Eligibility for Education Loan

• Must be an Indian National and age should be above 12 and below 30 years.
• Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process. No minimum qualifying marks
• Eligible Courses for Education Loan
• Professional job oriented courses like Medical/Engineering/Management etc.

Quantum of Finance

• Need based finance upto a maximum of Rs. 10.00 lacs.

Margin

• Upto Rs.4,00,000/- — NIL
• Above Rs.4,00,000/- — 5%

Security

• Third party guarantee and/or collateral security may be asked for in appropriate cases.

Additional Security

Mode of Disbursement

• The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.

Key info

Benefits

• Easy and flexible repayment options, including Interest Servicing Scheme, Partial Repayment Scheme and Standard Repayment Scheme
• Repayment period of up to 8 years
• Loan amount of up to 6 times of your monthly income
• For courses conducted in Singapore (part-time or full-time basis)
• Up to 3 free Cashier’s Orders or Demand Drafts for payment of your tuition fees

Who can apply

Main Applicant (student),

• Singapore Citizen, Singapore Permanent Resident
• Minimum 18 years of age; maximum 65 years of age upon loan maturity
• For ages below 18 years, an immediate family member of the student will apply as the Main Applicant
• Minimum income of S$18,000 p.a. (for part-time studies only)
• Pursuing a course conducted in Singapore (part-time or full-time basis)

Guarantor must be

• Singapore Citizen, Singapore Permanent Resident
• Minimum 21 years of age; maximum 65 years of age upon loan maturity
• Minimum income of S$30,000 p.a.

Key info

• Attractive interest rate of 4.88% p.a.
• Flexible repayment period of up to 10 years
• Interest Servicing scheme and Partial Repayment scheme available

Benefits

• Easy and flexible repayment options, including Interest Servicing Scheme, Partial Repayment Scheme and Standard Repayment Scheme
• Repayment period of up to 10 years
• Loan amount of up to 8 times of your monthly income
• For courses conducted in selected overseas institutions (full-time basis only)
• Up to 3 free Cashier’s Orders or Demand Drafts for payment of your tuition fees

Who can apply

Main Applicant (student),

• Singapore Citizen, Singapore Permanent Resident
• Minimum 18 years of age; maximum 65 years of age upon loan maturity
• Pursuing a course conducted in selected overseas institutions (full-time basis only)

Guarantor must be

• Singapore Citizen, Singapore Permanent Resident
• Minimum 21 years of age; maximum 65 years of age upon loan maturity
• Minimum income of S$84,000 p.a.

Key info

Benefits

• Easy and flexible repayment options, including Interest Servicing Scheme, Partial Repayment Scheme and Standard Repayment Scheme
• Repayment period of up to 8 years
• Loan amount of up to 6 times of your monthly income
• For courses conducted in Singapore (part-time or full-time basis)
• Up to 3 free Cashier’s Orders or Demand Drafts for payment of your tuition fees

Who can apply

Main Applicant (student),

• Singapore Citizen, Singapore Permanent Resident
• Minimum 18 years of age; maximum 65 years of age upon loan maturity
• For ages below 18 years, an immediate family member of the student will apply as the Main Applicant
• Minimum income of S$18,000 p.a. (for part-time studies only)
• Pursuing a course conducted in Singapore (part-time or full-time basis)

Guarantor must be

• Singapore Citizen, Singapore Permanent Resident
• Minimum 21 years of age; maximum 65 years of age upon loan maturity
• Minimum income of S$30,000 p.a.

Students must be enrolled and making satisfactory academic progress in a bachelor’s degree or post-baccalaureate program at an eligible college or university.

Loan features and benefits:

• Loans are credit-based. You don’t have to demonstrate financial need.
• Require no application, administration or reserve fees. You receive the full approved loan amount.
• Allow deferment of payments – Students are not required to make payments while in school and for six months after graduation or dropping to less than half-time enrollment.
• Allow repayment up to 15 years – makes payments affordable.

Additional loan information:

• Borrow up to a maximum $20,000 per grade level. This amount will be the lesser of what the borrower requests, program limits or school certified amount.
• Minimum loan amount is $1,000.
• Interest rates are based on borrower credit history. Rates are variable over the life of the loan. 
• .50% interest rate reduction for autopayment.
• With the help of a qualified cosigner, you may receive a better rate on your college loan.
• Cosigner release options are available.

Note: US Bank Student Loan program rules and qualifications are subject to change at any time without notice.

Eligibility

Student Eligibility :

• Indian citizen
• Secured admission to the concerned institute in India or abroad through an appropriate selection process and cleared the qualifying examination,if any

Courses Eligibility(Indicative List) :

a. Studies in India

• Graduation/Post-Graduation
• Professional courses
• Management courses

b. Studies Abroad :

• Graduation: For job-oriented professional or technical courses offered by reputed universities
• Post-Graduation: MCA, MBA, MS and such other courses
• Courses conducted by CIMA, London, CPA, USA., and such other institution

Expenses Considered For Loan

• Fee payable to Institute/Hostel.
• Examination/Library/Laboratory fees
• Purchase of Books/Equipments/Instruments/Uniforms
• Caution Deposit,Building Fund/refundable deposit supported by Institution Bills/receipts,subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
• Travel Expenses/passage money for studies abroad
• Purchase of computers-essential for completion of the course
• Insurance premium for the student borrower
• Any other expense required to complete the course, such as, Study Tours,Project Work,Thesis, etc.

