Up to 6 times your monthly income plus affordable monthly instalments over a period of 12 to 60 months.
Promotional interest rate of 4.60% p.a. and a loan amount of up to 10x your combined monthly income for our list of preferred institutions. Click here to find out more.
Rates are applicable only to POSB Partner’s Institutions:
3% of the approved loan amount (deducted upfront upon first disbursement).
Late payment fee
$30 on overdue amount after the 1st of every month.
Full/partial repayment fee
No charges for issuance of Cashier’s Order/Demand Draft to the institutions.
The below illustration is for lump sum disbursement with fixed monthly repayment spread over 1 to 5 years loan tenure.
Approved Loan Amount
Less 3% Processing Fee
Disbursed Loan Amount
Installment Amount Per Month
Eligible Loan Amount
Up to 6x combined monthly income
Note: Above calculations are for illustration purpose only and should not be taken to be a guarantee of the actual amounts payable.
For progressive disbursements, the monthly installment amount will increase with each subsequent disbursement. The revised monthly installment amount will be calculated based on outstanding loan balance and remaining tenure.
1Interest is calculated on a monthly reducing rest basis.
17-50 years old
17-20 years old
21-50 years old
|Nationality||Singapore Citizen / Permanent Resident|
|Do I need a Guarantor?||YES||YES||NO unless applicant does not meet minimum income requirement.|
|Criteria of Guarantor|
Applicant: Min SGD$18,000 annual gross income
|Income Document required|
For Salaried Employees:
For Variable/Commission-based Employees:
For Self Employed:
|Mandatory Documents to submit|
^^ Income documents are not required on the condition that your salary is credited via Giro, to your own Personal DBS/POSB Account and for at least 3 consecutive months.
** You can now print your Income Tax Notice of Assessment at myTax Portal with your SingPass or IRAS PIN. The service is free. Log on to https://mytax.iras.gov.sg/ESVWeb/default.aspx for more details.
Please allow 7 working days for processing. Applications not accompanied with required document or with incomplete information will cause a delay in processing.
1. How do I apply?
You may download the application form by clicking here.
2. How much credit limit will I be granted?
The maximum credit limit is 10 times of your monthly income or your unpaid course fees, capped at S$80,000, whichever is lower. Please note that the bank has the discretion to grant a lower limit which may be different from what you have requested.
3. How is interest calculated?
Interest is computed on a monthly reducing basis and is based on 365 days regardless of leap year.
4. Is there any processing fee?
Yes. There is a 3% processing fee that will be deducted from the approved loan.
|Approved Loan amount:|
|3% processing fee of loan|
|Cashier's Order received|
Students from our preferred institutions will enjoy a special rate of 2% processing fee.
Please click here for list of eligible institutions.
5. In what circumstances do I need a guarantor?
It is compulsory for you to have a guarantor when you are:
6. Who is eligible to be my guarantor for POSB Further Study Assist?
Your guarantor must be:
7. What do you mean by immediate family member?
Parents, siblings, children and spouse will form your immediate family nucleus. Proof of relationship such as Birth Certificate or Marriage Certificate is required when you submit your application.
8. Can I have more than 1 guarantor?
No. Only 1 guarantor is allowed and your guarantor must be your immediate family member.
9. Do I need to submit any document to prove the relationship between me and my guarantor?
Yes, you are required to submit either Birth Certificate or Marriage Certificate to prove the relationship.
10. Is there any other admin fee or charges?
Yes, there is an admin fee of S$50 for changes of disbursement amount after Cashier’s Order has been issued.
11. How much does it cost for issuance of a Cashier's Order / Demand Draft?
There is no charge for issuance of Cashier's Order / Demand Draft.
Should the Cashier's Order or Demand Draft needs to be re-issued or cancelled, the charges would be the following:
12. How long will you take to process my loan?
We will process your application within 7 working days. Upon approval/decline, you will receive an SMS notification from us. Applications not accompanied with required documents or with incomplete information will result in a delay in processing.
13. How will I know when the account will be approved / declined?
Once your loan is approved, you will receive an SMS notification from the Bank. Your Cashiers' Order will also be sent via post with a welcome letter to your address.
14. How will the approved loan be credited?
We will issue a cashier's order (payee to the Institution of study) to your correspondence address. Depending on whether it is a peak period or non-peak period, we will prepare the cashier's order to be mailed out 3 - 5 working days after your loan is approved. (Please note the said turnaround time is not inclusive of the mailing time required by Singpost).
You are required to present the cashier's order / demand draft at the institution of study within 30 days from the date of issue.
15. I need a S$5000 loan, can I request for 3-year repayment?
Yes. The minimum loan amount is S$2000. For our preferred institutions, you have the option of 1 to 10 years repayment period. Please click here for list of eligible institutions.
16. I have a DBS/POSB account, can I request for the loan amount to be credited to my bank account?
No. The loan amount will be disbursed in a form of a Cashier's Order / Demand Draft, made payable to the designated institution of study.
17. I don't have a DBS/POSB account for the monthly payment, can you debit from my other Bank's account?
No. The monthly repayment must be made via you or your guarantor's DBS/POSB bank account. You may open an account at any DBS/POSB branch.
18. How can I make the monthly payment?
The monthly instalment amount will be deducted from your designated DBS/POSB savings account. Monthly instalment will be automatically deducted on the 1st of every month.
19. When do I have to start repaying?
Repayment will commence the following month after your loan is approved.
20. Can I choose to only start repayment after I graduate from school?
No. You are required to start your monthly repayments the month after your loan is approved.
21. When is my payment due date?
Repayment is to be made on the 1st of every month. Kindly ensure that your Loan Servicing Account has sufficient funds before the end of each month.
22. What will happen if I have insufficient funds in the Loan Servicing Account?
A late payment fee of S$30 per month will be imposed on each overdue instalment.
23. Is there any cancellation fee?
No. There is no cancellation fee should you cancel the loan prior to approval. Please do note that you will still be fully liable for the processing fee should you request to cancel after your loan is approved.
24. Will I get a monthly statement detailing the payment and outstanding balance?
No, there will not be any monthly statements. To find out the outstanding balance of your loan account, please call our hotline at 6333 0033 or 1800 111 1111.
25. I noted that the interest rate now is different from the time I applied. With the revised interest rate offered now, will the interest rate for my existing POSB Further Study Assist be affected?
No. Your interest rate remains as at the time the loan was approved. It will be fixed throughout your loan tenor.
26.Can I request for an increase in loan amount once the loan is approved?
No, the loan amount cannot be increased once the loan has been approved.
View the latest POSB Further Study Assist Terms and Conditions
Please be informed that revisions have been made to the POSB Further Study Assist Terms and Conditions (For loans approved on or after 1st December 2012) which will take effect on 1st July 2014. Full list of changes.