Tuition Fee Loan

Key Features

• Up to 90% of the subsidized tuition fees payable by Singapore students.
• Interest-free during the course of study
• For applications submitted before 1 Apr 2024, interest is charged at average prime rate of DBS, OCBC, and UOB. For applications from 1 Apr 2024 onwards, please click here for details.
• Up to 20 years repayment period, which starts after course completion.
• Minimum monthly repayment of $100.

Eligibility

• Students studying full-time subsidised undergraduate and postgraduate courses, and Singapore Citizen studying part-time subsidised undergraduate courses in any of the below institutions:
  • Nanyang Academy of Fine Arts (Singaporeans & Singapore Permanent Residents only)
  • LASALLE College of the Arts (Singaporeans & Singapore Permanent Residents only)
  • National University of Singapore
  • Nanyang Technological University
  • Singapore Institute of Technology
  • Singapore University of Social Sciences
  • Singapore University of Technology and Design
• And if they do not fall into any category below:
  • Students receiving any Government / Statutory Board / any school scholarships which cover tuition fees
  • Students receiving full Tuition Fee Subsidy from MENDAKI
  • Students using CPF savings for payment of 100% of the subsidized tuition fees
  • Students on self-funded courses
  • Non-Singapore Citizen/Permanent Resident students who are paying full fees (not eligible for any Tuition Fee Grant)
• There is no income requirement and age restriction.

Guarantor

• Aged from 21 to 60 years
• Is not an undischarged bankrupt

To begin the online loan application, you must have the following:

1. digibank access
2. a scan of your Letter of Offer from school
3. a scan of your passport (only for foreign student)
4. NRIC/ Passport/ Malaysian IC number of guarantor
5. Guarantor's email and mobile number. If the guarantor has a DBS bank account, please use the email and mobile number registered with our bank.

You can click here to apply. Please note that you and your guarantor are required to complete the application via the DBS digibank app. Otherwise your application will be considered as incomplete.

Exclusions:-

• receiving any Government / Statutory Board / any school scholarships which cover tuition fees
• receiving full Tuition Fee Subsidy from MENDAKI
• using CPF savings for payment of 100% of the subsidized tuition fees Students on self-funded courses
• a Non-Singapore Citizen/Permanent Resident student who are paying full fees (not eligible for any Tuition Fee Grant)

Yes, you will need a guarantor. There is no income criteria, but the guarantor must be:

• between 21 and 60 years old
• not a bankrupt

University

Polytechnic

For foreigners acting as a guarantor and not residing or working in SG, you will not be able to apply digitally. However, you can apply via hardcopy form and refer to the application procedure here.

No, submission of hardcopy application form is only applicable for applicants with Guarantors who are NOT residing or working in Singapore. Students are required to go personally to DBS Raffles Place Branch for the hardcopy submission.

The standard interest rate for the loan is based on 3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5 percentage points signed on and after 1 April 2024.

Late payment interest for overdue and unpaid loans/loan instalment will be based on 3M SORA plus 4.5 percentage points. 

Click here for more details.

No, the interest rates will be updated on a half-yearly basis and fixed for the next six months ie: from 1 April to 30 September and from 1 October to 31 March.

You can check DBS website go.dbs.com/sg-moeloanrates for the update on half-yearly interest rates every 1 April and 1 October. We will not be sending any notifications to update you of the half-yearly changes to the interest rates.

No, the loan is interest-free during the course of your study.

Interest on the loan will commence after we receive and process the graduation/ withdrawal instructions from the respective institution.  A graduation/ withdrawal letter with the details on the loan will be mailed to you.

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

No. Digibank is required for the loan application.

Digibank is required for the purpose of authenticating your identity when applying for the loan online. You will also require digibank for the following service requests related to your loan:-

• Change in Loan Quantum / Change of First Disbursement Year and Semester
• Deferment of Loan Repayment and/or Interest
• Change of Guarantor
• Loan Repayments

You may contact Customer Support if you encounter any difficulties.

Yes. Once you have submitted your application, you will receive a confirmation email with instructions to guide you through on how to retrieve and check your application status.

We will process your application within 7 working days from the day we receive the full application from you and your guarantor.

For application submitted without the required supporting documents will be deemed as incomplete and will not be processed. We will notify you via your registered email if we need any further clarifications or documentations.

Yes. You will receive a letter from DBS once your loan is approved.

Yes, you can submit your request here.

For loan quantum change request, you will receive a letter via mail on the acceptance of the intended changes. You are required to proceed to any branch with your Guarantor to sign the acceptance letter.

For changes on the first disbursement year and semester, we will process upon receiving your request.

You can submit your request here. Do note that change of Guarantor is subjected to review and approval.

You will receive a letter via mail on the acceptance of the change of guarantor and you are required to proceed to any branch with the new Guarantor to sign the acceptance letter.

If your guarantor is overseas, you can ask him/her to go to a notary public to sign the acceptance letter.

Upon your graduation, you will receive a letter from us on your loan repayment commencement date.

You can view the repayment options here.

The minimum repayment is S$100 per month. You can pay either a full lump-sum payment or by equal monthly instalments.

The maximum repayment period for the loan is 20 years (for University) and 10 years (for Polytechnic) from the commencement of the first repayment.

Yes, the loan is interest free during your course of study. Partial repayment can be made anytime to reduce your loan outstanding. For full repayment, it is subject to institution’s confirmation on the final outstanding amount.

Repayment via monthly instalment through GIRO is not allowed for loan which are yet to be graduated/withdrawn.

Yes, application may be made to MOE to utilize PSEA funds to make repayment towards your loans.

For more information on PSEA usage, eligibility and application, please click here.

For other PSEA related queries you may also refer to the PSEA FAQ.

Note: Interest will continue to accrue during the processing period. PSEA funds also cannot be used for loans or amounts that had already been paid. If you do not wish to incur any accrued interest on the loan, please consider other non-PSEA immediate repayment options as listed above.

You can submit your request here and is subjected to Approving Authority’s approval. Please allow 2 to 3 months for Approving Authority’s review. The outcome will be notified to you via mail.

Do note that prior to the Approving Authority’s approval of this appeal, interest on the loan (if applicable) will continue to accrue and repayment will still be required.

We will withdraw the loan upon receiving the instructions from your respective institution, the loan outstanding will become due and payable in full by you immediately.

You will receive a letter via mail on the outstanding amount.

You may submit the appeal to repay via monthly instalments request here along with all relevant supporting documents.

We will notify you via mail once the appeal is approved. Do note that prior to the approval of this appeal, repayment will still be expected and late fee will still be charged if no payment is received.

No, you will receive an annual loan statement from the bank stating the amount that you have borrowed and repaid. Alternatively, you can check your digibank for the outstanding loan balance as of current cycle.