Short on liquidity? Don’t let your circumstances be in control of your future. With the OCBC study loans, you could give yourself access to quality education. It could open the door to limitless opportunities for you.
Whether you choose the government-sponsored Tuition Fee Loan or the low-interest Education Loan, you could enjoy complete peace of mind while you’re studying and post that. Let us first give you a brief idea of the two loans, namely, FRANK Tuition Fee Loan and FRANK Education Loan that cumulatively form the Study Loans offered by the bank.
Here are the loan options that OCBC offers:
Tuition Fee Loan: Allocate as little as S$100 per month for payment of this loan. No interest will be charged during the course of your study. You could also get a loan up to 90% of the tuition fee that you’re paying.
Education Loan: You could borrow up to 10 times your monthly salary with this loan, subject to conditions. Flat interest rate on this loan could be as low as 4.5% p.a. The maximum loan tenure is 8 years.
In the following section, we’ll walk you through some of the most important features of these OCBC loans for students.
The following are some of the most important features of these OCBC loans:
Up to 90% of the subsidised tuition fee payable by a bona fide Singapore student, can be borrowed with the loan. The loan disbursement will be determined and coordinated by your institute of study. With the OCBC Education Loan, you could borrow up to 10x your monthly earnings, subject to a maximum of S$150,000.
The maximum tenure available for the Tuition Fee Loan is 20 years. You could either pay in full in one shot or pay in instalments. The maximum tenure available for the Education Loan is 8 years.
If you choose the Tuition Fee Loan, you could start loan repayment as soon as you graduate or once you find a job. However, loan repayment has to begin no later than 2 years from the time of graduation. The interest commencement date will be decided by your school.
With the Education Loan, you can choose from 3 separate repayment schemes. One of the options is Standard. Under this arrangement, payments begin once the loan is disbursed. The instalment will be used for paying down both the loan principal and the interest accrued. The second option is Graduated. Under this arrangement, you’ll have to pay for the accrued interest until the time you graduate. Regular instalment payments will begin thereafter. The third option is known as Graduated Plus. If you choose this scheme, you’ll just have to make payments for the accrued interest during your course and 1 year after you graduate. Thereafter, the regular instalment payments will have to be made.
Interest charged for the Tuition Fee Loan will be the average of the prime lending rates of UOB, DBS, and OCBC. An additional interest rate of 1% per month will be levied on the outstanding balance if you don’t pay the dues on time. The flat rate of interest for the Education Loan could be as low as 4.5% p.a. The effective interest rate could be as low as 5.01% p.a.
The bank will send you statements on a periodic basis. Go through it to know more about the loan details, including payments and dues. If you have access to a personal internet banking account, you could use it for the same purpose.
While the Ministry-of-Education-sponsored and OCBC-administered Tuition Fee Loan is available to top schools in the country, the Education Loan is available to students from private schools in Singapore and abroad.
The loan will be disbursed by the bank in accordance with your school fee payment schedule. The bank will send you a cashier’s order before every payment. You’ll just have to submit it to your school.
The bank may run rewarding promotions from time to time. Currently, if your loan application is approved, you would get a perpetual annual fee waiver on the FRANK Debit Card. You could conveniently use the card to withdraw cash locally and overseas. You can also customise your card by choosing from 120 distinct designs. Keep an eye out on the bank’s website to ensure that you don’t miss out on similar offers.
For interesting illustrations showing your potential interest savings, please refer to the respective loan pages on our website.
Check the OCBC Tuition Fee Loan and Education Loan pages on our website for fee structure and details.
Consider the following before you opt for the Study Loans:
For more insights and information, turn to specific loan pages we have on our website.
To know if you’re eligible, check out our pages dedicated to FRANK Tuition Fee Loan and FRANK Education Loan. You can also find out all there is to know about the supporting documents on these pages.
Use any of the modes mentioned below to submit your completed application:
You could also leave your details with the bank. A representative will contact you at an appropriate time.
You will not be able to fulfil your life dreams by just ‘daydreaming’. You need a plan and definitive actions. Getting yourself the right loan could be a step in the right direction. When you’re looking for cost-effective study loans, you may want to consider the ones from OCBC.