Anonymous

06 May 2020

∙

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?

4

Discussion (4)

What are your thoughts?

Learn how to style your text

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.

Reply

Save

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

Reply

Save

Pang Zhe Liang

03 May 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

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

Write your thoughts

Related Posts

Is it possible to repay my Tuition Fee Loan (0% while studying) in lump sum before I graduate to avoid the interest rate after graduation?

I'm 25 y/o, holding a full time job and going to study part time soon this year (~25K total with bank loan). I only have 28K in my bank (parked all of them at SSBEC). Should I start investing?

Going to matriculate at ntu this year, planning to take up the 0% interest study loan and repay in full before graduation, before the interest kicks in. Suggestions on where I should put these funds?

I’m in my 20s, still studying, are there any value-adding part-time jobs in the banking sector? I've already started investing on STI ETF, and I'm looking into robo-advisors next. Should I enter in lump-sum or DCA? How should I take my next step?

I got around $5000 left in my tuition fee loan (4.75% interest). Should I continue to make monthly repayments or pay one lump sum now?

Related Posts

Is it possible to repay my Tuition Fee Loan (0% while studying) in lump sum before I graduate to avoid the interest rate after graduation?

I'm 25 y/o, holding a full time job and going to study part time soon this year (~25K total with bank loan). I only have 28K in my bank (parked all of them at SSBEC). Should I start investing?

Going to matriculate at ntu this year, planning to take up the 0% interest study loan and repay in full before graduation, before the interest kicks in. Suggestions on where I should put these funds?

I’m in my 20s, still studying, are there any value-adding part-time jobs in the banking sector? I've already started investing on STI ETF, and I'm looking into robo-advisors next. Should I enter in lump-sum or DCA? How should I take my next step?

I got around $5000 left in my tuition fee loan (4.75% interest). Should I continue to make monthly repayments or pay one lump sum now?