At a Glance

Lower interest rate at 4.38% p.a. with 2.5% processing fee.

 

Higher loan amount of up to 10x the combined monthly income of you and your guarantor (max. S$160,000).

 

Flexible repayment period up to 10 years that best suit your needs.

 

 

Eligibility & Fees

Interest Rate and Fees Table

Interest rate 4.38% p.a.
Processing fee 2.5% 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 10 years of loan tenure.

Approved loan amount S$5,000 S$10,000 S$30,000
Less processing fee 2.50% 2.50% 2.50%
Disbursed loan amount S$4,875 S$9,750 S$29,250
Loan tenure Interest rate (p.a.)1 Installment amount per month
1-year 4.38% S$427 S$854 S$2,560
3-year 4.38% S$149 S$297 S$891
5-year 4.38% S$93 S$186 S$558
8-year 4.38% S$62 S$124 S$372
10-year 4.38% S$52 S$104 S$310
Eligible loan amount Up to 10x 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 rest basis.

Borrower Full-time student Part-time student
Eligibility 17-65 years old (upon loan maturity) 17-20 years old 21-65 years old (upon loan maturity)
Nationality Singapore Citizen / Permanent Resident
Do I need a Guarantor? YES YES NO (unless applicant does not meet minimum income requirement or studying overseas)
Criteria of Guarantor
  • Age between 21 to 65 years old (upon loan maturity)
  • Singapore Citizen / Permanent Resident
  • Must be an immediate family member
Qualifiying Income Applicant: min. SGD$18,000 annual gross income (if applying without guarantor)
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)
  • 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 (for loans approved on or after 1st December 2012).

  • 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$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.


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


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

Cashier's Order received : S$9,750


  • 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.

  • Your family member i.e.: parent / sibling / child or spouse;
  • 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.

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.

Second degree family member can be considered, provided relevant proof of relationship is submitted.


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, your Cashiers' Order will 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.


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.

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