facebookIf i were to go for bank study loan and i am able to pay the lump sum of 40k by the time i graduate, will there be any interest or penalty? - Seedly

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Anonymous

06 May 2020

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Property

If i were to go for bank study loan and i am able to pay the lump sum of 40k by the time i graduate, will there be any interest or penalty?

Discussion (4)

What are your thoughts?

Gabriel

Gabriel

06 May 2020

Undergraduate at National University of Singapore

Hey Anon, I believe that it is interest free during the course of your study and repayment can be made in one lump sum. In this case, there should be no interest or penalty. However, do double check with the bank before taking the loan.

Colin Lim

Colin Lim

03 May 2020

Financial Services Consultant at Colin Lim

You should check with the bank on the interest rates.. As i prefer to leverage since interest is low... Even if i have 40k...i will not lump sum pay up... I probably drag few years... To allow my 40k to grow through investments.
This is my thoughts.
#planwithcolin

Pang Zhe Liang

Pang Zhe Liang

03 May 2020

Senior Financial Services Consultant at AIA Singapore Private Limited

Generally, there is no penalty for lump sum repayment upon graduation. However, you should check wit...

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