Eligibility - POSB Further Study Assist

Education Loan

Eligibility for applicant

  • Must be a Singaporean or Permanent Resident between 17-50 years of age residing in Singapore.
  • Must have enrolled with one of our partner's institution (above pdf attached) and has obtained a letter of acceptance from the school.
  • For single applicant, you must earn a minimum gross annual income of S$18,000.
  • Existing POSB Further Study Assist applicants or guarantors are not eligible.
Eligibility for guarantor
  • Must be a Singaporean or Permanent Resident between 21-55 years of age residing in Singapore.
  • Must be applicant's parent /sibling /child or spouse.
  • Must earn a minimum gross annual income of S$24,000.
  • Existing POSB Further Study Assist applicants or guarantors are not eligible.
It is compulsory for you to have a guarantor when you are:
  • Aged between 17-20 years old regardless of your income.
  • Above 21 but not earning any income during course of study.
  • Above 21 but currently still not earning any income.
  • Above 21 but has not met the income eligibility of S$18,000 p.a.
  • Above 21 but is working on a temp / part-time basis.
  • Above 21 but is studying full time.

Application Requirements

Borrower Full-time
student		 Part-time
student
Eligibility 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
  • Age between 21 & 55 years old
  • Singapore Citizen / Permanent Resident
  • Must not be an existing applicant or guarantor for POSB Further Study Assist
  • Must be an immediate family member
Qualifiying Income Applicant: Min SGD$18,000 annual gross income
Guarantor: Min SGD$24,000 annual gross income
Income Document required

For Salaried Employees:

  • NRIC (Front and Back), AND either A. OR B. OR C. OR D.
    1. Latest 12 months' CPF Contribution History Statement
    2. Latest Income Tax Notice of Assessment**
    3. Latest Computerised Payslip
    4. Salary Crediting into DBS/POSB Account^^

For Variable/Commission-based Employees:

  • NRIC (Front and Back), AND either A. OR B.
    1. Latest 12 months' CPF Contribution History Statement
    2. Latest 2 years' Income Tax Notice of Assessment**

For Self Employed:

  • NRIC (Front and Back), AND Latest 2 years' Income Tax Notice of Assessment**
Mandatory Documents to submit
  • Photocopy of NRIC (front & back)
    For Applicant & Guarantor (if applicable)
  • Certified true copy of Letter of Acceptance stating course type and course duration
  • Invoice of payment for course fees
  • Applicant applying with guarantor must provide birth certificate or marriage certificate to prove relationship

^^ 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 http://mytax.iras.gov.sg for more details.

Please allow 2 weeks for processing. Applications not accompanied with required document or with incomplete information will cause a delay in processing.
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