Let’s face it. Education has become expensive. And it is no longer limited to books alone. Students today require computers, e-book readers, and laptops as much as businessmen and top executives do. If you want your child to have quality education, don’t let lack of funds be a hurdle on his/her path to success. The solution is simple. Get a study loan and/or a tuition loan to cover expenses that you cannot afford.
DBS offers 3 different types of loans to students. With the DBS Study Loan, you’ll have cash when your child needs it most – to cover for the expenses that a tuition fee loan won’t cover. You can benefit from the flexible tenure options and low interest rates.Let high tuition fees not deter your plans. Get a Tuition Fee Loan from DBS to cover for the tuition fees charged by your school. Lastly, if you need assistance to buy a computer/laptop for studies, you can apply for a computer loan from the bank. It’s hassle-free and affordable.
When you start paying the loan off, you can pay as little as S$100 per month. This means that you may not feel burdened with interest payments even when interest becomes applicable. In addition, the bank may also charge collection fees. If there are insufficient funds in your loan account, whatever amount is left in the account, will be used to settle the collection fees first. The outstanding balance on your study loan will be deducted from your account on a daily basis until it is settled in full.
If you want to use this study loan to fund your university education, make sure that you meet the following conditions:
Also, the following condition has to be satisfied:
|Nationality of Student||Nationality of Guarantor|
|Foreigner||Singaporean, PR, or Foreigner|
As a student, you’ll first have to meet the following requirements:
If you want to fully repay your loan, you’ll have to download the relevant form from the bank’s website, fill in the relevant fields on the form, and then submit it to the bank for further processing. You may choose one of the following channels for payment of your loan dues:
If you want to make an appeal to repay the withdrawn loan amount in monthly instalments, you’ll have to download the appeal form from the official DBS website, fill it up, and submit it to the bank for further processing. You may have to also submit supporting documents. If you want to make full repayment, call the customer service number of the bank from Monday to Friday (except for public holidays), between 9:00 a.m. and 5:00 p.m., to know the exact settlement amount. After obtaining this information, you may proceed with the repayment. Please note that under normal circumstances, repayment of your loan, will commence six months after the completion of your course.
A range of loans are available from different local educational institutions. Please refer to the website of an institute you want to pursue education from, in order to glean detailed information on the mode, method, and terms of applying. You should note here that as the administrator of the loan, DBS can impose additional terms and clauses. Even if you don’t have an existing relationship with the bank or you don’t have a deposit account with the bank, its privacy banking policies will still apply to you.
Worried about the hefty tuition fees that you will have to bear in order to ensure that your child receives education from a top university/polytechnic in Singapore? Your child can receive a subsidised, government-funded loan, administered by DBS, to fulfil his/her potential. If your child has been accepted in a programme offered by a local university or polytechnic, you may be eligible for this loan, subject to other conditions.
Educational Institutions That Offer This Loan
For more information on the nature of the loan and the conditions applicable, please refer to the website of the institution in which you’re enrolled.
The Tuition Fee Loan from DBS, available for University/NIE students, offers the following features and benefits:
If you’re a student of a polytechnic institute in Singapore, you’ll enjoy the following features and benefits with this loan:
Tuition Fee Loan for University/NIE Education:
If you’re a student at a local university or NIE you may be eligible for this loan provided you don’t fall into one of the following classes:
In addition, bear in mind that there is no age restriction or minimum-income requirement.
Your guarantor will have to satisfy the following conditions:
Tuition Fee loan for Polytechnic Students:
If you’re a full-time diploma student studying at a local polytechnic and paying a subsidised tuition fee for your course, you may be eligible provided one of the following doesn’t apply:
There is no minimum income condition or age restriction on this loan.
The loan may be granted, provided your guarantor meets the following conditions:
In addition, the following conditions have to be fulfilled:
Before you decide to apply for this student loan, you’ll have to complete certain formalities. Here is a to-do list:
Learning today is no longer confined to classrooms. To take care of your assignments and to expand your horizons, you require a personal computer, laptop, or tablet. However, after paying for the tuition fees and other living expenses, saving up money to buy a computer may not always be possible.
No worries though! A computer loan administered by DBS has been designed specifically to address this issue. Whether you’re a university or a polytechnic student, you may stand to benefit from this loan. Note that even if don’t have an existing relationship with DBS, the privacy policies from DBS will apply to you. You can collect a copy of it from a DBS branch or download it from the bank’s website.
If you’re a university student who wants to apply for this computer loan, you need to know about the following key benefits:
You can apply for this loan if you satisfy one of the following conditions:
Please note that loan approval will depend on the availability of funds and approval from the educational institution concerned. In addition, you’ll have to make sure that your loan guarantor satisfies the following conditions:
Guarantor for University Education Computer Loan:
Guarantor for Polytechnic Education Computer Loan:
In addition, the nationality of the guarantor and the student-applicant will depend on each other in the following way:
|Nationality of the Student||Nationality of the Guarantor|
|PR||Singaporean citizen or PR|
|International student applying to NUS||Singaporean national/PR/International|
|International student applying to Ngee Ann Polytechnic||Singaporean national or PR|
Since the approval of this loan would depend on the consent from the concerned university/polytechnic, you’ll have to visit their website for relevant information on the application process. You can also learn about the terms and conditions of the loan on their website. You’ll have to refer to the website of NUS if you’re a student there or refer to the website of Ngee Ann Polytechnic in case you have enrolled in a course offered by this institution.
Q. Is GIRO payment option available for monthly instalment payments?
A. Yes. If you’re using internet banking for setting up an instalment payment arrangement, you can select the GIRO payment option.
Q. The bank claims to apply the average prime lending rates of OCBC, UOB, and DBS, once interest rates become applicable. What is the rate currently?
A. As per the last update, the OCBC, UOB, and DBS prime lending rates are 5% p.a., 5% p.a., and 4.25% p.a., respectively. Therefore, currently, a rate of 4.75% p.a. will apply on the DBS Study Loan, provided interest charges are applicable.
Q. Can I apply for a tuition-fee loan from another bank when I already have one from DBS?
A. No. Once a loan has been granted by one of the participating banks, you may not apply for a similar loan from another participating bank during the course of your study.
Q. What are the rules of disbursement?
A. Depending on the terms and specific instructions as mentioned on the letter of offer issued by your education institution, the loan amount will be credited by DBS to an account as specified in the letter.
Q. What will happen if I default on the repayment of my tuition fee loan?
A. In case you default on the payment of your outstanding dues, the bank may impose an additional interest rate of 1% per month or a rate that it may deem fit for late payments. The additional interest rate will apply to the outstanding balance until such time as the dues are fully settled.