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    DBS Study Loan

    Study loans can help you secure your career by financing your education. They act as a great financial tool to help plan your educational expenses. Education loans are quite similar to personal loans, except that this loan is taken with a specific purpose in mind. DBS provides its Study Loan product for both university and polytechnics education. This loan from DBS Bank can be used by Singapore citizens, Permanent Residents, and foreign students studying at respective institutions in the city.

    Features and Benefits

    Study Loan for Universities

    • Singapore students can get up to 20% of the subsidised tuition fees and/or a yearly living allowance of up to S$3,600.
    • During the term of the study, you don’t have to pay any interest amount.
    • For the repayment amount including the principal and interest, you get a repayment period of up to 20 years. On the other hand, you have up to 5 years of repayment period for interest-free loan.
    • The minimum repayment amount per month stands at S$100.

    Study Loan for Polytechnic

    • Singapore students can get up to 25% of the subsidised tuition fees and/or a yearly living allowance of up to S$2,000.
    • There’s no interest charged during the term of the study.
    • Interest-bearing loan needs to be repaid in 5 years at the most. On the other hand, interest-free loan that is to be repaid after the course is over has a tenure of up to 2 years.
    • The minimum repayment amount per month stands at S$100.

    Interest Rates

    With DBS education loan, you don’t have to pay any interest amount during the term of education. However, the bank charges interest once you finish studies. The rates are calculated as an average prime rate of OCBC, DBS, and UOB.

    DBS Study Loan for Foreigners

    Foreigners can also apply for this loan. However, if you are an international student, you need to have a guarantor, who should be at least 21 years and shouldn’t be bankrupt. The guarantor for international applicants can be Singaporeans, Permanent Residents, or foreigners.

    Eligibility Criteria

    The following eligibility parameters apply to the DBS Study Loan:

    • You could be Singaporeans, Permanent Residents, or foreigners.
    • In case of university study loan, undergraduates must have obtained funding for the tuition fee, which should be paid by Singapore citizens from at least one or more of the following sources:
      • CPF Education Loan
      • Tuition Fee Loan
      • Scholarship/grant
      • A fee subsidy/loan provided by a government agency that’s registered
      • MENDAKI Tertiary Tuition Fee Subsidy/Loan
    • For polytechnic study loan, full time diploma students who are Singaporean citizens or Permanent Residents and are studying at any of the local polytechnics can apply. They should have opted for any of the schemes listed below:
      • CPF Education Scheme
      • Tuition Fee Scheme
      • MENDAKI Subsidy Scheme/Loan
    • The guarantor must be at least 21 years of age.
    • The guarantor must have no existing record of bankruptcy.
    • The guarantor must be Singaporean in case of a Singaporean applicant, a Singaporean or a Permanent Resident in case of an applicant who’s a Permanent Resident, and a Singaporean or Permanent Resident or a foreigner in case of an international applicant.

    You can always visit and refer to the website of the respective institution you are applying for, to get an idea about the full criteria pertaining to the application process for the Study Loan.

    Documents Required

    This will vary from one institution to another. So it would be best to check with the respective institution by visiting their official website.

    How to Apply for DBS Study Loan

    Every institution has its own process and guide to apply for the loan. Thus, to apply for DBS Study Loan you have to visit the website of the institute you are applying for, and confer with them to give you a concrete idea about the application process.

    DBS Study Loan repayment

    For repayment of the DBS Study Loan, the process will be initiated no later than a period of 6 months after you graduate. The repayment process can be concluded in one go by paying out a lump sum amount, or you could also pay in equal instalments on a monthly basis, where a minimum amount of S$100 must be paid.

    Once you complete your university course, you get up to 5 years for repayment of the interest-free loan, and 20 years of repayment period for a loan with interest. At polytechnic level, the repayment commences after course conclusion, and the period is 5 years for a loan with interest.

    FAQs

    Q. What is the MENDAKI Tertiary Tuition Fee Subsidy?

    A. This is a subsidy available for students from Malaysia, for the tuition fee they would pay for higher studies in Singapore. It is administered by the government in collaboration with Yayasan MENDAKI, a self-help group that works for the welfare of Singapore Malay and Muslim peoples.

    Q. Which institutions can you study at under this study loan?

    A. The DBS Study Loan can be taken for studies at several prominent Singaporean education institutions, including (but not limited to):

    • National University of Singapore (NUS)
    • Singapore Institute of Technology (SIT)
    • Singapore Management University (SMU)
    • Singapore Polytechnic
    • Republic Polytechnic
    • Singapore University of Social Sciences (SUSS)
    • Nanyang Techonological University (NTU)
    • Singapore University of Technology and Design (SUTD)

    Q. Where can I get the application form for DBS Study Loan?

    A. The forms can be found on the website of the educational institute where you intend to study. OF course, you’ll find the form only if the institute offers a study loan in partnership with DBS.

    Q. Is there a problem if I do not have a DBS bank account when applying for this education loan?

    A. No, it is all right if you do not have a DBS or POSB bank account. However, you will have to be mindful of the privacy policy of the bank.

    Q. What does this privacy policy contain?

    A. The privacy policy of DBS Bank primarily states that your personal data may be collected and retained by the bank as long as they require it for business purposes or as long as you maintain a loan account with DBS. The bank may also market its products to you. It also may provide your information to third parties such as the Credit Bureau Singapore (CBS), while making sure that all data privacy laws are adhered to.

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