Key Features
- Up to 20% of the subsidised tuition fees payable by Singapore student and or up to S$3,600 annual living allowance.
- Interest-free during course of study.
- For applications submitted before 1 Apr 2024, interest, if applicable during the course of study, charged at average prime rate of DBS, OCBC, and UOB after graduation.
For applications from 1 Apr 2024 onwards, please click here for details. - Up to 20 years repayment period for interest bearing loan, and up to 5 years for interest free loan with repayment commencing after course completion.
- Minimum monthly repayment of $100.
Eligibility
- Singapore Citizens (SC), Permanent Residents (PR) or international students taking full-time subsidised undergraduate courses, or SCs taking part-time subsidised undergraduate courses in any of the below institutions:
- Nanyang Academy of Fine Arts (Singaporeans & Singapore Permanent Residents only)
- Nanyang Technological University
- Singapore Institute of Technology
- Singapore University of Social Sciences
- Singapore University of Technology and Design
- Have a gross monthly per capita income of $2,700 or less for SCs and PRs, or $1,200 or less for international students.
- Fulfilling the above criteria, they are eligible for this loan if they have received financing for their tuition fee from at least one or a combination of the following:
- Tuition Fee Loan
- CPF Education Loan
- MENDAKI Tertiary Tuition Fee Subsidy/Loan
- Scholarship/grant
- A fee subsidy/loan from a registered government agency
For the full criteria to apply for Study Loan, please refer to respective institution's website for more details.
Guarantor
- Aged from 21 to 60 years
- Is not an undischarged bankrupt
Student | Guarantor |
|---|---|
Singaporean | Singaporean |
Permanent Resident | Singaporean / Permanent Resident |
International | Singaporean / Permanent Resident / International |
Key Features
- Up to 25% of the subsidized tuition fees and or up to S$2,000 annual living allowance.
- Interest-free during the course of study.
- For applications submitted before 1 Apr 2024, interest, if applicable, is charged at average prime rate of DBS, OCBC, and UOB after graduation.
For applications from 1 Apr 2024 onwards, please click here for details. - Up to 5 years repayment period for interest bearing loan, and up to 2 years for interest free loan with repayment commencing after course completion.
- Minimum monthly repayment of $100.
Eligibility
- Singapore Citizens or Permanent Residents taking full-time diploma courses in any of the below institutions:
- Nanyang Academy of Fine Arts (Singaporeans & Singapore Permanent Residents only)
- Nanyang Polytechnic
- Ngee Ann Polytechnic
- Republic Polytechnic
- Have a gross monthly per capita income of $2,700 or less
- Fulfilling the above criteria, they are eligible for this loan if they have taken up the following schemes:
- Tuition Fee Loan Scheme
- CPF Education Scheme
- MENDAKI Subsidy Scheme/Loan
For the full criteria to apply for Study Loan, please refer to respective institution's website for more details.
Guarantor
- Aged from 21 to 60 years
- Is not an undischarged bankrupt
Student | Guarantor |
|---|---|
Singaporean | Singaporean |
Permanent Resident | Singaporean / Permanent Resident |
International | Singaporean / Permanent Resident |
To begin the online loan application, you must have the following:
- digibank access
- a scan of your Letter of Offer from school
- a scan of your passport (only for foreign student)
- NRIC/ Passport/ Malaysian IC number of guarantor
- Guarantor's email and mobile number. If the guarantor has a DBS bank account, please use the email and mobile number registered with our bank.
You can click here to apply. Please note that you and your guarantor are required to complete the application via the DBS digibank app. Otherwise your application will be considered as incomplete.
No, please check with your respective institution since your eligibility for the Study loan has to be first reviewed and approved by the institution, before you can apply the loan with us.
Yes, you will need a guarantor. There is no income criteria, but the guarantor must be:
- between 21 and 60 years old
- not a bankrupt
University
| Student | Guarantor | Applicable to |
|---|---|---|
Singaporean | Singaporean | University/ Polytechnic |
Permanent Resident | Singaporean / Permanent Resident | |
International | Singaporean / Permanent Resident / International | |
| International | University |
For foreigners acting as a guarantor and not residing or working in SG, you will not be able to apply digitally. You can refer to the application procedure here.