Quantum Of Loan

Need-based finance subject to repayment capacity of the parent or student with margin and upto the following ceilings

• For studies in India – Up to Rs. 10 lacs
• For studies abroad – Up to Rs. 20 lacs

Margin

• No margin for loans up to Rs. 4.00 lacs . However, for loan of higher amounts, the margin requirement is 5% for inland studies and 15% for studies abroad.
• Scholarship/assistance to be included in margin.
• Margin maybe brought in on pro-rata basis as and when disbursement is made.

Repayment

• Repayment holiday or Moratorium on loan: Course period + 1 year OR 6 months after job placement, whichever is earlier.
• Starting from this point, the loan is to be repaid in 5-7 years after completion of course period/moratorium.

Collateral Security

• Upto Rs. 4.00 Lakhs : No collateral security required
• Above Rs. 4.00 Lakhs and upto Rs. 7.50 Lakhs : no collateral security required. A suitable third party guarantee is required.
• Above Rs. 7.50 Lakhs : Collateral security of suitable value is required.

Insurance

• Life insurance of the borrower is compulsory to the tune of Loan Amount

Conditions

• The Parent/Guardian of the student who is availing loan needs to join in as co-obligator/joint borrower.
• Loan will be sanctioned/disbursed at the branch nearest to permanent residence/place of domicile of the parents.

Benefits

• Low interest rates of 4.78% p.a. for Local Studies and 4.88% p.a. for Overseas Studies
• High loan amount of up to 6 times your monthly income or S$100,000, whichever is lower
• Easy repayment period of up to 10 years
• Free personal accident insurance coverage of up to 10 years

Repayment Options

3 flexible repayment options for you to choose:

1) Standard Repayment – basic scheme where you pay your monthly installments (principal and interest) once your loan is disbursed.

2) Graduated Repayment – pay only interest for the loan disbursed until completion of your study, monthly installments will commence thereafter.

3) Deferred Repayment (for full time local study only) – pay your monthly installments only after completion of your study, no payment is required during your study period.

Eligibility

• Singapore Citizen or Singapore Permanent Resident
• Age between 21 and 62 (as at end of loan tenure)
• Earning a minimum annual income of S$12,000 or S$30,000 (for guarantor)
• Earning a minimum income of S$20,000 for study loan and S$36,000 for preferred credit

Documents Required

• Photocopy of NRIC (both sides) of all applicants/guarantor
• Proof of Income
• Original or certified true copy of Letter of Acceptance from Education Institution stating type and duration of course
• Invoice or course fee payment schedule

Benefits

• Up to 90% of subsidized tuition fee payable by Singaporeans. Loan will not cover hostel fees, purchase of computer and personal allowance.
• Choice to repay in one lump sum or in equal monthly instalments of at least S$100 over a maximum period of 20 years from graduation.
• No prepayment fee

Eligibility

• Undergraduates or selected courses for Postgraduates of NTU and NUS.
• Open to Singapore Citizens, Permanent Residents and Foreigners.
• No age restrictions
• A guarantor between 21 and 60 years old to be furnished.

Fees & Charges

• Loan is interest-free during the course of study.
• Loan Interest will commence immediately upon graduation.
• Loan Interest is based on the average Prime Lending Rate of the three local banks.
• Penalty Interest of 1% per month on the instalment amount will be levied if the instalment repayment is not promptly made.
• Additional interest of 1% per month on the loan outstanding will be levied if an instalment repayment plan of a minimum S$100 is not commenced within 2 years from interest commencement date.

Benefits

Easier to get. To apply, all you need is:

• A personal monthly income of S$2,000 and above OR
• A combined monthly income of S$2,000 and above with a family member

No worries about fees

• With up to 8 times the monthly income or S$150,000, whichever is lower, your fees are pretty much taken care of. What you do with your pocket money is up to you

Pay over a longer time

• OCBC Bank give you up to 8 years to repay your loan which means all you have to do is focus on studying instead of worrying about repayments.

Flexible repayments

• Student life should be fun and worry-free. That’s why OCBC Bank’s Education Loan comes in three delicious flavours to suit your tastes.

Eligibility Criteria

Single Applicant

• Singaporean or Permanent Resident
• Aged 21 years old and above
• Earning at least $24,000

Joint Applicant

• Main Applicant must be the student
• Joint applicant must be the main applicant’s spouse, sibling, or parent.
• Applicants must be Singaporean or Permanent Resident aged 21 years old and above
• Total annual income of at least S$24,000 between Main and Joint Applicants of either of the following:

- Main (no income), Joint (at least S$24,000 p.a.)
- Main (at least S$12,000 p.a.), Joint (at least S$12,000 p.a.)

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