Eligibility

• Financially needy students who are Singapore Citizens or Permanent Residents
• Must be full-time students who have taken up the Tuition Fee Loan or MENDAKI Subsidy Scheme / Loan
• Students who have used CPF Education Scheme or a combination of Tuition Fee Loan and CPF Education Scheme to pay for 100% of tuition fees

Loan Amount / Value

• Students who have taken up the Tuition Fee Loan can borrow up to 25% of tuition fee plus maximum amount of $2000 for living expenses.
• Students who have used CPF Approved Education Scheme or a combination of Tuition Fee Loan and CPF Approved Education Scheme to pay for 100% of tuition fees and students who are awarded MENDAKI Subsidy Scheme or Loan can also borrow up to the maximum of $2000 living expenses.

Interest Rate

For students with monthly per capita income not more than $500

• Interest-free

• Penalty interest will be levied at the rate of 1% per month on instalments in arrears

For students with monthly per capita income above $500 and not more than $2,400

• Interest-bearing, the average of the prime rates of DBS, UOB & OCBC

• Penalty interest will be levied at the rate of 1% per month on instalments in arrears

For students with monthly per capita income not more than $500

• Not applicable 

For students with monthly per capita income above $500 and not more than $2,400

• For those graduation in 1^st half of the year will be charged interest commencing from 1^st June in the year of graduation.
• For those graduation in 2^nd half of the year will be charged interest commencing from 1^st December in the year of graduation.
• For those with NS obligation, interest will commence from the first day of the month immediately following the month they finish NS
• For those who leave the Polytechnic without completing the course, interest will commence from the first day of the month immediately upon the receipt of notification of such happening.

Maximum Repayment Period

For students with monthly per capita income not more than $500

• 2 years

For students with monthly per capita income above $500 and not more than $2,400

• 5 years

Minimum Amount of Repayment

• $100 per month

Commencment of Loan Repayment

• Six months after graduation

• 2 months after ORD for those with NS obligation

How to Apply

• Please approach Student Counsellor at the Student Services Office at Blk 4, #01-07.

Application Period

• Throughout the year