Singapore Polytechnic Tuition Fee Loan Scheme

If you are finding it difficult to fund your education, you can make use of the Tuition Fee Loan Scheme offered by Singapore Polytechnic. With this scheme, you will be able to apply for a loan that charges no interest for the period of your studies in the polytechnic. This loan is administered by DBS and you can repay the loan once you graduate or after you leave the polytechnic.

Features of This Loan Scheme

Some of the other features of this loan are as follows:

  • All full-time diploma students who are on the Tuition Grant Scheme will be eligible for this loan.
  • You will get up to 75% of the tuition fee (subsidised) covered in this scheme. The remaining 25% of the loan can be paid either in cash or you can apply for the CPF-AES Scheme.
  • The duration of the loan starts from the time you get the approval until you complete your studies in the polytechnic.

How is the Interest Calculated?

The interest will be calculated based on the following conditions:

  • Interest will be charged on the loan only after you graduate.
  • If you have no National Service commitments and you graduate in the first half of the year, you will be charged interest from 1 June in the same year you graduate.
  • The interest is calculated on a monthly rest basis and a 365-day year.
  • If you have no National Service commitment and you graduate in the second half of the year, you will be charged interest from 1 December in the same year you graduate.
  • If you leave the course without completing the study, interest will begin from the first day of the month following the notification to the bank.
  • If you have to serve in National Service, interest will be charged from the first day of the month immediately following the month you complete your stint at the National Service.

What are the Conditions Applicable to the Repayment?

Here is a list of conditions that you will have to fulfil when you make repayments:

  • If you have no National Service commitment and you graduate in the first half of the year, you will have to start repaying in equal monthly instalments or in one lump sum from 1 June in the year immediately following the year in which you graduate.
  • If you have no National Service commitment and you graduate in the second half of the year, you will have to start repaying in equal monthly instalments or in one lump sum from 1 December in the year immediately following the year in which you graduate.
  • If you have to serve in National Service, you can start repaying in equal monthly instalments or in one lump sum a year after you complete the National Service.
  • You will have to pay at least S$100 each month and you can make your payment over a maximum period of 10 years.
  • If you leave the polytechnic without finishing your course, the unsettled loan amount will become immediately due and payable.

Conditions Relating to the Tuition Fee Loan

Some of the conditions in relation to the tuition fee loan are as follows:

  • Once you get the loan, you cannot apply for a similar loan with other participating banks duration the study period.
  • If you default on your loan, you will have to pay an additional interest of 1%/month for every instalment that is paid late.
  • By giving a written notice of seven days to the bank, you can make partial or full repayment of not less than S$500 each.
  • You have the option of changing the loan quantum only on a yearly basis and not on a semester basis.

If you wish to get any additional information, you can call the DBS Tuition Fee Loan hotline number at 6333 0033.

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