Skills Training LoanIntroductionThe MENDAKI Skills Training Loan aims to provide interest-free loans to Malay/Muslim workers who wish to upgrade themselves by pursuing a recognised and work-related course.
1 January 2023 – 28 February 2023
1 April 2023 – 31 July 2023
1 September 2023 – 31 October 2023Eligibility CriteriaApplicants must meet the following requirements:
Loan AgreementAn email will be sent out to successful applicants once the loan is approved. Loan holders and guarantors are required to book an appointment via MyMENDAKI portal. Successful applicants and their guarantors are required to sign the loan agreement within 1 month upon approval in the presence of a MENDAKI officer at Wisma MENDAKI, 51 Kee Sun Avenue (off Tay Lian Teck Road), Singapore 457056. Applicant and guarantors are required to bring along their NRIC during the signing of loan agreement for verification purposes.As per the loan agreement, the applicant (borrower) needs to observe and fulfil the following conditions:
- Muslim Singaporeans / Singapore Permanent Residents.
- Applicants must be full-time employees at the commencement of the course
- Applicant’s monthly household net per capita income must not exceed $800
- Courses are limited to the pursuance of certificate only
- Courses should be on a part-time basis only at accredited institution. Applications will be approved on case-to-case basis, depending on the accreditation of the institutions.
- 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 fulfil the following requirements:
- Singaporeans and residing in Singapore
- Between the age of 21 and 55 years old
- Basic monthly income of at least $2,000 and above, and not an undischarged bankrupt
- Only 1 out of the 2 guarantors can be anyone staying in the same household with the applicant
- Must not be an existing MENDAKI loan holder or existing guarantor for other MENDAKI loan accounts
- The first and second guarantor must not be from the same household
- Guarantors must submit a copy of their NRIC and recent income slip. Self-employed guarantors must submit their latest IRAS form or CPF statement
- Pass all subjects taken during the course of study
- No changes in the agreed period of study
- No changes in the course of study
- No withdrawal or termination from the course of study/school
- No deferment without any valid reasons
If the borrower does not fulfil any of the above condition or any of the term in the loan agreement, the borrower will be considered to have breached the contract of the loan agreement. The full amount of the loan would have to be repaid immediately.Loan QuantumOne-off disbursement of maximum $3,000, or up to 70% of course fee (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 other relevant criteria. The decision of the Loans Committee is final.Loan DisbursementApplicants will be notified through email on future loan disbursements. Applicants are required to submit a photocopy of their exam results in MyMENDAKI portal at the end of each academic year as proof of progression to the next year of study. Loan RepaymentRepayment of the loan will commence 1 month after the first loan disbursement at $50 per month. 6 months after the completion of your course, the repayment amount will increase to $100 monthly for diploma level, $250 monthly for normal degree level and $500 monthly for medicine courses. There will be an annual progressive increment of $100. The repayment of loan could be made via Internet Banking (DBS/POSB), PayNow, QR code payment, GIRO, NETS OR cheque. Please click here for more details on loan repayment.
Applications can only be made online. Processing of the applications will take up to 5 weeks from the date of a complete submission of your application. Applicants will be notified through email on the outcome of the application.
Incomplete applications, applications not accepted by guarantors and applications that do not meet the eligibility criteria will not be processed.
A gentle reminder for both loan holders and guarantors to check your emails regularly for the progress of your application.