Due to the current Covid-19 situation, the processing of loan applications may take longer. We seek your kind understanding.
For enquiries, drop us an email at firstname.lastname@example.org or call us at 6551 2842.
The interest-free loans are available for all Muslim students. The repayment quantum is kept low and increases with time in keeping with the graduate’s improvement in his earnings as his career advances.
The MENDAKI Study Loan Part-Time Scheme is aimed at uplifting the educational performance of the Muslim Community by providing interest-free loans to needy Muslim students. It is to part-finance students pursuing a part-time degree course locally.
1 Jan 2020 – 30 Nov 2020
Applicants must meet the following requirements:
An email will be sent 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 TayLian 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:
If the borrower does not fulfil 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, accreditation of institution and any other relevant criteria. The decision of the Loans Committee is final.
Applicants will be notified through email on the disbursement of subsequent loan cheque. Subsequent loan disbursements will be given only after the submission of the exam 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.
The application can only be made online here. Processing of the applications will take 3 weeks from the date the application is received. Students will be notified through email 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 will not be processed and application that did not meet the eligibility criteria will be rejected.