No, submission of hardcopy application form is only applicable for applicants with Guarantors who are NOT residing or working in Singapore. Students are required to go personally to DBS Raffles Place Branch for the hardcopy submission.
| Institution | University | Polytechnic |
|---|---|---|
University/ NIE Singapore students | Up to 20% of the subsidised tuition fees payable by Singapore student and or up to S$3,600 annual living allowance. | Up to 20 years repayment period for interest bearing loan, and up to 5 years for interest free loan with repayment commencing after course completion. |
Polytechnic | Up to 25% of the subsidized tuition fees and or up to S$2,000 annual living allowance. | Up to 5 years repayment period for interest bearing loan, and up to 2 years for interest free loan with repayment commencing after course completion. |
The standard interest rate for the loan is based on 3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5 percentage points signed on and after 1 April 2024.
Late payment interest for overdue and unpaid loans/loan instalment will be based on 3M SORA plus 4.5 percentage points.
Click here for more details.
No, the interest rates will be updated on a half-yearly basis and fixed for the next six months ie: from 1 April to 30 September and from 1 October to 31 March.
You can check DBS website go.dbs.com/sg-moeloanrates for the update on half-yearly interest rates every 1 April and 1 October. We will not be sending any notifications to update you of the half-yearly changes to the interest rates.
No, the loan is interest-free during the course of your study.
Interest on the loan will commence after we receive and process the graduation/ withdrawal instructions from the respective institution. A graduation/ withdrawal letter with the details on the loan will be mailed to you.
Interest is computed on a monthly rest basis and based on 365 days year, regardless of leap year.
Yes, application may be made to MOE to utilize PSEA funds to make repayment towards your loans.
For more information on PSEA usage, eligibility and application, please click here.
For other PSEA related queries you may also refer to the PSEA FAQ.
Note: Interest will continue to accrue during the processing period. PSEA funds also cannot be used for loans or amounts that had already been paid. If you do not wish to incur any accrued interest on the loan, please consider other non-PSEA immediate repayment options as listed above.
No. Digibank is required for the loan application.
Digibank is required for the purpose of authenticating your identity when applying for the loan online. You will also require digibank for the following service requests related to your loan:-
- Change in Loan Quantum / Change of First Disbursement Year and Semester
- Deferment of Loan Repayment and/or Interest
- Change of Guarantor
- Loan Repayments
You may contact Customer Support if you encounter any difficulties.
Yes. Once you have submitted your application you will receive a confirmation email with instructions and steps to guide you through on how to retrieve and check your application status.
We will process your application within 7 working days from the day we receive the full application from you and your guarantor.
For application submitted without the required supporting documents will be deemed as incomplete and will not be processed. We will notify you via your registered email if we need any further clarifications or documentations.
Yes. You will receive a letter from DBS once your loan is approved.
Yes, you can submit your request here.
For loan quantum change request, you will receive a letter via mail on the acceptance of the intended changes. You are required to proceed to any branch with your Guarantor to sign the acceptance letter.
For changes on the first disbursement year and semester, we will process upon receiving your request.
You can submit your request here. Do note that change of Guarantor is subjected to review and approval.
You will receive a letter via mail on the acceptance of the change of guarantor and you are required to proceed to any branch with the new Guarantor to sign the acceptance letter.
If your guarantor is overseas, you can ask him/her to go to a notary public to sign the acceptance letter.
Upon your graduation, you will receive a letter from us on your loan repayment commencement date.
You can view the repayment options here.
The minimum repayment is S$100 per month. You can pay either a full lump-sum payment or by equal monthly instalments.
The maximum repayment period for the loan is 20 years (for University) and 5 years (for Polytechnic) from the commencement of the first repayment.
Yes, the loan is interest free during your course of study. Partial repayment can be made anytime to reduce your loan outstanding. For full repayment, it is subject to institution’s confirmation on the final outstanding amount.
Repayment via monthly instalment through GIRO is not allowed for loan which are yet to be graduated/withdrawn.
You can submit your request here and is subjected to Approving Authority’s approval. Please allow 2 to 3 months for Approving Authority’s review. The outcome will be notified to you via mail.
Do note that prior to the Approving Authority’s approval of this appeal, interest on the loan (if applicable) will continue to accrue and repayment will still be required.
We will withdraw the loan upon receiving the instructions from your respective institution, the loan outstanding will become due and payable in full by you immediately.
You will receive a letter via mail on the outstanding amount.
You may submit the appeal to repay via monthly instalments request here along with all relevant supporting documents.
We will notify you via mail once the appeal is approved. Do note that prior to the approval of this appeal, repayment will still be expected and late fee will still be charged if no payment is received.
No, you will receive an annual loan statement from the bank stating the amount that you have borrowed and repaid. Alternatively, you can check your digibank for the outstanding loan balance as of current cycle.
