F INANC ING YOUR STUDY
Education financial assistance, wherever you may go
Every country would have its fair share of lenders, all willing to offer financial assistance to
deserving students. In this issue, we’ll take a look at your options of student loans available should
you choose to further your studies in India, Indonesia, Singapore, Sri Lanka and Malaysia.
Credila
INDIA
Credila is the only lender in India focusing exclusively on education loans. Credila is a
finance subsidiary of the Housing Development Finance Corporation Limited (HDFC),
one of India’s leading financial services company. Credila assists students who want
to further their studies locally and abroad, as well as those who are already in the US.
Credila participates in every phase involved in the application of the student loan, from
origination and underwriting until the servicing and collection.
State Bank of India (SBI) Student Loan Scheme
The State Bank of India (SBI) offers loans to local Indian students who wish to further
their education locally or abroad. Courses include regular technical courses, professional
degree/diploma programmes, teacher training, nursing courses, vocational training and
skill development courses. The loan will cover tuition fees, examination/library/lab fees,
books and instruments, travel expenses for studies abroad and the cost of a two-wheel
vehicle. The loan also covers other expenses incurred during the course of the study, such
as study tours and project work.
INDONESIA
DANAdidik
As Indonesia’s first people-to-people (P2P) student loan, DANAdidik aims to extend
the opportunity to receive a loan to students who do not have a financially stable
guarantor. DANAdidik works by connecting students with prospective investors with
the financial capability and willingness to support the students’ higher education.
Applications are open annually to any student; students would present his/her case
to investors who would review the loan listings and select a sponsored student that
meets their criteria. Through this P2P model, investors obtain a social investment, a
diversified portfolio and the first right to hire applicants, while benefitting students
who can now further their studies with given funding.
Sampoerna Foundation
Sampoerna Foundation partners with
the International Finance Corporation
(IFC) and PT Bank Internasional
Indonesia Tbk (BII) to form Indonesia’s
first private financing facility for
education loans. Sampoerna
Foundation, the largest philanthropic
organisation in Indonesia, focuses on
providing scholarships to students and
this collaboration with two financial
organisations will see deserving
students receive loans for tuition and
entrance fees of up to US$1,000. A
total grant of US$2.75 million will
enable 20,000 students to pursue
their higher education.
Tuition Fee Loan (TFL) and MOE Study Loan (SL)
SINGAPORE
MENDAKI Study Loan Full-Time Scheme
The MENDAKI Study Loan Full-Time Scheme is an initiative offered
by Yayasan Mendaki to uplift the educational performance of
Singaporean Muslims. Needy and deserving students who have
gained admission into selected accredited local private institutions
of higher learning, art colleges and local government tertiary
institutions such as Ngee Ann Polytechnic, Nanyang Polytechnic,
National University of Singapore and Nanyang Technological
University/NIE will receive interest-free loans to pursue their degrees
and diplomas.
The Tuition Fee Loan (TFL) is a government loan scheme
to assist students in funding their tertiary education. The
TFL covers up to 90% of the tuition fees; students can also
choose to receive loans of 30%, 50% or 80% of the fee
amount. The courses covered under the scheme varies from
university to university; for instance, only full-time and parttime graduate research students at the National University
of Singapore (NUS) may apply for the loan whereas
students at degr