The MENDAKI Study Loan Part-Time Scheme (Degree) is aimed at uplifting the educational performance of the Malay/Muslim Community by providing interest-free loans to needy Muslim students. It is to part-finance students pursuing part-time course leading to a degree locally.
Applicants must meet the following requirements:-
- Have gained an unconditional admission to do a part-time degree at an accredited local private institution of higher learning. Applications will be approved on a case-by-case basis, depending on the accreditation of the institutions.
- Sign an agreement with MENDAKI for the repayment of the loan. Applicants are required to furnish 2 guarantors acceptable to MENDAKI. The acceptability of the 2 guarantors will be at the discretion of the Loans Committee. The guarantors must fulfill the following requirements :
- Between the age of 21 and 55 years old
- Gross monthly income of at least $1,500 and above
- Gainfully employed for the past 1 year
- Must not be the applicant's parents, siblings or staying in the same household
- The first and second guarantor must not be from the same household
- Guarantors must submit a copy of their NRIC and recent income slip (the information will be kept confidential)
- Update latest address by giving a photocopy of their NRIC at the time of final cheque disbursement
- Self-employed guarantors must submit their latest IRAS form or CPF statement
A letter will be mailed out to the applicant once the loan is approved to notify on the date for the signing of loan agreement and collection of cheque. Successful applicants and their guarantors are required to sign the loan agreement in the presence of YM officer at Wisma MENDAKI, 51 Kee Sun Avenue (off Tay Lian Teck Road) Singapore, 457056. Applicant and guarantors are reminded to bring along their NRIC during the signing of loan agreement for verification purposes. As per the loan deed, the borrower needs to observe and fulfill the following conditions:
- Passing all subjects taken during the course of study;
- No changes in the agreed length of study
- No changes in the course of study
- No withdrawal or termination from the course of study/school
- No deferment without any valid reasons
- Graduate within the curriculum duration of study
If the borrower does not fulfill one of the above condition or any of the term in the loan agreement, the borrower will be considered to have breached the contract of loan agreement. The full amount of the loan would have to be repaid immediately.
Maximum $4,000 per annum or actual amount (whichever is lower)
The loan amount is at the discretion of the Loans Committee, after taking into consideration the financial circumstances of the applicant, the course of study and any other relevant criteria. The decision of the Loans Committee is final.
Applicants will be notified through letter on the disbursement of subsequent loan cheque. Subsequent loan disbursements will be given only after the submission of the final year result, showing proof that the student passed their examinations for the academic year.
Repayment of the loan will commence 1 year after the loan disbursement for the degree programme. The minimum monthly repayment amount is as follows:
This is subject to an annual progressive increment of $100. The repayment of loan could be made via cash, cheque, NETS, GIRO or Internet Banking. Application Procedure
The application must be made on prescribed forms obtainable at the reception counter Wisma MENDAKI, 51 Kee Sun Ave, Off Tay Lian Teck Road Singapore 457056 or from Yayasan MENDAKI's website at www.mendaki.org.sg
. Processing of the applications will take 4 weeks from the date the application is received. Students will be notified through post on the outcome of the application. Successful applicants are required to pay an administrative fee of $50.00. For further clarification, please call our customer service officers at 6245 5555.Incomplete application form will not be processed.
The application form may be downloaded by clicking on this link