Loans

Quantum

The minimum and maximum loan amounts for the respective overseas programme are specified in the table below. Students who are already in receipt of a bursary or scholarship that covers part of the expenses for the OSP, may apply for the OSP loan to cover the balance loan quantum. The loan quantum should be sufficient to cover all or part of the following expenses.

• Accommodation expenses
• Living expenses (food, transport, personal expenses, etc)
• Airfare
• Books and supplies
• Medical health/insurance
• Immigration/administration fees

List of Overseas Student Programmes (OSP)	Min Loan	Max Loan
SEP	S$3,000	S$10,000
NOC	-	-
Internship	S$2,000	S$5,000
Summer Programme	S$2,000	S$5,000
Clinical Attachment	S$2,000	S$5,000
Competition/ Conference/ Moot	S$2,000	S$5,000
Community Project	S$2,000	S$5,000
Field Trip	S$2,000	S$5,000
Study Visit	S$2,000	S$5,000
Immersion	S$2,000	S$5,000
Research	S$2,000	S$5,000
JD/DDP	S$3,000	S$10,000

Eligibility Criteria

• The student must be pursuing an undergraduate course and has obtained NUS’ approval to participate in a university approved OSP.
• The student must be a Singapore citizen (i.e. holder of pink NRIC).
• Each student is entitled to receive the OSP loan only once during his/her course of study. If the student has previously received an OSP loan, he/she should apply for other forms of financial assistance provided by NUS.
• The student must not concurrently hold another loan, award, bursary or scholarship that covers the full cost of the programme.
• A guarantor who is a Singapore citizen between 21 and 60 years old and is not a bankrupt. He/she must not be a student.

Terms & Conditions

The maximum loan repayment period is 5 years.

Repayment should commence not later than two years after graduation or upon securing employment, whichever is earlier and shall be made through OCBC Bank.

Repayment may be made in one lump sum or by equal monthly instalments (minimum of S$100 per month). In the event that there is any unutilised loan amount at the end of the OSP, students may return the amount to the bank as part of the loan settlement.

Interest on the OSP Loan shall start accruing after graduation from such date as the Bank notifies in writing, and such interest shall be based on the Interest Rate, or such other rates as may be determined from time to time by the Bank. 

Interest Rate is set by the Bank on 1 April and 1 October of each year, based on the sum of the 3-month compounded Singapore Overnight Rate Average as published by the Monetary Authority of Singapore (“SORA”) on 1 March and 1 September of that year respectively; and an additional 1.5 percentage points.

(Note: For students who leave NUS without completing their course of study, the outstanding loan shall become immediately due and payable)

Application Period

Completed Application Form and supporting documents are to be submitted at least two months prior to departing for the Overseas Student Programme

Application Procedure

Student must complete an Application Form (preferably TYPED or written legibly in BLOCK letters).

Documents required for processing of the OSP loan are:

• Letter of Approval for SEP from Registrar’s Office/ Faculty or Letter of Approval for OSP from Faculty/ Global Relations Office, whichever applies
• Acceptance Letter from Partner University (compulsory if you are going for Student Exchange Programme)
• NRIC of Student and Guarantor (Photocopy front and back of NRIC)

*For the Letter of Approval for SEP, you may contact your Faculty exchange coordinator to find out how to to get the letter.  The SEP Administrators Contact List can be found under Global Programmes page  Outgoing Exchangers.   
*For short-term programmes administered by Global Relations Office, you may refer to the website i-SP Application Guide to access the form to request for the letter (under 'Acceptance of i-SP' section). 

* Please note that your application will not be considered if the above-stated documents are not provided.

Student may submit the completed application form and its supporting documents for a preliminary check to the OSP Loan Administration via osp@nus.edu.sg using your NUS email. Upon receiving your soft copy, an email will be sent to the student for the password. 

Your email should be as follows: 

• Email header- “OSP Loan Application [Your name] [Last 4 characters of your NUS Matric Number. E.g 123A]
• Password protection of all documents.  

Following the bank litigation check, the Loan Agreement will be issued to the Student and their Guarantor, electronically via DocuSign, for signature. Student and their Guarantor will receive an email from DocuSign with instructions on the signing process of the OSP Loan Agreement document.

Student will be notified of the application outcome by Global Relations Office.

Result

Students will be informed of the result of the loan application via the NUS email.

Disbursement

Students will be informed of the disbursement date during the confirmation of the loan.