| 1. |
The Education Loan (the
“Loan”) shall be used to pay the tuition fees
for the Approved Course and shall be disbursed by way
of payment to the Institution. All requests for drawing
must be submitted to the Bank in writing at least 7
business days before the proposed date of drawing. For
the avoidance of doubt, the Loan may not be used for
reimbursement of any tuition fees already paid to the
Institution. In the event that any tuition fees paid
with the Loan are refunded by the Institution for any
reason whatsoever, the Borrower shall immediately notify
the Bank of such refund and use the refunded amount
to prepay the Loan. |
| 2. |
The Loan is repayable
by monthly instalments comprising both principal and
interest of such amount as may be notified and determined
by the Bank from time to time, calculated on the amount
of the Loan disbursed. The first monthly instalment
shall be paid on the first day of the month following
the first disbursement of the Loan. Subsequent instalments
shall be paid on the first day of each succeeding month
(each, an “Instalment Due Date”) until the
whole of the Loan together with interest thereon shall
be fully paid and satisfied within the agreed tenure
thereof. |
| 3. |
Standard Instalment Scheme:
Monthly instalments under the Standard Instalment Scheme
shall be computed based on the agreed tenure of the
Loan. |
| 4. |
Deferred Instalment Scheme:
| (a) |
During the Deferred
Period, monthly instalments shall be computed
based on a tenure of 8 years. |
| (b) |
The Deferred Period
shall expire 24 months following first disbursement
of the Loan or on the Term Date, whichever is
earlier. The Borrower shall immediately notify
the Bank of such Term Date. |
| (c) |
Notwithstanding
that a tenure of 8 years is used to compute the
monthly instalments payable during the Deferred
Period, there shall be no extension of the agreed
tenure of the Loan. |
| (d) |
On the first day
of the month in which the Deferred Period expires
(the “adjustment date”), the monthly
instalment amount shall be adjusted based on the
remainder (as at the adjustment date) of the agreed
tenure. The adjusted monthly instalment shall
commence on the Instalment Due Date immediately
following the expiry of the Deferred Period. |
|
| 5. |
Interest on a monthly
rest basis shall be payable on the Loan at the rate(s)
(the “prescribed rate”) notified in the Letter
of Offer. Default interest will be levied on late payments
at the rate of 3% above the prescribed or such other
rate as may be determined by the Bank from time to time,
subject to a minimum of S$20. |
| 6. |
(a) No partial prepayment
of the Loan is allowed except as provided in Special
Condition 1 above. All prepayments shall be applied
against the monthly instalments of the Loan in inverse
order of maturity and the Borrower shall pay a prepayment
fee of 1% of the amount prepaid. (b) Full prepayment
of the Loan is allowed provided that the Borrower (i)
gives at least 1 month’s prior written notice of
intended prepayment to the Bank or pays 1 month’s
interest in lieu of such notice; and (ii) pays a prepayment
fee of 1% of the quantum of the Loan granted or S$100,
whichever is the higher. (c) Any part of the Loan prepaid
may not thereafter be redrawn or re-borrowed. |
| 7. |
The Borrower shall pay
the processing fee set out in the Letter of Offer upon
acceptance thereof. A cancellation fee of 1% is also
payable on the amount of the Loan cancelled or deemed
cancelled after the Borrower’s acceptance of the
Letter of Offer. Any part of the Loan left undrawn after
the Term Date or the last day of the Remaining Period
of Study, whichever is earlier, shall be deemed cancelled. |
| 8. |
The Bank reserves the
right to review, recall, alter or cancel the Loan and
any of the terms and conditions relating thereto at
its sole discretion if, at any time after submission
of this application, (a) the Remaining Period of Study
is shortened for any reason whatsoever (including, without
limitation, early completion of the Approved Course),
(b) the Approved Course is terminated/discontinued,
(c) the tuition fees are revised, and/or (d) the Student
changes Institution (collectively, the “Events”).
The Borrower shall promptly notify the Bank in writing
upon the occurrence of any of the Events. |
| 9. |
Unless otherwise provided
in these Special Conditions and/or the Letter of Offer,
Maybank’s Terms and Conditions For Banking Facilities
(the “General Conditions”) shall apply (where
applicable). All references therein to “Term Loan”
shall include the Education Loan. Conditions 13.8(a)
and 13.8(b) of the General Conditions shall not apply
to the Education Loan. Unless the context otherwise
requires capitalised terms defined in the General Conditions
have, unless expressly defined in these Special Conditions,
the same meaning in these Special Conditions. A copy
of the General Conditions can be found at Maybank’s
branches in Singapore and may also be viewed at www.maybank2u.com.sg. |
| In these Special Conditions,
“Approved Course” means such course as shall
be approved by the Bank for the purpose of the Education
Loan; “Borrower” refers to all or any of the
person(s) to whom an Education Loan is granted by the
Bank; “Term Date” is the date on which the
Student completes, terminates or discontinues the Approved
Course, whichever is earliest; “Letter of Offer”
refers to the letter of offer issued by the Bank for
the Education Loan, as revised, amended, supplemented
or superceded from time to time; “Student”
means the Borrower who is taking the Approved Course;
and a “business day” refers to a day (other
than a Saturday or a Sunday) on which banks are open
for general business in Singapore. |