NTU Entrepreneurship Academy (NTUpreneur)

This scheme is designed to help students to defray their overseas expenditure.  

Eligibility 

OSP Loan
  • Open to full-time NTU under​graduates.
  • A student is only eligible for one OSP Loan during his/her course of study at NTU.
  • If students are embarking on a joint NTUpreneur Programme and OGEM Explorer Programme  and are interested in a loan, they must apply for the OSP Loan under the NTUpreneur Programme.
  • SPR/International students paying non-subsidised NTU tuition fees for their undergraduate programme are not eligible to apply.

Quantum 


Country ​​Of Study/Attachments ​		Maximum Aid Applicable
SingaporeanSingapore PRInternational
China

S$5,000
(1 Semester Programme)

S$10,000
(1 Year Programme) 

 

S$3,000 
(1 Semester/1 Year Programme)

 

​ ​ ​ ​ ​
Europe

S$6,000
(1 Semester Programme)

S$12,000
(1 Year Programme) 

USA

S$12,000
(1 Semester Programme)

S$24,000
(1 Year Programme) 

 For OSP Loan applicants

Guarantor Requirements

  1. One guarantor aged 21 to 60 years (based on the guarantor's age at the point of application), and not an un-discharged bankrupt.
  2. A loan applicant who is a:
    • Singaporean student to provide a Singaporean guarantor
    • Singapore Permanent Resident and International students to provide a Singaporean/Singapore Permanent Resident guarantor
  3. The guarantor must be gainfully employed.
  4. A student of Nanyang Technological University who satisfies (1) and (2) may also act as a guarantor. However, a student who is in the process of applying or holding Tuition Fee Loan / loan from CPF Education Loan Scheme or any other form of loan should not stand as a guarantor.
  5. If the application for OSP loan is successful, the applicant and the guarantor have to be both present at NTU to sign the Loan Agreement.
  6. A person is discouraged from standing in for more than 2 loans in view of the financial implications.

 

Interest 

1. Interest-free during course of study.
2. Interest will commence upon graduation. 

3. The following interest rates will be applicable to all new Government education loan (i.e. MOE Tuition Fee Loan, MOE Study Loan, Overseas Student Programme Loan) agreements signed on and after 1 April 2024. 

Standard interest* 3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5 percentage points or such other rates as may be determined from time to time by the bank
Late payment interest for overdue and unpaid loans/loan instalment 3M SORA plus 4.5 percentage points or such other rates as may be determined from time to time by the bank

* not applicable to interest-free Study Loan 

The interest rates will be revised on a half-yearly basis based on the 3M SORA1 published on the Monetary Authority of Singapore’s (MAS) website2 on 1 March (for the period 1 April to 30 September) or 1 September (for the period 1 October to 31 March of the following calendar year)3.  You can visit OCBC Bank website for the applicable interest rates on every 1 April and 1 October.

Repayment 

  • Maximum loan period of 5 years.
  • Minimum repayment of $100 per month (monthly instalment of $100).
  • For Singaporean students, repayment to commence no later than 2 years after graduation or upon securing employment (whichever is earlier).
  • For Singapore PR and international students, repayment to commence no later than 3 months after graduation.
  • You may carry out a prepayment of your loan in part or in full any time without incurring any prepayment charges.

 How to apply

You need not wait for your overseas programme outcome before applying.
If you are offered the OSP loan, you have the choice to decline the OSP loan offer.

  1. Apply online through  Student Intranet during the financial aid application period
    • For NTU students, please login to  Student Intranet for application.
    • For NIE students, please login to NIE StudentLink for application.
  2. Upload application form and  supporting documents (compiled into one PDF file) via the upload portal at Student Intranet. Note: You will only be allowed to upload your documents once. For assistance on documents upload, please submit your queries through Ask Finaid.
  3. You will be informed of your financial aid application outcome 4 weeks after the closing date.
  4. For students who applied and are offered the OSP Loan:
    • A loan offer will be sent to your NTU email account. You are required to click on the link provided in the email to indicate acceptance.
    • Within 2 weeks of your loan acceptance, you will receive the appointment booking link from ServiceNow@NTU. You are required to select the suitable date and time for you and your guarantor to sign the loan agreement at One-Stop@SAC.
    • After the Loan Agreement has been signed, NSS Finance will release the loan amount (in one lump sum) to you when your overseas programme placement is confirmed. 


Application period

Academic Year
/Semester

Financial Aid Scheme Available 

Application Period

Release Of Application Outcome

 AY2024/2025

Semester 1

OSP Loan

1 February 2024

-

15 March 2024

15 May 2024

-

31 May 2024

 

 

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1 SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm. The 3-month compounded SORA is the rolling compounded average of daily SORA over the past respective period.
2 https://eservices.mas.gov.sg/statistics/dir/DomesticInterestRates.aspx
3 If 1 March or 1 September falls on a weekend and/or a public holiday when the 3M SORA rates are not published by MAS, we will take the 3M SORA published on the MAS website on the last preceding business day in Singapore. For example, if 1 September is a Saturday, we will take the 3M SORA published on MAS website on 31 August.