At a Glance

Higher loan amount of up to 6x the combined monthly income of you and your guarantor (max. S$80,000).

 

Flexible repayment period between 1 to 5 years (12 to 60 months) that best suits your needs.

 

No early repayment charges should you choose to redeem your loan before end of the tenure. No cost for issuance of subsequent cheques.

 

 

Special Offer

Promotional interest rate of 4.60% p.a., and a loan amount of up to 10x your combined monthly income for Preferred Institutions. Click here to find out more.

 

Eligibility & Fees

Interest Rate Table

Rates are applicable only to POSB Partner’s Institutions. Click here for the list.

Loan tenureInterest rate (p.a.)1
1-year 5.88%
2-year 5.88%
3-year 5.88%
4-year 5.88%
5-year 5.88%

Fees Table

Interest rate 5.88% p.a.
Processing fee 3% of the approved loan amount (deducted upfront upon first disbursement)
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 for issuance of Cashier’s Order/Demand Draft to the institutions

Illustration

The below illustration is for lump sum disbursement with fixed monthly repayment, spread over 1 to 5 years of loan tenure.

Approved loan amountS$5,000S$10,000S$30,000
Less 3% processing fee 3%
Disbursed loan amount S$4,850 S$9,700 S$29,100
Loan tenure Interest rate (p.a.)1 Installment amount per month
1-year 5.88% S$431 S$861 S$2,581
2-year 5.88% S$222 S$443 S$1,328
3-year 5.88% S$152 S$304 S$912
4-year 5.88% S$118 S$235 S$703
5-year 5.88% S$97 S$193 S$579
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.
1 Interest is calculated on a monthly reducing rest basis.

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 myTax Portal for more details.
Please allow 7 working days for processing. Applications not accompanied with required documents or containing incomplete information will be delayed.

 

How to Apply

Send us your application

Download Form Please print and complete the form

List of approved institutions

Request for subsequent disbursement

Click here for the latest POSB Further Study Assist Terms and Conditions (w.e.f. 1st July 2014, for loans approved on or after 1st December 2012). Full list of changes.

  • For loans approved before 1st December 2012, click here.
 

Frequently Asked Questions

You may download the application form by clicking here.


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.


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


Yes. There is a 3% processing fee that will be deducted from the approved loan.

Example:

Approved Loan amount : S$10,000

3% processing fee of loan : S$300

Cashier's Order received : S$9,700

Students from our preferred institutions will enjoy a special rate of 2% processing fee. Please click here for list of eligible institutions.


  • Below the age of 21 years old;
  • Studying on a full time basis;
  • 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.

  • Your immediate family member i.e.: parent / sibling / child or spouse;
  • Singapore Citizen or Permanent Resident residing in Singapore;
  • Aged between 21 – 55 years old;
  • Earning a minimum gross annual income of S$24,000; and
  • Not an applicant or guarantor to an existing POSB Further Study Assist loan.

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.


No. Only 1 guarantor is allowed and your guarantor must be your immediate family member.


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


Yes, there is an admin fee of S$50 for changes of disbursement amount after Cashier’s Order has been issued.


  • Stop payment of Cashier's Order : S$15
  • Re-issuance of Cashier's Order : S$5
  • Stop payment of Demand Draft : S$35
  • Re-issuance of Demand Draft: Difference of foreign currency exchange rates will be borne by customer.
  • Changes to Cashier's Order / Demand Draft payee name : S$10

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.


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.


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.


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.


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.


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.


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.


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


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


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.


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


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.


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.



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