Learning is the beginning of wealth.
STUDY LOAN
Fund up to 20% of subsidised tuition fee payable by Singapore Citizens and/or up to S$3,600 living allowance per annum
Interest charges will only commence upon graduation*
Repayment period up to 20 years for interest-bearing loan or up to 5 years for interest free loan. Minimum monthly repayment of $100
*Interest commencement date is set by the university. You may find more information on the interest rates.
Interest charges will only commence upon graduation*
FOR NUS AND SMU STUDENTS
-
Fund up to 20% of the subsidised tuition fee payable by Singapore Citizens and/or up to S$3,600 living allowance per annum
-
No repayment and 0% interest while studying
-
Interest bearing, if applicable, will start after graduation at the average prime rate of DBS, OCBC and UOB
-
Repayment period up to 20 years for interest bearing loan or up to 5 years for interest free loan
-
Flexible repayment schemes with instalments as low as S$100
APPLYING FOR YOUR STUDY LOAN
-
1
Apply Study Loan at respective University
Please refer to respective institution’s website for full criteria on Study Loan application details. -
2
PRINT OUT THE STUDY LOAN AGREEMENT AND THE ELIGIBILITY EMAIL
Please print the “LETTER OF ELIGIBILITY FOR STUDY LOAN SCHEME” email and the attached documents within the email in BLACK INK and bring them along for verification in the presence of a OCBC bank officer during the execution of the Loan Agreement. Please be informed that you will NOT be allowed to execute the Loan Agreement without all of these documents. -
3
VISIT ANY OCBC BRANCH TO SUBMIT YOUR SL APPLICATION
Visit any OCBC Branch with your guarantor to execute the Loan Agreement in the presence of an OCBC Bank officer. -
4
REPAYING AFTER GRADUATION
Upon graduation, you will receive a letter and email informing you of your interest commencement date.
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. -
Start Repaying2
Start repayment immediately after graduation, or once you find a job within 6 months3 after graduation. Repayment of loan can be in one lump sum or by equal monthly instalments of a minimum of S$100. Repayment period can be up to 20 years4 for interest-bearing loan or up to 5 years4 for interest-free loan.
Study Loan (SL) is provided by the Ministry of Education (MOE) and administered by OCBC Bank.
Am I Eligible? - Application period is set by the university
Eligibility
Undergraduates who have received financing of tuition fee payable by Singapore Citizens from at least one or a combination of the following:
- Tuition Fee Loan
- CPF Education Loan
- MENDAKI Tertiary Fee Subsidy/Loan
- Scholarship/grant
- A fee subsidy/loan from a registered government agency
Please refer to respective institution's website for full criteria on Study Loan application details.
Guarantor
A guarantor is required and must be:
- 21 – 60 Years Old
- Not a Bankrupt
- Fits nationality check below:
|
Student |
Guarantor1 |
|
Singaporean |
Singaporean |
|
Permanent Resident |
Singaporean/ Permanent Resident |
|
International |
Singaporean/ Permanent Resident/ International |
Eligibility Email
All borrowers (student) must provide hardcopy eligibility email from the institute.
Study Loan Agreement
All borrowers (student) must provide hardcopy of the Study Loan Agreement. Both borrower and guarantor must sign the agreement at branch with branch staff as witness. If the guarantor is overseas, he/she will sign in the presence of a Notary Public, and will not be present during the signing at the branch.
1Guarantor must not be an undischarged bankrupt.
LEARN MORE ABOUT THE NEW MOE INTEREST RATEs
Starting from 1 April 2024, all new applications for 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.
Study Loan + FRANK Visa Debit Card Benefits
Enjoy perks while you push ahead in your studies. Choose from over 60 designs. Annual FRANK Debit Card fee waiver for life. Withdraw cash locally and overseas.
What do I need to prepare:
Visit any OCBC Branch with your guarantor to execute the Loan Agreement in the presence of an OCBC Bank officer. Please be informed that you will NOT be allowed to execute the Loan Agreement without all of the required documents.
Documents required as per the table below for NUS students:
|
No. |
Document |
Student |
Guarantor | ||
|---|---|---|---|---|---|
|
Original |
Photocopy |
Original |
Photocopy | ||
|
1. |
Identification documents
|
√ |
√ |
√ |
√ |
|
2. |
Proof of Local Address (i.e. School’s Residency Letter for NUS Foreign Students) |
√ |
√ |
- |
- |
|
3. |
Student Matriculation Card |
√ |
- |
- |
- |
|
4. |
Eligibility Email from NUS Office of Admissions |
√ |
- |
- |
- |
|
5. |
Study Loan Agreement1 |
√ |
- |
- |
- |
1All borrowers (student) must provide hardcopy of the Study Loan Agreement. Both borrower and guarantor must sign the agreement at branch with branch staff as witness. If the guarantor is overseas, he/she will sign in the presence of a Notary Public and will not be present during the signing at the branch.
Documents required as per the table below for SMU students:
|
No. |
Document |
Student |
Guarantor | ||
|---|---|---|---|---|---|
|
Original |
Photocopy |
Original |
Photocopy | ||
|
1. |
Identification documents
|
√ |
√ |
√ |
√ |
|
2. |
Student Matriculation Card or Letter of admission |
√ |
- |
- |
- |
|
3. |
Letter of In-Principle Approval issued by SMU Centre for Student Financial Assistance |
√ |
- |
- |
- |
|
4. |
Study Loan Application Form |
√ |
- |
- |
- |
|
5. |
Study Loan Agreement1 |
√ |
- |
- |
- |
1All borrowers (student) must provide hardcopy of the Study Loan Agreement. Both borrower and guarantor must sign the agreement at branch with branch staff as witness. If the guarantor is overseas, he/she will sign in the presence of a Notary Public and will not be present during the signing at the branch.
Additional Details:
For terms and conditions, please refer to the institution's website.
Proof of residential address may be required if the residential address on your identification document differs from SL agreement.
Additional Details:
For terms and conditions, please refer to the institution's website.
Proof of residential address may be required if the residential address on your identification document differs from SL agreement.
1Based on a Singapore citizen university student's tuition fee.
2Interest commencement date is set by university. Loan interest is based on the average Prime Lending Rate of Oversea-Chinese Banking Corporation (OCBC), Development Bank of Singapore (DBS) and United Overseas Bank (UOB). Late interest of 1% per month on the outstanding amount will be charged if repayment is late.
3Additional loan interest of 1% per month on the outstanding loan will be charged if you do not start repaying a minimum of S$100 monthly within 6 months from graduation.
4This is the maximum period of making monthly repayment instalments from graduation day.
5Guarantor must not be an undischarged bankrupt.
6All borrowers (student) must provide hardcopy of the Study Loan Agreement. Both borrower and guarantor must sign the agreement at branch with branch staff as witness. If the guarantor is overseas, he/she will sign in the presence of a Notary Public and will not be present during the signing at the branch.
7All borrowers (student) must provide hardcopy eligibility email from their respective institute.