The loan offered by educational institutes and banks to students to fund their purchase of a personal computer as part of their studies is known as a PC Loan. Often, these loans are interest-free and educational institutes tie up with vendors who offer computers in bulk to students.
Computer Loan Offered by DBS
DBS is one of the few banks in Singapore that offers a computer loan to enhance the learning experience of students.
Loan Offered to University Students
The key features of this loan are as follows:
- Minimum monthly repayment of S$100.
- A repayment period of up to 30 months that begins as soon as you finish your course.
- Interest-free loan.
To be eligible for this loan, you must be an undergraduate student of NUS or a full-time postgraduate student and the loan is subject to approval from NUS and on the availability of funds. The guarantor will also have to fulfil the following criteria:
- He/she cannot be a part of more than one active loan.
- He/she should not be bankrupt.
- He/she should be aged between 21 and 60 years.
The table below shows the nationality requirement of the student and the guarantor:
|Permanent Resident||Singaporean/Permanent Resident|
The repayment of this loan can be made through equal monthly instalments of at least S$100 or in one lump sum. To apply for this loan you will have to refer to the website of NUS.
Loan Offered to Polytechnic Students
This loan is also applicable to polytechnic students. The key features of this loan are as follows:
- Minimum monthly repayment of S$100. You have the option of repaying the loan amount in one lump sum.
- A repayment period of up to 24 months that begins as soon as you finish your course.
- Interest-free loan.
Students studying in Ngee Ann Polytechnic are eligible for this loan. The guarantor must be aged between 21 and 60 years and he/she must not be discharged as a bankrupt. The table below shows the nationality requirement of the student and the guarantor:
|Permanent Resident||Singaporean/Permanent Resident|
Read also: Check DBS Study Loan Singapore
Computer Loan Offered to Nanyang Technological University (NTU) Students
The Personal Computer Loan offered by NTU is an interest-free loan that you can use to fund computer purchases from existing vendors of Nanyang Technological University. The amount you get will either be S$1,500 or the cost of the computer, whichever is lower.
Eligibility Criteria for Students
- Permanent Residents and international students who are not paying subsidised tuition fees are not eligible.
- A student is eligible for a single loan during his/her period of education at the university.
- Applicable to full-time undergraduates whose household per capita income per month is equal to or less than S$1,900.
- The loan application is subject to availability of funds and its approval.
Eligibility Criteria for Guarantor
- Only one guarantor per loan and he/she must not be discharged as a bankrupt. A person cannot be a guarantor for more than two loans at a time.
- The guarantor must be between 21 and 60 years and he/she should not be bankrupt.
- A Singapore student must provide a guarantor who is a citizen of Singapore.
- A student who is an international student or a Permanent Resident must provide a Permanent Resident/Singapore citizen as guarantor.
- To sign on the loan agreement, the guarantor must visit the Eight Flags Computer Shop which is the licensed vendor together with the applicant.
- An NTU student who fulfils the above criteria can also become the guarantor as long as he/she is not set to apply for a loan or is not holding a loan from a CPF scheme.
Repaying the Computer Loan
Once you have finished the course, you will have to repay the loan amount by paying off the loan from day one of the third month. In case you discontinue your education, the loan shall be payable and will be due straightaway. Repayment through monthly instalment or via a lump sum payment has to be carried out within two years from the time the examination result slip is released.
You can find out more when you get in touch with the licensed vendor.
How to Apply for this Loan
- You will have to apply using the student link:
- If you are an NIE student, you will have to log in to the NIE StudentLink to apply.
- If you are an NTU student, you will have to log in to the StudentLink to apply.
- Once you have completed the application form, you will have to submit the application form together with your supporting documents within seven working days of your online application.
- You will be informed about the result of your online application via email. In case your loan application is approved, you will have to accept the offer online and select the model and a date to finalise the agreement.
- Bring your guarantor when you visit the licensed vendor (Eight Flags) on the day your appointment is set with NRIC/passport and sign the agreement.
- After you have signed the agreement, you will get a notification via email which you will have to acknowledge and take the printout of the collection slip.
- Eight Flags will get in touch with you to inform you about when to collect the computer.
- You will also have to bring the matriculation card and collection slip to the store to get your computer.
The application period for the academic year 2018 to 2019 is between 1 August 2018 and 31 August 2018 and you will get the outcome of the application within four weeks of submitting all the necessary documents. If you submit your computer loan application online through the StudentLink before or during the PC Road Show, you will be entitled to the promotions offered during the Road Show. You have the option of changing the model of your computer and rescheduling the appointment date after you have accepted the loan. However, you will have to do it before you sign the loan agreement. You can reschedule the appointment as well as change the model of your computer on the StudentLink. You can withdraw the application or change the details of your guarantor after accepting the loan. However, you will have to do it before you sign the loan agreement and send an email mentioning all the details.
You also have the option of cancelling your loan once you have signed the agreement, but before you collect the computer. You will have to get in touch with the licensed vendor if you want to cancel your loan agreement. In addition, you also have to write a note mentioning the reasons for your terminating the loan agreement. You will have to submit the cancelled agreement and the note to the Student Services Centre to take the process forward.
Singapore Management University (SMU) Computer Loan
To help the needy full-time students studying in Singapore Management University, the institute is offering a Student Computer Loan with a quantum of up to S$2,000.
You will have to fulfil the following criteria to become eligible for this computer loan:
- Students whose household monthly per capita income does not exceed S$2,700.
- Full-time enlisted undergrad students pursuing any degree at SMU.
- You will have to purchase the computer from one of the dealers appointed by the SMU Notebook tender.
- students who fail to fulfil the income criteria but have the proof of financial adversity in their family will be taken into consideration on a case-by-case basis.
Eligibility Criteria for the Guarantor
In addition to the student, the guarantor will also have to fulfil certain conditions. Here is a list of those conditions:
- He/she must be aged between 21 and 60 years.
- He/she must not serve as a guarantor for more than two student loans.
- He/she must not be bankrupt nor a student pursuing education on a full-time basis.
- He/she can either be a citizen of Singapore or a Permanent Resident if the applicant is a Permanent Resident.
- He/she must be a citizen of Singapore if the applicant is a citizen of Singapore.
- He/she can be of any nationality if the applicant is not a citizen of Singapore.
You will have to start repaying your computer loan within six months after graduating. You have the option of paying the loan in monthly instalments of at least S$90 or you can pay a lump sum. You will have to repay the loan amount in full in case you withdraw from the programme. You need to pay the whole amount in two years. The interest rate applied for this loan is the average prime rate of three local banks (UOB, OCBC and DBS). This is currently at 4.75% p.a. To apply for this loan, you will have to go to the student portal using your account username and password and use OASIS which is a self-service mobile application.
In this day and age of technological advancement, education curricula without the use computers or laptops is the thing of the past. However, do not let financial adversaries hamper your education and ability to achieve your full potential. In case you are studying at any of these educational institutions and do not have sufficient funds to purchase a computer, you may apply for any of the aforementioned loans that apply to you.