Singapore University of Technology and Design (SUTD) Tuition Fee Loan Scheme
Are you looking to join a full-time undergraduate course offered by the Singapore University of Technology and Design or SUTD, but the tuition fee is holding you back? If yes, then you can consider the option of seeking financial aid under the Tuition Fee Loan Scheme which is a part of the university’s Study Loan Scheme. This loan scheme is managed by UOB, DBS, and OCBC, for the university.
The Tuition Fee Loan Scheme is applicable to Permanent Residents, International Students and Singapore citizens. This education loan scheme is ideal for students looking for flexible repayment structure as you get enough time and leeway to repay the loan. To get this loan for the next academic year, you will have to apply between 10 December 2018 and 4 February 2019.
What is the Loan Amount for Study Loan Scheme?
You will get a maximum loan amount of 90% of the subsidised fees charged to a full-time Singaporean undergraduate student. All students who are studying full-time as part of the Ministry of Education subsidised undergraduate degree courses in Singapore University of Technology will be eligible for a Study Loan Scheme.
What Are the Repayment Details?
You will have to start repaying this loan within two years after you graduate or when you get employed, whichever occurs first. You will have to pay the entire loan amount within 20 years with a minimum payment of S$100 every month. The interest rate applicable with this loan scheme is the average prime rate offered by the three local banks offering this loan which include UOB, OCBC, and DBS.
Who Are Eligible to Apply for This Loan?
The following individuals will be eligible for this Tuition Fee Loan:
- All citizens of Singapore and Permanent Residents who pay the entire fee. The loan is capped at the subsidised fees.
- All undergraduate students (studying full time) paying subsidised tuition fees payable by a citizen.
- International applicants who are mandated to pay the entire fees since they used their subsidy during the study period can continue to hold the loan, only if they applied for the loan when paying the subsidised fee.
Who Are Not Eligible to Apply for This Loan?
You will not be eligible for this loan if you are an international undergraduate student paying the entire fee at the time of admission or if you withdrew from the Tuition Grant Scheme during the course of study.
What Are the Requirements of a Guarantor?
The guarantor associated with the Tuition Fee Loan Scheme must fulfil the following criteria:
- He/she must be at least 21 years old and not older than 60 years.
- If you are an international student, the guarantor can be of any nationality.
- If you are a citizen of Singapore, your guarantor should also be a citizen of Singapore.
- If you are a Permanent Resident of Singapore, the guarantor can be a citizen of Singapore or a Permanent Resident.
- He/she should not have served as a guarantor for more than two unsettled student loans, including the current one.
- He/she cannot be a bankrupt.
- He/she should not be a full-time student pursuing an educational course.
What Are the Documents That You Must Bring at the Time of Application?
Before you apply for a student loan there are a few things that you need to know including the documents that you must submit. When you apply for this Tuition Fee Loan Scheme, you must bring the following documents:
Students must submit the following:
- The completed loan application form.
- A photocopy of the admission letter to SUTD or a photocopy of your student card (depending on whether you are a freshman or an existing student).
- A proof of your residential address (if you have no POSB/DBS account).
Applicants must submit the following:
- Singaporean citizens and Permanent Residents must submit their NRIC copy.
- Foreigners must submit their passport copy.
- Employed applicants must submit income documents including: employment letter and latest payslip (for salaried employees), self-declaration letter (for self-employed), and latest income tax NOA (for all employees).
Guarantors must submit the following:
- Singaporean citizens and Permanent Residents must submit their NRIC copy. Foreigners must submit their passport copy. If you’re not currently in Singapore, you must submit a true certified copy (in the presence of a Singapore Embassy officer, a DBS Bank officer, or your foreign country’s Notary Public) of the applicable document.
- If you are a salaried employee: employment letter, latest payslip, and latest income tax NOA.
- If you are self-employed: self-declaration letter and latest income tax NOA.
- If you are retired or unemployed: retirement letter from your company or self-declaration letter. If you are retired, you must demonstrate proof of funds such as bank statements, fixed deposits, etc.
You and your guarantor must update the bank of any change in your personal information such as address or mobile number before you submit your loan application. Incomplete submission of applications will not be processed.
Is There Any Additional Information?
With this loan, you will not be paying any interest during the duration of your study and it will be calculated only after graduation. You will have to pay the loan sum together with the interest to the bank. If there are any arrears on instalments, you will be liable to pay a penalty interest at 1% per month. If you withdraw from the course or if it gets terminated, you will have to write to the concerned bank for repaying the loan.