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Study Loan Scheme (Full time - Local)

Please note that our study loan applications will be closed from 14 to 31 March 2020.
Applications will resume in April 2020.
For further inquiries, drop us an email at loans@mendaki.org.sg or call us at 6551 2842.

 

Introduction
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 Full-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 full-time diploma and degree course, both at government or accredited private tertiary institutions.

Application Period
1 Jan 2020 – 30 Nov 2020

Click here to apply

Eligibility Criteria
Applicants must meet the following requirements:

  1. Muslim Singaporeans / Singapore Permanent Residents.
  2. Have gained an unconditional admission to do a full-time diploma or degree at:
    • Local government tertiary institutions. Only students who are not receiving financial assistance under the Tertiary Tuition Fee Subsidy (TTFS) or the Supplementary Assistance Loan scheme (SAS) are eligible to apply.
    • Nanyang Academic of Fine Arts (NAFA) or LaSalle SIA College of the Arts
    • Edutrust Accredited local private institutions of higher learning with Edutrust and Edutrust Star Certifications only.
    • For Institution with Edutrust Star & Edutrust Certified, loan will be approved for the whole duration of study. Applicants may check for their institutions Edutrust Status at the following website, www.ssg.gov.sg.
  3. Sign an agreement with MENDAKI for the repayment of 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:
    • Singaporeans
    • 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

Loan Agreement
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:

  1. Passing all subjects taken during the course of study
  2. No changes in the agreed length of study
  3. No changes in the course of study
  4. No withdrawal or termination from the course of study/school
  5. No deferment without any valid reasons
  6. Graduate within the curriculum duration of study

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.

Loan Quantum

Type of Institutions Loan Amount for Yearly Disbursements
a. Local Government Institutions Up to 80% of tuition fee (after tuition grant)
b. NAFA or Lasalle

PCI > $800 : maximum $5,000 or actual amount (whichever is lower)

PCI $450-$800 : maximum $8,000 or actual amount (whichever is lower)

PCI < $450 : maximum $10,000 or actual amount (whichever is lower)

c. Local Private Institutions

The loan will be given for the entire course of study and 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.

Loan Disbursement
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 through online, showing proof that the student passed their examinations for the academic year and progress to the next year of study.

Loan Repayment
The repayment of loan could be made via cash, cheque, NETS, GIRO or Internet Banking. Applicant can choose one of the following three options.

Option 1 – Immediate repayment from $50 monthly Option 2 – Immediate repayment from $100 monthly Option 3 – Repayment 6 months after completion of course

Repayment will start 1 month after loan disbursement at $50 monthly.

 

6 months after the completion of course, repayment amount will increase to $100 monthly for diploma level, $250 for normal degree level and $500 for medicine.

 

There will be an annual increment of $100.

Repayment will start 1 month after loan disbursement at $100 monthly.

 

6 months after the completion of course, repayment amount will remain at $100 monthly for diploma level & $250 for degree level and $500 for medicine.

 

There will be an annual increment of $100.

Repayment will start 6 months after completion of course with a flat rate monthly over 3 years for diploma level and 5 years for degree level.

 

Eg. Total Loan Granted divide by 3 yrs (diploma) or 5 yrs (degree)

Click here for more details on loan repayment

Application Procedure
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.

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