Pre - Application Related
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.
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
Disbursement amount 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 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.
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.
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 the disbursement amount after Telegraphic Transfer/MEPS has been credited.
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.
Upon approval/decline, you will receive an email notification. For approved loan application, you will receive a welcome letter to your address.
A direct credit via Telegraphic Transfer/MEPS will be made to the designated Institution’s account provided in your application.
No, the loan amount will be disbursed via Telegraphic Transfer/MEPS directly to the designated Institution’s account.
No, the loan amount cannot be increased once the loan has been approved.
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.
Click Request for subsequent disbursement to apply.
Please allow 14 working days for processing upon receipt of your subsequent disbursement form and payment instructions.
Repayment Related
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.
Yes. The minimum loan amount is S$2000.
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.
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 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. Your interest rate remains as at the time the loan was approved. It will be fixed throughout your loan tenor.
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.