Local Education Loan
Education is the key to success. Realize your dream with our Education loan. TCC Credit Co-operative offers low-interest education loan for students and parents to assist in paying high education costs.
Maximum loan amount:
Up to 100% of the course fees. Amount will be disbursed on a semester basis.
Repayment period:
Remaining course duration + 24 months
Interest rate:
2.2%p.a. flat rate for loans having a repayment period stated above.
An additional 0.5%p.a. will be added to the interest for every 12 months extension repayment period, subjected to TCC Ltd’s approval.
Eligibility Criteria
Main and Joint Applicant:
- Singapore Citizen or Singapore Permanent Resident
- Age between 21 and 60 years old
- Must be a TCC Ltd’s member, membership is FREE
- Earning a minimum monthly basic salary of $1,200
- Should not be existing surety for any other loans from TCC
Surety/ Sureties:
- Singapore Citizen
- Age between 21 and 55 years old
- Must be a TCC Ltd’s member, membership is FREE
- Earning a minimum monthly basic salary of $2,000
- Should not be an existing surety for any other loans from TCC
The Complete Guide to Education Loans in Singapore
Who can apply for an Education Loan?
a. Can part-time students apply for an Education Loan? – In Singapore, there are banks that offer loans for both local and foreign students; of course terms and conditions do apply for various banks. However at TCC, we only offer loans to local students for both full time and part time courses.
b. Can foreign students apply for Education Loans?
c. What schools do you need to attend? – For most banks, it is any school. As long they are able to show proof that they are studying based on their contract with them. Similarly for TCC, schools that are Edu Trust certified will be eligible for the Education Loans but they must show proof of their PEI contract from the schools that they are studying in.
d. Are there conditions of revenues for the parents? As long as the parents are working with a minimal salary, they are able to apply with TCC as the main applicant. More details can be found on our website.
What costs can the Education Loan cover?
For TCC, 100% of the course fees. The amount will be disbursed on a semester basis.
What documents are needed to apply for an Education Loan?
1. NRIC Copy (front and back)
2. Latest pay slip
3. Latest 15 months CPF Contribution History
4. Latest income tax notice of assessment
5. CBS Report
6. Copy of Marriage Certificate
7. Copy of PEI Contract (Original of which to be provided upon signing of the loan agreement)
8. Letter of Acceptance from the Education Institute (Original of which to be provided upon signing of the loan agreement)
How long does the application process cost?
For TCC, once all the documents are received by us, within 2 to 4 working days, upon approval.
How much does the application process cost?
For TCC, it will be a 2% flat rate.
How is an Education Loan repaid?
Repayment at TCC will be during the course duration but we will also provide another extra 24 months to repay back.
What are the fees and interest rate for an Education Loan?
2.2% flat rate per annum at TCC; which is one of the lowest in Singapore as compared to banks which are 2% to 4%.
What is the next step if I want to apply?
