The following interest rates will be applicable to all new Government education loan (i.e. Tuition Fee Loan, Study Loan, Overseas Student Programme Loan) agreements signed on and after 1 April 2024.
Standard interest
3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5 percentage points or such other rates as may be determined from time to time by the bank
Late payment interest for overdue and unpaid loans/loan instalment (Penalty Interest)
3M SORA plus 4.5 percentage points or such other rates as may be determined from time to time by the bank
The interest rates will be revised on a half-yearly basis based on the 3M SORA1 published on the Monetary Authority of Singapore’s (MAS) website2 on 1 March (for the period 1 April to 30 September) or 1 September (for the period 1 October to 31 March of the following calendar year)3.
You may click here for the historical applicable interest rates on every 1 April and 1 October.
Kindly refer to the FAQs for more information.
1SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm. The 3-month compounded SORA is the rolling compounded average of daily SORA over the past respective period.2https://eservices.mas.gov.sg/statistics/dir/DomesticInterestRates.aspx3If 1 March or 1 September falls on a weekend and/or a public holiday when the 3M SORA rates are not published by MAS, we will take the 3M SORA published on the MAS website on the last preceding business day in Singapore. For example, if 1 September is a Saturday, we will take the 3M SORA published on MAS website on 31 August
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