Students from India who have secured admission in selected educational institutions for higher studies in Singapore. Loan is secured against Standby Letter of Credit (SBLC) issued by SBI branch in India, backed by mortgage of property or cash deposits in India

Standby Letter of Credit (SBLC) issued by SBI branch in India to SBI Singapore, backed by mortgage of property in India or cash deposits in SBI branch in India. SBLC amount must be issued in Singapore Dollars (SGD) and must be at least 110% of the total loan amount, including interest accrued until end of moratorium period. A copy of the SBLC format required can be downloaded here.

Minimum loan amount is SGD 20,000. Maximum loan amount is up to 100% of borrower’s tuition fees subject to SBLC amount to the extent of 110% of the total loan amount including interest accrued until end of moratorium period.

We give borrowers a grace period of up to 6 months after completion of course to commence repaying the Student loan. This grace period is referred to as moratorium period.

No. We give the borrowers up to 6 months after completion of course to commence repayment of loan. There is no repayment done during study period. However, the interest will continue to accrue during this period.

Minimum 1 year and Maximum 5 years after moratorium period. How ever, the total loan term must not exceed 10 years and maturity of loan must be at least 6 months before expiry of SBLC.

• No processing fee.
• Pre-payment/redemption penalty: 2% of amount prepaid/redeemed within loan term
• Cancellation fee: 2% of loan amount cancelled/unutilized
• Default fee: 2% additional interest on amount overdue
• Admin fee: S$200 for any request made to vary the structure of the loan during the loan tenure (except for pre-payment)

Interest rate is applied on loan amounts outstanding. Interest will continue to accrue until the end of moratorium period on simple interest basis on loan amounts disbursed. Thereafter repayment will be in the form of monthly installments comprising principal and interest, based on revised loan amount (original loan amount + accrued interest)

The purpose of SBI Student Loan is only to finance tuition fee and hostel fee of borrower.

The loan will be disbursed directly to the educational institution on behalf of the borrower, based on invoice/course fee payment schedule provided by the institution.

The loan documents will be executed by the borrower if borrower’s age > 21 years. If borrower is below 21 years old, the loan documents will be executed by borrower’s parents/ legal guardian on behalf of the borrower.