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.
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.
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.
The following eligibility parameters apply to the DBS Study Loan:
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.
This will vary from one institution to another. So it would be best to check with the respective institution by visiting their official website.
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.
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.
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):
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?