| Loan Amount |
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Maximum $30,000, 8 times applicant's gross monthly income or 90% of the course fee, whichever is lower. |
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Tenure
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| Maximum repayment period of 5 years |
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| Interest Rates |
| 5.350% p.a. on monthly rest basis. |
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| Processing Fee |
| S$100 payable upon signing the Letter of Offer |
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| Installment Scheme |
Choice of installment Schemes:
- Full installment
- Progressive installment
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To Apply
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| Click here to download the application form. Complete and submit the application form to NTUC Thrift together with all the required documents. |
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| * Applications are subject to the approval of NTUC Thrift at its absolute discretion. Loan applicants must demonstrate good loan repayment ability. NTUC Thrift's internal guidelines, credit evaluation and criteria shall apply. |
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EDUCATION LOAN GENERAL FAQ
- If I have not decided on which institution / courses to take, can I apply for the loan?
No.
- I am below 21 years of age. Can I still apply?
No, the application cannot be made in your name. Your working parents, siblings or spouse may apply on your behalf. Eligibility conditions stated earlier shall apply.
- How much can I borrow?
You may borrow up to 8 times the gross monthly salary or 90% of the course fee or maximum $30K, whichever is lower.
For full-time students, your immediate family members (i.e. parents, siblings or spouse) may apply the loan on your behalf. Eligibility conditions mentioned above apply.
- Is security for the loan required?
Yes, you are required to provide at least 1 guarantor for the loan. A maximum of two guarantors for the loan is allowed.
- Who can be a guarantor?
The guarantor must be a Singapore citizen or Permanent Resident and cannot be the spouse of the loan applicant. Minimum age of at least 21 years old (age shall not exceed 62 at end of loan tenor) and must draw an annual income of $24K and above (or $30K for self-employed).
- If I do not wish to provide a security for the loan, will my loan application be successful?
The success rate is very low.
- What are the procedures if I am eligible and want to apply?
Submit the loan application form together with completed documents to us
Apply online via our website: www.ntucthrift.com.sg
Via Fax No.: 6534 7362
Via Mail :
NTUC Thrift & Loan Co-operative Limited
1 Marina Boulevard
#15-08, NTUC Centre
Singapore 018989
In person at 1 Marine Boulevard #15-08 NTUC Centre.
- What are the documents required for processing?
Latest 2 months payslip or 6 months CPF contribution or Income tax assessment
AND
Latest 2 months statements of your active bank account and credit card statement.
AND
Acceptance letter, course billing and application form.
For courses under SRP Programme, a copy of approval letter from SRP is to be submitted before the loan is disbursed.
- How long will loan processing take?
5 working days, provided complete documents are submitted.
- How is the loan disbursed?
The loan shall be disbursed directly to the school. Applicants have to give specific payment instructions to Thrift regarding the date and amount to be disbursed upon loan approval.
- How much is the monthly installment payable?
That will depend on your loan tenure and loan amount.
Please refer to our online financial loan calculator for monthly installment calculation.
- What are the repayment schemes available?
Two repayment schemes are available viz full instalment and progressive instalment scheme.
Full instalment – the monthly instalment is computed based on the loan amount and is fixed throughout the loan period.
Progressive instalment – the monthly instalment is computed based on the sum disbursed over the remaining loan period. The monthly instalment will increase after each disbursement.
- When does repayment start?
If the disbursement of your education loan occurs between the 1st to the 25th of the month, the monthly installment shall commence on the 1st of the following month. If the disbursement is between 26th to the 31st of the month, monthly installment shall commence on the 1st day of the second month following the disbursement.
- Can I pay after graduation?
No.
- Can I change the education institutions or courses during the tenure of the loan?
No.
- Does NTUC Thrift offer education loan for studies overseas?
No.
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