permanent Residents can apply for this loan. On the other hand, the following students will not be eligible for this loan scheme:
In addition to the eligibility criteria, there are a few things that you need to know including the documents that you must submit at the time of application. When you apply for this loan, you must bring the following documents:
You and your guarantor must inform the bank if there are any changes to your personal information before you submit your application. All incomplete submissions will be rejected.
With the Tuition Fee Loan Scheme, you will get a maximum of 75% of the tuition fee as a loan. Under this scheme, your supplementary fees will not be covered.
Once you have completed your course, you have up to 10 years within which you have to repay your loan. The minimum amount that you will have to pay each month is S$100. You have to start repaying it after one year from when you graduate or from the date on which you leave the course, whichever comes first.
The interest rate applied will be the average prime rate of the three local banks, i.e. UOB, OCBC and DBS. You will have to start paying the interest which will be charged from either 1st June or 1st December of the year in which you graduate.
The guarantor must fulfil the following criteria:
If you are a new student, you must apply for the loan along with your guarantor at any DBS Bank Branch personally with the completed application form, Letter of Offer, and identity cards or passports. The application form must be signed in the presence of a bank employee. A new student must also apply for the loan before enrolling.