SIT Study Loan

Eligibility:

1. Singapore Citizens (SC) and Singapore Permanent Residents (PR) who are full-time students at SIT.
2. International Students (IS) receiving the MOE Tuition Grant are eligible to apply. *International students paying non-subsidised tuition fees are not eligible to apply for the Tuition Fee Loan.
3. Singapore Citizens and Singapore Permanent Residents with non-accredited diplomas or A-level certification who are pursuing their undergraduate degrees and are required to take bridging/top-up modules.

**Note:

• For use of SIT Study Loan for payment of tuition fees, applicants must have also applied for the Tuition Fee Loan.
• Applicants' gross monthly household per capita income (PCI) must not be more than S$2,700. 

Students who are awarded a fee subsidy or loan by an organisation registered with a government agency or have applied for the government Tuition Fee Loan (TFL) in full or a mixture of both, provided the total subsidy or loan is not below 80% (for students with gross monthly household per capita income (PCI) of S$950 and below) or 90% (for students with PCI more than S$950 and up to S$2,700) of subsidised fees payable by Singapore Citizen, shall be considered for the SL.

Quantum:

• For Eligibility Criteria No. 1 & 2: Loan covers 10% of subsidised fees payable by Singapore Citizens plus a living allowance of S$3,600 per annum.
• For Eligibility Criteria No. 3: Loan covers 2.5% of the unsubsidised fees for bridging / top-up modules (eg. Unsubsidised fee is S$100, Maximum Loan Quantum = S$100 x 2.5% = S$2.50) plus a living allowance of S$3,600 per annum.
• The maximum limit of the SL is 20% of the subsidised Tuition Fees payable plus a living allowance of S$3,600 per annum. The combined loan amount for Tuition Fees (from the TFL, SL and other loans) should not exceed 100% of subsidised SC Tuition Fees payable by the student.
• Students who have obtained loans amounting to 100% of tuition fees payable from either the CPF Education Scheme or a combination of the TFL and the CPF Education Scheme can borrow up to the maximum living allowance quantum only. 
• Students who are awarded the Mendaki Tertiary Tuition Fee Subsidy (TTFS) and SL can borrow up to the maximum living allowance quantum only. 
• Students who have obtained scholarships/sponsorships (for 100% of tuition fees only) can borrow up to the maximum living allowance quantum only. 

SIT Study Loan Eligibility:

	Gross Per Capita Monthly Household Income (PCI)	Students applying for / have been granted:	Loan Amount Eligible:
(A1)	More than S$950 but less than S$2,700 (loan is interest-bearing after graduation)	Maximum TFL covering 90% of the subsidised tuition fees payable by SC.	Study Loan component: - Up to 10% of the subsidised tuition fee payable by SC Living allowance loan component: - Students may also opt to apply for a maximum living allowance loan of S$3,600 per academic year. Living allowance is disbursed on a semestral basis.
(A2)		CPF Education Scheme (CPF) covering at least 90% of the subsidised tuition fees payable by SC
(A3)		Combination of TFL / CPF / Mendaki TTFS / PSEA covering at least 90% of the subsidised tuition fees payable by SC
(B1)	PCI less than or equal to S$950 (loan is interest-free)	Maximum TFL covering at least 80% of the subsidised tuition fees payable by SC	Study Loan component - Up to 20% of the subsidised tuition fees payable by SC Living allowance loan component: - Students may also opt to apply for a maximum living allowance loan of S$3,600 per academic. Living allowance is disbursed on semestral basis.
(B2)		Combination of TFL / CPF / Mendaki TTFS / PSEA covering at least 80% of the subsidised tuition fees payable by SC

**For International Students on MOE Tuition Grant, the SIT Study Loan will be interest-bearing regardless of calculated PCI, as long it meets the eligibility criteria of being below $1,200.

Guarantor Requirements:

• Loan application must include one guarantor between 21 – 60 years of age:
• Must not be an undischarged bankrupt.
• Must not be an existing guarantor for more than two (2) students' loans concurrently.
• Nationality of guarantor:
  • SC guarantor for SC applicant;
  • SC or PR guarantor for PR applicant;
  • SC, PR or foreigner for IS applicant. 

Loan Interest:

• The Study Loan is interest free for SC and SPRs with monthly PCI of below S$950.
• For SC and PRs with PCI more than S$950 and up to S$2,700, the Study Loan is interest-bearing.
• For IS with PCI up to $1,200, the Study Loan is interest-bearing.
• Interest rate will be based on the average of the prevailing prime rate of Singapore’s 3 local banks namely DBS, OCBC and UOB, on the first day of each quarter or such other rates as may be determined from time to time.
• Interest will start accruing on the 1st day of the 4th calendar month following graduation/withdrawal. For graduates/withdrawn students with remaining National Service (NS) obligations, the same interest commencement date will apply.

Repayment of Loan:

• Repayment of loan can be in one lump sum or by equal monthly instalments commencing not later than six months from the date of graduation or upon securing employment, whichever is earlier.
• Payment of monthly instalment shall be made on 1st working day of each month.
• The minimum amount of repayment is S$100 per month.
• Repayment period:
  • Up to 5 years (if loan is interest-waived) OR
  • Up to 20 years (if loan is interest-bearing)
• In the event that the student leaves SIT without completing the programme of study, the loan outstanding will immediately become due and payable.

Bank Late Payment Charges:

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

Usage of PSEA for Repayment of Approved Loan Schemes: 

• PSEA holders may utilise the funds remaining in their respective PSEA to repay the SIT SL after successful graduation from the programme, i.e. PSEA holder must have left the institution of study prior to using the PSEA for the repayment of any approved loan scheme. 
• The PSEA can be used to repay the principal loan amount, and any interest charged in respect of the loan or financing scheme that is payable by the PSEA account holder as part of the outstanding loan. 
• PSEA holders can only use their own PSEA for the repayment of approved loan schemes, minimum withdrawal amount is $100, as per the minimum monthly repayment sum for the approved loan schemes.
• For more information on the usage of the PSEA for repayment of approved loan schemes, please click here.
• The Loan Repayment Application Form is also available here. Students are strongly encouraged to understand the rules of usage of the PSEA prior to submission of the form.

Terms and conditions apply.