With an interest rate of 4.38%, the lowest late payment fee at $30 and the highest loan amount educational assistance can offer, DBS Further Study Assist has a slightly lower interest rate than other banks. However, it’s important to note that repayments happen the following month after its approval and are to be paid every 1st of the month. Know more about how education loan works here.
Key Features
Here are the loan features of DBS Further Study Assist:
- Interest Rate: 4.38%
- Processing fee: 2.5%
- Maximum Loan Tenure: 10 years
- Maximum Loan Amount: $160,000
Pros
1. Higher chances of an approved loan
The DBS and POSB further study assist programs both have standards that needd to be met. Luckily, a guarantor can step in if you are below 21 years of age, studying on a full-time basis, studying overseas, require a larger loan amount, or simply do not meet the minimum income eligibility per annum.
2. No cancellation penalty
DBS further study assist and POSB further study assist will not charge for any cancellation fees should circumstances change prior to the approval of the education loan.
3. Fixed interest rate
Depending on various market indicators, interest rates might differ from time to time but rest assured the interest rate you procured at the time of loan approval will be fixed all throughout your term loan.
Cons
1. Limited guarantor availability
Having a guarantor will raise the chances of you having an approved loan, but in this instance, your guarantor must be an immediate family member with S$24,000 minimum annual income and should be around 21 to 65 years of age upon loan maturity.
2. Late payment fee
To maximize the benefit of these education loans, you need to pay its monthly charges religiously as it will cost you S$30 on an overdue amount after the 1st of every month.
3. No study now, pay later
You are required to pay the monthly repayments the following month after your loan approval.
Why should you take it?
Both DBS and POSB Further Study Assist are best for students who wish to further their educational accomplishments. It has the lowest late payment fee at $30 and the highest loan amount educational assistance can offer. However, your guarantor must be an immediate family member.
| Interest Rate | Processing Fee | Maximum Amount of Loan | Loan Tenure | |
| DBS Further Study Assist | 4.38% | 2.5% | 10x of your monthly salary, up to $160k | up to 10 years |
| OCBC FRANK Education Loan | 4.5% | 2.5% | 10x of your monthly salary, up to $150k | up to 8 years |
| Maybank Monthly Rest Education Loan (Local) | 4.45% | 2% | 8x your monthly salary up to $200k | up to 8 years |
| CIMB Monthly Rest Education Loan (Local) | 5.39% | 2% | 8x your monthly salary up to $200k | up to 10 years |
Coupled with the amount you can loan; it also has a flexible repayment period depending on your loan term. Also, unlike Maybank that charges disbursement fee, there is no charge for cancellation, disbursement, and full or partial repayment.
Preferred Institutions
| Local Institutions | Private Institutions |
| BCA Academy | Asian International College |
| Nanyang Polytechnic | At-Sunrice GlobalChef Academy |
| Nanyang Technological University | Auston Institution of Management |
| National University of Singapore | Curtin Education Centre |
| Ngee Ann Polytechnic | ERC INSTITUTE |
| Republic Polytechnic | Informatics Academy |
| Singapore Institute of Technology | James Cook Australia Institute of Higher Learning |
| Singapore Management University | Kaplan Higher Education Academy |
| Singapore Polytechnic | Kaplan Higher Education Institute |
| Singapore University of Social Sciences | Kaplan Learning Institute |
| Singapore University of Technology & Design | Lasalle College of the Arts |
| Temasek Polytechnic | Management Development Institute of Singapore |
| Nanyang Academy of Fine Arts | |
| Nanyang Institute of Management | |
| Ngee Ann Academy | |
| PSB Academy | |
| Singapore Institute of Management | |
| TMC Academy | |
| Trent Global College of Technology and Management |
Preferred Institution vs Other Institutions
| Preferred Institutions | Other Institutions | |
| Loan Tenure | 1 to 10 Years | 1 to 5 Years |
| Maximum Loan | 10x combined monthly income | 8x combined monthly income |
| Interest Rate | 4.38% | 5.88% |
| Processing Fee | 2.5% | 3% |
Fees and charges
Here is a rundown of all the other fees that you have to pay as well as a sample tabulation for your monthly payment ranging from 1 to 10 years of the loan tenure.
| Late Payment Fee | S$30 |
| Disbursement Fees | No Charge |
| Cancellation Fee | No Charge |
| Early Repayment Fee | No Charge |
Here are the things you need to apply
Eligibility and Requirements
- Both the borrower and guarantor should be a Singapore citizen or a Singapore permanent resident.
- The borrower should be 17 to 65 years of age upon loan maturity, while the guarantor should be 21 to 65 years of age, also upon loan maturity.
- The borrower and the guarantor should have a minimum annual income of S$18,000 and S$24,000 respectively.
Takeaways
Alternatively, you can apply for the loan of DBS bank, giving you access to as much as four times your monthly income instantly – provided you meet the bank’s criteria. This personal loan has the maturity option between 1 to 5 years.
- In case you miss a month’s due, you will only pay S$30.
- Your guarantor must be an immediate family member.
- You can loan up to 10x your combined monthly income with your guarantor.
Want some funds to cover your education expenses? Sometimes, transacting with banks requires loads of paperwork and requirements. For a quick borrowing process, let Instant Loan connect you with the best financial institutions in Singapore that can support your financial needs!
