Archive for 3 July, 2010
My NUS Study Loans (Academic Year 2006-2010)
For my study at NUS from 2006 to 2010, I took:
- Government’s Tuition Grant
- OCBC Tuition Fee Loan (4 years)
- DBS NUS Study Loan (4 years)
- DBS NUS Notebook Loan
Upon graduation in 2010, besides 3-year employment bond, I need to pay back these:
| OCBC Tuition Fee Loan | DBS NUS Study Loan | DBS Computer Loan | |
| Loan Principal (SGD) | $2749.5 * 8 semesters = 21,996 | $2105.5 * 8 semesters = 16,844 | $2000 |
| Loan Interest (SGD) | Average prime rate of DBS, OCBC and UOB (4.75% pa as of 2010) | Average prime rate of DBS, OCBC and UOB (4.75% pa as of 2010) | Interest-free |
| When to start paying | Not later than 6 months after graduation or on securing employment, whichever is earlier | Not later than 6 months after graduation or on securing employment, whichever is earlier | Not later than the 1st day of the 7th month upon graduation |
| Min pay per month | $100 | $100 | $100 |
| Max time to fully repay | 20 years after graduation | 20 years after graduation | 24 months after graduation |
| Bank Contact | OCBC Bank at 1800-438-3333 | DBS Bank at 6333 0033 | DBS Bank at 6333 0033 |
* How to start paying bank loans: Go to branch, fill up the “Repayment Form”
* How to get “Discharge/Release From Bond Obligation Form” after you have fulfilled 3-year employment:
- Ask company’s HR to help prepare a confirmation letter stating your employment start date and current status
- Update employment status on MOE website
- If there is no action from MOE after you have updated on the website for a while –> email them (MOE_tgonline@moe.gov.sg)
- Shortly after I followed up with MOE, I received the Discharge Form through email. Happy.
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