Interest Free Study Loan

SIET interest-free study loan is available to deserving students aiming to achieve their post-secondary or tertiary qualifications, as well as working adults seeking to enhance their skills within their current employment sector.

Eligibility

  • Singapore Citizens or Permanent Residents of Indian descent or other South Asian origins (Sri Lanka, Pakistan, Bangladesh, Nepal).
  • Have been admitted to full-time or part-time Diploma / Degree programme at any government or government-aided institution or a private Edutrust-accredited institution operating locally.
  • Capped at a Per Capita Income (PCI) of $1,600 per month (PCI is calculated by dividing the total monthly nett combined income of all family members by the total number of family members staying in the same household.)
  • Must provide two (2) sureties and they must meet the following:
    • Singapore Citizen/ Singapore Permanent Resident.
    • Aged 21-55.
    • Minimum monthly gross Income of $3,500 or $2,500 nett salary (not an undischarged bankrupt).
    • 2 Sureties (1 surety must be a family member, the other surety can be a relative or friend.)
  • Applicants must apply for financial assistance and / or grants available from your school or other institutions before applying for the SIET interest-free study loan.
  • Applicants must provide a funding plan detailing how they will finance their course, including any bursaries, scholarships, loans they have secured, and how they will cover any remaining balance if it exceeds the approved loan amount.
  • Applicants must submit a detailed write-up outlining their educational goals, career objectives, personal motivation, and how the SIET loan will support them in achieving their aspirations.

Loan Quantums

  • Diploma Programme – Capped at $18,000
  • Degree Programme – Capped at $30,000

The loan amount to be disbursed will be determined by the management committee, taking into account the applicant’s individual circumstances. The decision of the management committee will be considered final.

Repayment of Loan

  • Full-Time Programme: Repayment begins 6 months after graduation.
  • Part-Time Programme: Repayment begins 3 months after first disbursement.

All applicants are required to attend a panel interview. The decision of the panel is final.

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