OVERSEAS STUDENT PROGRAMME LOAN (OSPL)
The Overseas Student Programme Loan (OSPL) is provided by the Ministry of Education (MOE) and administered by OCBC Bank for NUS, NTU, NIE and SMU.
FOR NUS, NTU & SMU STUDENTS
BENEFITS OF OSP LOAN
-
0%Interest
No repayment and 0% interest while studying. Interest will commence after graduation1.
-
5 yearsRepayment
Gradually pay back your loan over a repayment period of up to 5 years2.
2This is the maximum period of making monthly repayment instalments from graduation day.
-
instalments as low asS$100
Pay as low as S$100 each month with our flexible repayment schemes.
-
REPAYVIA
Submit your Repayment Form at any OCBC Branch to set up your monthly instalment plan if you are paying from an OCBC account. Fill up both the Repayment Form and GIRO Form if you are paying from a non-OCBC account.
THINGS TO NOTE FOR EACH INSTITUTION
How it works
For SMU Students
Step 1
APPLY FOR OSP LOAN AT SMU
Please refer to SMU’s website for the full criteria on the Overseas Student Programme (OSP) Loan application details.
Step 2
PRINT OUT DOCUMENTS
Please print the "LETTER OF ELIGIBILITY FOR OVERSEAS STUDENT PROGRAMME LOAN SCHEME" email and the attached documents within the email in black ink. Bring them along for verification during the execution of the Loan Agreement.
Step 3
VISIT ANY OCBC BRANCH
Head over to an OCBC Branch with your guarantor to execute the Loan Agreement in the presence of an OCBC Bank officer3.
step 4
GET YOUR LOAN DISBURSED
The loan disbursement terms will be determined by your institution. There will be no interest or payments required during your study.
step 5
Start Repaying1
You may commence your loan repayment immediately upon your graduation. You may choose to pay in one lump sum or equal monthly instalments of at least S$100 with a repayment period of up to 5 years2.
WHAT’S NEEDED
DOCUMENTS TO PREPARE
On the day of the agreement signing at OCBC, you and your guarantor must bring along the following documents. The Loan Agreement cannot be executed without all of these required documents.
Not sure what a guarantor is? Get more information.
| Student | Guarantor | |
|---|---|---|
Identification documents
|
||
| Student Matriculation Card | ||
| SMU Overseas Student Programme Loan Agreement | ||
| Letter of In-Principle Approval issued by SMU Centre for Student Financial Assistance | ||
| SMU Overseas Student Programme Loan Application Form |
*Identity cards can be used for Malaysians.
How it works
For NUS & NTU Students
Please apply for the Overseas Student Programme (OSP) Loan at your respective university. You can refer to your university’s website for more details on the full criteria and application process.
INTEREST RATE CHANGE
LEARN MORE ABOUT THE NEW MOE INTEREST RATES
Starting from 1 April 2024, all new applications from MOE-funded loans will be subject to the revised interest rates. The rate adjustments will occur on a half-yearly basis, effective every 1 April and 1 October.
Refer to our latest page to understand how the new interest rates may impact your loans.
-
Additional details
For terms and conditions, please refer to your university’s website.
Proof of residential address may be required if the residential address on your identification document differs from the Student Loan Agreement.
1Interest commencement date is set by the university. You may find more information on the interest rates.
2This is the maximum period of making monthly repayment instalments from graduation day.
3All borrowers (student) must provide a hard copy of the Overseas Student Programme Loan Agreement. Both borrower and guarantor must sign the agreement at the branch with an OCBC Bank officer as witness. If the guarantor is overseas, he/she will need to sign in the presence of a Notary Public and will not be present during the signing at the branch.