Tuition Fee Loan (TFL) Scheme

Graduate students who require financing for their tuition fees may apply for a loan under the Tuition Fee Loan (TFL) scheme. The maximum loan quantum is 90% of the tuition fees payable by Singapore Citizens for the same course.

Only students who enrol under the following programmes are eligible to apply for the TFL:

  1. Graduate Research programmes
  2. Full-time government-subsidised Graduate Coursework programmes, including the following:
    • Programmes conducted by Lee Kuan Yew School of Public Policy, Saw Swee Hock School of Public Health, Duke-NUS Medical School and Institute of Systems Science.

The following categories of graduate students are not eligible to apply for the TFL:

  1. Students in government-subsidised programmes who are not in receipt of MOE subsidy::
  2. Holders of Scholarship/Fellowship/Tuition Fee Allowance
  3. MOE Scholarship/Bursary holders
  4. PSC Scholarship/Bursary holders
  5. SAF Awards holders
  6. Part-time coursework students
  7. Students in self-funded programmes

a. Interest Rate

Interest (on the Loan) at the average of the prime rates of DBS, OCBC and UOB, prevailing on the first day of each quarter, or at such other rates as may be determined from time to time will be chargeable on the loan upon graduation of the Borrower. Interest will be chargeable with effect from the following dates based on the Borrower’s graduation period:

 

For BORROWERS who graduate during or at the end of:

Interest shall begin to accrue on:

  1. Semester 1
  2. Semester 2
  3. Special Term Part 1
  4. Special Term Part 2

1st May of the year following graduation

1st October in the year of graduation

1st November in the year of graduation

1st December in the year of graduation

 

For this purpose, “graduation” shall be deemed to have taken place when the Borrower passes the final examination (main or re-examination) or is deemed to have fulfilled all the requirements for the award of the degree. Interest is computed on a monthly rest basis on a 365-day year. In the event that the Borrower leaves NUS without completing the graduate programme, interest will be chargeable with effect from the first day of the month immediately following the month in which notification is given to the Bank.

 

b. Repayment

The repayment terms are as follows:

  • Repayment of the loan can be in one lump sum or by equal monthly instalments commencing not later than two years from the date that interest is first chargeable on the loan.
  • The minimum amount of repayment is $100 per month and the maximum repayment period is 20 years.
  • In the event that the borrower leaves the University without completing the graduate programme, the loan outstanding will immediately become due and payable. The borrower may, however, repay the outstanding sum by monthly instalments on such terms and conditions as the University may allow depending on the circumstances of each case.
  • Early repayment of the loan in full or in part will be allowed after 7 working days’ written notice has been given. Partial repayment may be made in multiples of $1,000.

 

c. Guarantor

One guarantor above 21 years but not exceeding 60 years will be required. There is no minimal income requirement. Applicants who are Singapore citizens must provide guarantors who are Singapore citizens.

 

d. Late Payment Charge

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

The University has appointed the following banks as agents to administer the TFL scheme:

  • Development Bank of Singapore (DBS Bank)
  • Overseas-Chinese Banking Corporation (OCBC Bank)

To apply for loans under the TFL scheme, you are required to do the following:

DBS Bank

You can now submit your TFL application to DBS online. You will no longer need to make the trip to the Branch to submit hardcopy application forms. Hardcopy application forms will also no longer be accepted at DBS Branches going forward.

Do take the time to read through this guide to learn more about what you prepare in advance to be able to submit your TFL application online.

When you are ready, please visit Tuition Fee Loan | DBS Singapore and follow the instructions on the ‘Apply Now’ section.

Important Note: Digital TFL Application is only applicable to applications with Guarantors who are Singapore Citizens/Permanent Residents and Foreigners who are pass-holders (residing or working in Singapore). If your Guarantor is neither residing nor working in Singapore, please refer to the guide for more information on how to apply for your TFL.

OCBC Bank

  • Download the application form for TFL
  • Indicate your Student ID (otherwise your application will not be accepted and processed)
  • Applications can be made at any OCBC Bank branch in Singapore. For OCBC FRANK Store located at NUS, TFL applications can be submitted during the following period:
    • 1 Jul 2023 – 30 Sep 2023
    • From 11:00am to 7:00pm (excluding Saturdays, Sundays, and Public Holidays)

Note: First-time applicants and the respective guarantors are required to call personally at the OCBC Bank with the completed application form (which must be signed in the presence of a bank officer), respective identity cards/passports and the letter of offer of admissions to support the loan application).

SemesterApplication Deadline* 
Semester 1 

2nd Friday of July

Local students
3rd Friday of JulyInternational students
Semester 23rd Friday of JanuaryAll students including iBLOC students

* If the deadline falls on a public holiday, it will be extended to the following Monday.

International students can apply TFL.  The following process applies.

For DBS bank TFL application:

  1. Borrower complete the application form and Letter of Offer and mail completed forms to the Guarantor.
  2. The Guarantor can then sign the application form and Letter of Offer in the presence of a Notary Public. The notary public must then endorse on the application form where the guarantor signed.
  3. The Guarantor can then mail the completed application form and Letter of Offer to the Borrower, together with a photocopy of his/her identity card / passport.
  4.  The Borrower can then proceed to submit all the above to any DBS branch and sign the application form and the bank’s Letter of Offer in the presence of a bank officer and submit the application. He/she must also bring along his/her identity card/passport and a copy of the University’s Letter of Offer for Admission for verification purposes.

For OCBC bank TFL application:

  1. Borrower complete the application form and Letter of Offer and mail completed forms to the Guarantor.
  2. The Guarantor can then sign the application form and Letter of Offer in the presence of the Singapore Embassy or Notary Public who must then endorse on the application form and Letter of Offer where the guarantor signed.
  3. Amendments to the application form and Letter of Offer should be done in the presence of the Singapore Embassy or Notary Public who has to sign/seal beside each amendment.
  4. The Guarantor can then mail the completed application form and Letter of Offer to the Borrower, together with a photocopy of his/her identity card (Singaporean or PR)/valid passport (foreigner) which is signed/sealed by the Singapore Embassy or Notary Public.
  5. The Borrower can then proceed to submit all the above to any OCBC branch and sign the application form and the bank’s Letter of Offer in the presence of a bank officer and submit the application. He/she must also bring along his/her identity card (Singaporean or PR)/valid passport (foreigner) and a copy of the University’s Letter of Offer for Admission for verification purposes.

Students who require further clarification on the TFL scheme may contact:

OCBC Bank Customer Service HotlineDBS Bank Customer Service Hotline
1800 363 3333
(65) 6363 3333
http://www.ocbc.com/personal-banking/help-and-support/forms-and-enquiries.html
1800 111 1111
(65) 6333 0033
http://www.dbs.com.sg/personal/contact-us.page