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FAQ About Local Education Loan

Frequently Asked Questions

1. Do I need to be a member to apply for a local education loan with TCC?

Yes, only TCC members are eligible to apply for a loan. Hence, you will be required to open a savings account with TCC with a monthly contribution of $10.00. A minimum savings balance of $10.00 has to be maintained in the account at all times.

 

2. Do I need to provide sureties for the loan?

Yes, sureties are required for all loans taken with TCC. If your loan amount is within 6 times of your basic monthly salary, we require at least one surety to be provided. If the loan amount exceeds 5 times of your basic monthly salary, more sureties shall be required on a case-by-case basis.

 

3. I am still a student but I am under 21 years old and am currently not working, will I still be eligible for the loan?

You may look for a third party (i.e. family members, relatives, friends) to apply for the loan on your behalf. All eligible criteria remain the same for the third party.

 

4. What mode of repayment would I need to make?

You will need to service both the principal and the interest of the loan through regular monthly GIRO repayments.

 

5. How do I apply for TCC education loan?

Loan applications can be submitted via the following methods:-

a. Email with the relevant documents to loan@tcc.org.sg

b. Fax to us with the relevant documents at 67381977

c. Submit at our office located at 95 Killiney Road Singapore 239537

 

6. How long does it take for the loan approved?

It will take at least 3 - 5 working days for the loan approval, provided that all required documents are submitted. Any missing documents will result in a delay of the loan processing. However, the processing time may take longer for exceptional cases.

 

7. Can the cheque be made payable to my personal name? How long does it take for me to receive the cheque after approval?

No. All cheques have to be made payable to the educational institution as this is an education loan. You will receive the cheque within 3 days after all the applicants and sureties have accepted and signed the loan agreement.

 

8. Do you have a list of schools or educational institutions that are eligible for the education loan?

Currently we do not have a school listing. However, the school or educational institution have to be:

a. Singapore government schools (i.e. NUS, NTU, Singapore Polytechnics)

b. Private Educational Institute with a valid PEI certification from Council of Private Singapore. Refer 

 

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