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Things You Need To Know About DBS Student Loan

Applying for an Education Loan is one of the life-altering decisions. A student or a guarantor must not take it lightly. It can make or break your ultimate goal. 

It can become one of your worst nightmares if you fail to pay attention. But if you comply, you can fulfil your dreams hassle-free. 

When choosing a student loan, DBS is on the high rank. Applicants see it as an excellent bridge for their end target. The bank offers different types of loans depending on the student’s needs. Get to know which DBS Student Loan fits you. 

lady studying with DBS student loan

What is a Study Loan?

A Study Loan finances your education in a university or polytechnic. Whenever you need financial support for your education needs, this loan can help you.

DBS Study Loan Features: University

DBS Student Loan for Study Loan subsidizes 20% of the tuition fees a Singapore student must pay. Or base it on the annual living allowance of up to $3,600. 

Interest Rate: It’s free of interest during the study! Interest applies after graduation. The charge is at an average DBS, UOB, and OCBC prime rate. 

Repayment Period: The interest-bearing loan takes up to 20 years of loan tenure. But only up to five years for an interest-free loan. 

The repayment plan starts not later than six months after finishing the study. Borrowers can pay it in one lump sum. Or through equal monthly instalments. $100 for minimum monthly repayment. 

Eligibility and Requirements: A student or a guarantor must be a Singaporean, Permanent Resident, or International.

Undergraduates received financial support for tuition fees payable by Singapore Citizens. Present at least one or two of these requirements. 

  • CPF Education Loan
  • Tuition Fee Loan
  • Scholarship Grant
  • MENDAKI Tertiary Tuition Fee Loan, 
  • A subsidized fee from a registered government agency
  • A guarantor must be 21 to 60 years old with no undischarged bankruptcy. 

DBS Study Loan Features: Polytechnic

A Study Loan Singapore subsidizes 25% of a Singapore student’s tuition fees. Or base it on the annual living allowance of up to $2,000. 

Interest Rate: The same for universities. It’s interest-free during the study. The interest will only apply after graduation. The charge is at an average DBS, UOB, and OCBC prime rate. 

Repayment Period: It takes up to five years of loan repayment scheme for the interest-bearing loan. But only up to two years for an interest-free loan. 

Repayment begins after course completion. That would be $100 for the minimum monthly repayment. 

Eligibility and Requirements: The student must be Singapore Citizens or Permanent Resident, with complete documents such as the following: 

  • CPF Education Scheme
  • Tuition Fee Loan Scheme
  • MENDAKI Subsidy Scheme 
  • A guarantor must be 21 to 60 years old with no undischarged bankruptcy. 

What does a Tuition Fee Loan mean?

A Tuition Fee Loan is a DBS Student Loan funded by the government. Local institutions offer it while DBS Bank administers it. 

This type of loan is available for Singapore Residents and Permanent Residents. That also includes Non-Singaporean and non-Permanent Resident students in local institutions who can also avail of the loan. Plus, it has no age restriction or income requirement. 

DBS Study Loan Features: For University or NIE

Tuition fees subsidized by the loan are up to 90% payable by Singapore students. 

Interest Rate: It’s an interest-free loan during the study, and the interest applies only after graduation. The charge is at an average DBS, UOB, and OCBC prime rate. 

Repayment Period: It starts after course completion and lasts up to 20 years. It will begin not later than two years after graduation with a least $100 monthly repayment. 

Eligibility Requirement: Students who study locally in universities or NIE are eligible except that they should not belong in the following category:

  • Receive Government, Statutory Board, or any school scholarships that cover tuition
  • With full Tuition Subsidy (MENDAKI)
  • With CPF savings that pay off tuition fees 100%
  • On self-funded course
  • A guarantor must be 21 to 60 years old with no undischarged bankruptcy.

Application Process: Complete and bring the application form, letter of offer, and NRIC/Passport. Visit the nearest DBS/POSB branch with your guarantor.

DBS Student Loan for Polytechnic

Tuition fees subsidized by the loan are up to 75%.

