Cash woes? A personal loan to the rescue!

    OCBC Tuition Fee Loan Review: Covers Up to 90% of Your Tuition Fees

    To make the most of your education opportunity, you need to stay sharp and focused. Worrying about tuition fees and charges, can certainly hamper your focus. If you have the OCBC FRANK Tuition Fee Loan, you may not have to worry about tuition fees as much.

    With this loan, you can pay up to 90% of your course fees. What’s more? You’ll be charged 0% p.a. during the course of your education programme. You can start repaying the loan after you have graduated. You may be able to stretch your loan repayment to up to 20 years. Your affordable monthly instalments can be as little as S$100. Let us now look at the loan features and benefits in detail.

    Affordable Interest, High Borrowing Limit: Unique Features of FRANK Tuition Fee Loan

    Looking for a cost-effective tuition fee loan? This OCBC loan could be one of your options. The following are some of the features that you’ll enjoy:

    High borrowing limit: You can borrow up to 90% of the tuition fees that a Singaporean student will pay for his/her education.

    Repayment Commences After the End of Course: Until the time you graduate, you won’t have to start repaying your loan dues. Repayment can either be started after you graduate or after you find a job within 2 years of course completion.

    Low Monthly Instalment: Monthly instalments for your loan can be as low as S$100. This means that you may not feel the pinch even after repayment commences.

    What You Should Know About the Various Stages of the Loan

    The following are some of the important things that you should be aware of:

    Find a Guarantor: You can’t apply for this loan if you don’t have a guarantor. Your guarantor will have to accompany you at the time of application. He/she should be willing to take on the responsibility of repaying the loan in case you fail to settle the loan.

    Wait for Your College/University/Polytechnic to Disburse the Loan: The disbursement of the loan and the period of commencement of interest will be decided by your university. However, rest assured knowing that no interest will be charged during the course of your studies. You’ll also have to make no payment during this period.

    Start Settling the Dues: Depending on your choice and/or the terms of your loan agreement, the repayment period will commence right after you graduate or after you have landed a job. The first payment, however, will have to be made within 2 years of course completion.

    An additional interest will apply provided you don’t pay the first minimum monthly due amount within 2 years of graduation. Your monthly instalment can’t be less than S$100.

    Interest Payments With This Loan

    Here’s what you need to know about interest rates:

    Type of Interest Rate of Payment
    During the study period 0% p.a.
    After repayment starts Average of prime lending rates offered by DBS, UOB, and OCBC
    If payment is not started within 2 years of graduation An additional 1% per month

    Don’t Ignore the Following Points

    Here are a few things that you should consider while assessing the suitability of this loan:

    • An additional interest will be imposed on loan payments that don’t start within 2 years of graduation.
    • There is a borrowing limit on the loan. It may not cover your full tuition fees.
    • You can’t apply for this loan without a guarantor.
    • You’ll have to be present in person at the time of application.
    • The date of the interest commencement on the loan will be determined by your university. You won’t have a say in it.
    • The tuition fee considered will be what a Singaporean student has to pay for the same course. So, if you don’t get the same subsidies as them, you can’t ask for a higher borrowing limit.

    Are You Eligible for FRANK Tuition Fee Loan?

    Get a thorough understanding of the loan eligibility criteria in this section.


    Students enrolled in selected NUS/NTU degree programmes are eligible. If you satisfy one of the following conditions, you may be eligible:

    • Students of graduate research programmes can apply.
    • Students of full-time undergraduate and postgraduate degrees may be eligible.
    • Students of full-time MSE programmes subsidised by MOE, are eligible.

    If you’re a part-time student of NTU or NUS, you may be eligible for this loan if you satisfy all the following prerequisites:

    • You’re a Singaporean.
    • You’re pursuing your first undergraduate degree on a part-time basis.
    • You’re pursuing education on a part-time basis due to financial constraints.

    You won’t be eligible for an NUS programme if:

    • If you’re receiving financial assistance from the government, a statutory body, or a scholarship from NUS that covers the course fee.
    • If you’re receiving full subsidy from MENDAKI.
    • If you’re enrolled in a self-funded graduate programme.
    • If you’re a foreign student paying full fees and if you aren’t taking a tuition grant.
    • If you’re using monies from a CPF account to cover 100% of the subsidised tuition fee.

    [Note: Please refer to the website of your university to know if the programme will be considered for financing or not.]


    You’ll be eligible for this loan if:

    • You’re enrolled in BA/BSc (Education) but you aren’t receiving a salary, a stipend, or course fees from MOE.
    • You’re enrolled in full-time research programmes including:
      • Master of Arts (by Research)
      • Master of Science (by Research)
      • Doctor of Philosophy
    • You’re a registered student of one of the following subsidised, full-time coursework degree programmes:
      • Master of Arts (Applied Linguistics).
      • Master of Arts in other specialisations.
      • Master of Science (Life Sciences).
      • Master of Science (Exercise & Sports Studies).

    You won’t be eligible for this loan if:

    • If you’re receiving a scholarship from a government/statutory board/NIE organisation that covers your tuition fees.
    • If you’re receiving full tuition fee subsidy from MENDAKI.
    • If you’re a foreign student who is paying non-subsidised tuition fees.
    • If you’re a student who pays full tuition fees.
    • If you’re enrolled in a self-funded course.
    • A student of BA/BSc (Education) who receives a salary or a stipend but whose fees aren’t paid by MOE.
    • If you’re using CPF savings to pay the subsidised course fee in full.
    • If you’re enrolled in a part-time graduate programme (coursework).
    • If you’re a part-time student teacher.

    Criteria That Your Guarantor Has to Meet

    A guarantor for this loan has to satisfy the following conditions:

    • He/she should be aged between 21 years and 60 years.
    • He/she must not be an undischarged bankrupt.

    Nationality Requirements of the Loan

    The following conditions have to be taken care of:

    • The guarantor of a Singaporean student has to be Singaporean.
    • The guarantor of a PR of Singapore must be a citizen or PR of Singapore.
    • The guarantor can be of any nationality if the student is a foreigner.

    Make Your Application Strong With the Following Supporting Documents

    If you’re an existing OCBC customer, keep the following handy:

    • A copy of your NRIC.
    • A copy of your school matriculation certificate or school letter of admission.

    A foreign applicant has to submit the following:

    • A copy of your passport. Malaysians can use ID cards issued by their government.
    • A copy of your school letter of admission.
    • A printout of IPA or ICA pass (for students from sanctioned countries).

    If your guarantor is a national or PR of Singapore, he/she needs to carry their NRIC at the time of submission of application.

    If your guarantor is a foreigner, he/she will have to provide the following documents:

    • Passport or some other form of valid identification.
    • For those from sanctioned countries, the following may be accepted:
      • Printout of IPA or ICA Pass.
      • Letter of admission or work permit, whichever is applicable.

    Want to Apply for FRANK Tuition Fee Loan? Find Out More About the Process Here

    If you’re interested and want more information, you can fill up an interest form available on the bank’s website. You may also send the bank a text message. Usually, the bank will contact you within 3 working days of receiving a text message from you.

    Once ready, your application form can be submitted at an OCBC branch or a FRANK store. You can download the form from the bank’s website. At the time of submission, your guarantor should also be present with you. Don’t forget to submit supporting documents when you apply.

    Use this loan to provide yourself with the best educational opportunities available. Don’t let lack of money be an impediment to your dream. Feeling deprived? Don’t let it hold you back. Use this loan as a guiding stick on your way to success. To learn more about other OCBC Study Loans, click here. You may also want to check out some interest-free education loans here.

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