MENDAKI | Assistance

Study Loan Full Time Degree Overseas

Introduction
The MENDAKI Study Loan Full Time Degree Overseas is available for all Muslim students. It aims to uplift the educational performance of the Muslim Community by providing interest-free loans to Muslim students who require financial aid. It helps to partly finance students who are pursuing a full-time degree course at accredited overseas institutions.

Application Period
9 January 2024 – 28 February 2024

1 April 2024 – 31 July 2024

1 September 2024 – 31 October 2024

Eligibility Criteria
Applicants must meet the following requirements:

Muslim Singaporeans / Singapore Permanent Residents
Have gained an unconditional admission for a full-time degree at accredited overseas institutions of higher learning. Applications will be approved on a case-by-case basis, depending on the accreditation of the institutions
Applicant must show plan of balance funding of tuition and living (accommodation, transportation, flight etc.) fees after receiving MENDAKI loan
Submission of application must be 3 months before course commencement
Sign an agreement with MENDAKI for the repayment of the 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 fulfil the following requirements:
1. Singaporeans and residing in Singapore
2. Between the age of 21 and 55 years old
3. Basic monthly income of at least $2,000 and above, and not an undischarged bankrupt
4. Only 1 out of the 2 guarantors can be anyone staying in the same household with the applicant
5. Must not be an existing MENDAKI loan holder or existing guarantor for other MENDAKI loan accounts
6. The first and second guarantor must not be from the same household
7. Guarantors must submit a copy of their NRIC and recent income slip. Self-employed guarantors must submit their latest IRAS form or CPF statement

Loan Agreement
An 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 in the presence of a MENDAKI officer within 1 month upon approval 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:

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 Quantum

Type of Institutions	Loan Amount for Yearly Disbursements
Overseas Institutions	PCI > $800 : maximum $5,000 each year or up to 80% of tuition fee (whichever is lower) PCI $450-$800 : maximum $10,000 each year or up to 80% of tuition fee (whichever is lower) PCI < $450 : maximum $15,000 each year or up to 80% of tuition fee (whichever is lower)

The loan will be given for the entire course of study for up to 4 years. 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.

Loans Disbursement
Applicants 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 Repayment
Repayment 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.

Application Procedure
Applications can only be made online. Processing of the applications will take up to 5 weeks from the date of a complete submission. 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.