Question 1

How do I apply?

Accepted Answer

For single applicant (without guarantor), you can apply via online form.

If you are applying with a guarantor, you can download the application form here.

Question 2

How much credit limit will I be granted?

Accepted Answer

The maximum credit limit is 10 times of your monthly income or your unpaid course fees, capped at S$160,000, 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.

Question 3

How is interest calculated?

Accepted Answer

Interest is computed on a monthly rest basis and is based on 365 days regardless of leap year.

Question 4

Is there any processing fee?

Accepted Answer

Yes. There is a 2.5% one time processing fee that will be deducted from the approved loan.

Example:

Approved Loan amount : S$10,000

2.5% processing fee of loan : S$250

Disbursement amount received: S$9,750

Question 5

In what circumstances do I need a guarantor?

Accepted Answer

Below the age of 21 years old;
Studying on a full time basis;
Studying overseas;
Do not meet the minimum income eligibility of S$18,000 per annum; or
Require a loan amount which is higher than your eligible credit limit.

Question 6

Who is eligible to be my guarantor for POSB Further Study Assist?

Accepted Answer

Your immediate family member i.e.: parent / sibling / child or spouse; Proof of relationship between the Main Applicant & Guarantor by providing birth certificate or marriage certificate is required when you submit your application. Step-parent/children are acceptable.
Second degree family member can be considered, provided relevant proof of relationship is submitted.
Singapore Citizen or Permanent Resident residing in Singapore;
Aged between 21 – 65 years old (upon loan maturity);
Earning a minimum gross annual income of S$24,000.

Question 7

Can I have more than 1 guarantor?

Accepted Answer

No. Only 1 guarantor is allowed and your guarantor must be your immediate family member. Step-parent/children are acceptable. However, second degree family member can be considered, provided relevant proof of relationship is submitted.

Question 8

Do I need to submit any document to prove the relationship between me and my guarantor?

Accepted Answer

Yes, you are required to submit either Birth Certificate or Marriage Certificate to prove the relationship.

Question 9

Yes, you are required to submit either Birth Certificate or Marriage Certificate to prove the relationship.

Accepted Answer

Yes, there is an admin fee of S$50 for changes of the disbursement amount after Telegraphic Transfer/MEPS has been credited.

Question 10

How long will you take to process my loan?

Accepted Answer

We will process your application within 7 working days. Applications not accompanied with required documents or with incomplete information will result in a delay in processing. We will notify you via your registered email if we require further clarifications / documentations.

Question 11

How will I know when the account will be approved / declined?

Accepted Answer

Upon approval/decline, you will receive an email notification. For approved loan application, you will receive a welcome letter to your address.

Question 12

How will the approved loan be credited?

Accepted Answer

A direct credit via Telegraphic Transfer/MEPS will be made to the designated Institution’s account provided in your application. You can check with your institution on the payment status if required.

Question 13

I have a DBS/POSB account, can I request for the loan amount to be credited to my bank account?

Accepted Answer

No, the loan amount will be disbursed via Telegraphic Transfer/MEPS directly to the designated Institution’s account.

Question 14

Can I request for an increase in loan amount once the loan is approved?

Accepted Answer

No, the loan amount cannot be increased once the loan has been approved.

Question 15

Is there any cancellation fee?

Accepted Answer

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.

Question 16

How do I request for subsequent disbursement?

Accepted Answer

Click Request for subsequent disbursement to apply.

Question 17

How long will the bank take to process the subsequent disbursement?

Accepted Answer

Please allow 14 working days for processing upon receipt of your subsequent disbursement form and payment instructions.

Question 18

When do I have to start repaying?

Accepted Answer

Repayment will commence the following month after your loan is approved.

Question 19

Can I choose to only start repayment after I graduate from school?

Accepted Answer

No. You are required to start your monthly repayments the month after your loan is approved.

Question 20

I need a S$5000 loan, can I request for 3-year repayment?

Accepted Answer

Yes. The minimum loan amount is S$2000.

Question 21

I don't have a DBS/POSB account for the monthly payment, can you debit from my other Bank's account?

Accepted Answer

No. The monthly repayment must be made via a DBS/POSB bank account belonging to you or your guarantor. You may open an account here.

Question 22

How can I make the monthly payment?

Accepted Answer

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.

Question 23

When is my payment due date?

Accepted Answer

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.

Question 24

What will happen if I have insufficient funds in the Loan Servicing Account?

Accepted Answer

A late payment fee of S$30 per month will be imposed on each overdue instalment.

Question 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?

Accepted Answer

No. Your interest rate remains as at the time the loan was approved. It will be fixed throughout your loan tenor.

Question 26

Will I get a monthly statement detailing the payment and outstanding balance?

Accepted Answer

No, there will not be any monthly statements. The statement of your loan will be sent to you on a yearly basis.

You can check your digibank for the outstanding loan balance as of current cycle.

Key Feature	Loan Type and Limit: This is an unsecured personal education loan. The loan limit is capped at the lower of 10 times your monthly income or the total balance of your course fees, with a maximum of S$160,000. Multiple Loans: Customers are permitted to have more than one POSB Further Study Assist loan. Guarantor Requirement: If a guarantor is needed, only one immediate family member is allowed, and proof of their relationship must be submitted.
Disbursement Details	Disbursement Method: Loan disbursements will be made via Telegraphic Transfer or MEPS, following the payment instructions provided. Disbursement Options: You have the choice of a Lump Sum disbursement or a Progressive disbursement. Progressive Disbursement Specifics: If your invoices show an installment schedule, only the Progressive Disbursement option is available. For Progressive Disbursements, you will need to specify the required amount and currency. Processing Fees: A 2.5% processing fee of the approved loan amount will be deducted from the disbursed amount.
Repayment Terms	Instalment Plan: The loan offers an instalment repayment scheme for up to 10 years. Fixed Monthly Instalments: The monthly instalment amount is fixed, based on the loan amount and tenure. This amount is calculated upfront, displayed in your welcome letter, and will be updated with each subsequent disbursement. Standard Repayment: A standard repayment schedule applies upon loan approval; deferment until after graduation is not an option.

Interest Rates	4.38% p.a.
Processing fee	Processing fee
Late payment fee	$30 on overdue amount after the 1st of every month
Cancellation fee	No charges
Full/partial repayment fee	No charges
Disbursement fee	No charges. Disbursement will be made via Telegraphic Transfer/MEPS to the Institution
Calculator	Estimate your monthly repayment - input your loan amount and tenor

Fund your education with POSB Further Study Assist

How does the POSB Further Study Assist work?

Key Feature

Disbursement Details

Repayment Terms

Rates and Fees

Interest Rates

Processing fee

Late payment fee

Cancellation fee

Full/partial repayment fee

Disbursement fee

Calculator

Eligibility

Requirements

Documents required

Modes of Application

Other Forms

Frequently Asked Questions

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