Notebook Loan

What is the value of the loan?

The loan amount is based on price of the model the student wishes to purchase. It is 100% full loan.
 

What is the interest rate for the loan?

This is an interest free loan.

How and when does the student start to repay the loan?

The repayment of the loan can be made in one lump sum payment or by monthly installments commencing 6 months after graduation or on graduate securing employment, whichever is earlier.

If the student leaves the Polytechnic without completing the course of study, the loan amount will immediately become due and payable. The student may repay the outstanding sum by monthly installments on such terms and conditions as the Polytechnic may, on a case-by-case basis, determine. The repayment of installment amounts shall be made through Interbank GIRO.

What is the maximum repayment period?

The maximum repayment period is 2 years.
 

What is the minimum monthly installment payment?

The minimum monthly installment payment is S$100. Penalty interest will be charged at the rate of 1% per month on installments in arrears.

I am required to serve National Service after graduation, can I pay later?

Students who are required to perform National Service are allowed to commence repayment of the loan 2 months after ORD. Students who have National Service obligation must inform the Bank of their ORD Date by 31 December in the year of  his/her graduation, failing which it will be assumed that they are exempted from National Service and that their repayment of the loan will start no later than the 1st day of the 7th month immediately following the month of completion of study.

Is a guarantor required for the loan?

YES, you are required to bring along a guarantor on the day of agreement signing at the bank.

What are the requirements of my guarantor?

Singapore Citizen or Singapore Permanent Resident who is aged between 21 to 60 years old. No qualifying income criteria are required of the guarantor.

How do I apply for the computer loan?

On-line Application thru myNYP Portal ONLY.
Click here for the application steps.

When and how can I check the status of my loan application?

Please check your loan application status thru myNYP according to the schedule:

Successful applications will also receive their loan approval letter from NYP by 9th April, 23rd April and 11th May 2012 respectively

I received the NYP Notebook Computer Loan Approval Letter from NYP, what should I do next?

Click here for the instructions.