Interest Rate: Free during the study. Interest applies after graduation. The charge is at an average DBS, UOB, and OCBC prime rate. 

Repayment Period: It starts after course completion and lasts up to 10 years. It will begin not later than one year after graduation with a least $100 monthly repayment. 

Eligibility Requirements: Students with full-time subsidized diplomas study in any local polytechnic. But should not belong in the following category. 

  • Receive Government, Statutory Board, or any school scholarships that cover tuition
  • With full Tuition Subsidy (MENDAKI)
  • With CPF savings that pay off tuition fees 100%
  • A guarantor must be 21 to 60 years old with no undischarged bankruptcy. 

Application Process: Complete and bring the application form, letter of offer, and NRIC/Passport. Visit the nearest DBS/POSB branch with your guarantor. 

DBS Computer Loan: Finance for Laptop

DBS Student Loan offers more financing for a laptop through Computer Loan. It is available for students studying in polytechnics. 

Interest Rate: A computer Loan is an interest-free loan. 

Repayment Period: It starts after course completion and lasts up to 24 months. Pay it in one lump sum or monthly instalments. It has a least $100 monthly repayment. 

Eligibility Requirement: Only students of Ngee Ann Polytechnic can apply. A guarantor must be 21 to 60 years old with no undischarged bankruptcy. Students and guarantors must be Singaporean, Permanent Resident, or International. 

DBS Student Loan: Further Study Assist

Further Study Assist is another DBS Student Loan that helps students finish their education. 

Interest Rate: It offers a lower rate of 4.38%. The processing fee only costs 2.5%. 

Loan Amount: It’s a combination of the student and guarantor’s monthly income. The maximum amount is $160,000.

Repayment Period: It has a flexible repayment scheme that lasts up to 10 years. 

Eligibility Requirement: The borrower and guarantor should be Singaporean or Singapore Permanent Residents. A student must be 17 to 65 of age upon loan maturity. Also, he/she must have a minimum annual gross income of $18,000. 

Note: The guarantor must meet the age limit from 21 to 65 years old. Also, the guarantor must be an immediate family member. He or she should earn an annual gross income of at least $24,000. 

Requirements Needed: Salaried, Commission-based, and Self-employed employees have various documents needed. But these are the basic ones:

  • NRIC Copy (front and back)
  • CPF Contribution History (Last 12 months)
  • Income Tax Notice Assessment (latest)
  • Computerized Payslip (latest)
  • Salary Crediting in DBS/POSB
  • Letter of Acceptance with course type and duration
  • Birth certificate or marriage certificate (proof of relationship with guarantor)

DBS Student Loan is one of the first choices of borrowers. It’s understandable since it has various types that cater to almost every student’s needs. Find out the best education loan for you. Learn and understand the differences. 

Alternative Quick Cash For Education

With banks, we can find ways to aid our financial needs. However, applicants should be eligible for the loan. Unfortunately, not all applicants met the eligibility criteria. Thus, they seek to find alternatives to support their financial needs. 

Don’t feel unresolved because, in Singapore, you can’t just rely on banks. There are also licensed money lending companies lying in the suburbs of Singapore. Such entities are offering instant cash loans. Thus, it can be the best alternative for your child’s education needs. 

If security is your concern, you can review Singapore’s official list of licensed moneylenders. The provided list is available on the Ministry of Law Singapore’s site. And if you’re looking for a trusted lender, consider applying to Cash Mart Singapore. The company is offering various online loans with fewer requirements compared to banks. 

Being a top legal money lender in the country, Cash Mart Singapore is always looking out for innovative loans. The company also approves and disburses cash as fast as you apply for it. So there’s no more agonizing waiting game. 

Most importantly, Cash Mart has the best low-interest personal loan to offer. Sign up and get quick cash before you know it. The tedious paperwork is also long gone. Check out the official website. 

Use the loan cash for any money matters you need. It is perfect not only for your studies. Cash Mart do also offer renovation loan, business loan, and many more.

Customers seek Cash Mart’s financial help the most for these reasons. It provides the best financial aid you need for your education.

So, apply for Cash Mart Singapore now and fulfil your lifetime study goal.