CAO Overseas Internship/ Exposure

These schemes are designed to help students to defray their overseas expenditure on overseas internship or any related programmes organised or endorsed by Career and Attachment Office (CAO).

Eligibility

OSP Loan

OSP Loan
  • Open to full-time NTU undergraduates.
  • A student is only eligible for one OSP Loan during his/her course of study at NTU.
  • Students (except for GEM mobility programmes i.e. semester exchange or fee/study abroad) embarking on Fee-paying Scheme (i.e. students who undertake to apply to the host university on their own accord) are not eligible for the financial aid schemes here.
  • If students are embarking on a joint NTUpreneur Programme and OGEM Explorer Programme and are interested in a loan, they must apply for the OSP Loan under the NTUpreneur Programme.
  • SPR/International students paying non-subsidised tuition fees are not eligible to apply.


Quantum

SchemeCountry of Study/AttachmentPeriodMax Aid Applicable
SingaporeanSingapore PRInternational
OSP Loan for above mentionedAsia / Africa / Oceania20 - 30 weeksS$7,000S$3,000S$3,000​
10 - 12 weeksS$3,500
China / India / South East Asia20 - 30 weeksS$7,000S$3,000S$3,000​
10 - 12 weeksS$3,500
North Americas / Europe / Japan20 - 30 weeksS$14,000 S$3,000S$3,000​
10-12 weeksS$7,000

 

For OSP Loan applicants

Guarantor Requirements

  1. One guarantor aged 21 to 60 years (based on the guarantor's age at the point of application), and not an un-discharged bankrupt.
  2. A loan applicant who is a:
    • Singaporean student to provide a Singaporean guarantor
    • Singapore Permanent Resident and International students to provide a Singaporean/Singapore Permanent Resident guarantor
  3. The guarantor must be gainfully employed.
  4. A student of Nanyang Technological University who satisfies (1) and (2) may also act as a guarantor. However, a student who is in the process of applying or holding Tuition Fee Loan / loan from CPF Education Loan Scheme or any other form of loan should not stand as a guarantor.
  5. If the application for OSP loan is successful, the applicant and the guarantor have to be both present at NTU to sign the Loan Agreement.
  6. A person is discouraged from standing in for more than 2 loans in view of the financial implications.

 

Interest

1. Interest-free during course of study.
2. Interest will commence upon graduation. 
3. The following interest rates will be applicable to all new Government education loan (i.e. MOE Tuition Fee Loan, MOE Study Loan, Overseas Student Programme Loan) agreements signed on and after 1 April 2024. 

 

Standard interest* 3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5 percentage points or such other rates as may be determined from time to time by the bank
Late payment interest for overdue and unpaid loans/loan instalment 3M SORA plus 4.5 percentage points or such other rates as may be determined from time to time by the bank

* not applicable to interest-free Study Loan 

The interest rates will be revised on a half-yearly basis based on the 3M SORA1 published on the Monetary Authority of Singapore’s (MAS) website2 on 1 March (for the period 1 April to 30 September) or 1 September (for the period 1 October to 31 March of the following calendar year)3.  You can visit OCBC Bank website for the applicable interest rates on every 1 April and 1 October.

 

Repayment

 OSP Loan
  • Maximum lo​an period of 5 years.
  • Minimum repayment of $100 per month (monthly instalment of $100).
  • For Singaporean students, repayment to commence no later than 2 years after graduation or upon securing employment (whichever is earlier).
  • For Singapore PR and international students, repayment to commence no later than 3 months after graduation.
  • You may carry out a prepayment of your loan in part or in full any time without incurring any prepayment charges.

 

How to apply

  • You need not wait for your overseas programme outcome before applying.
    If you are offered the OSP Loan, you have the choice to decline the OSP Loan offer.

Step 1: Prepare the required supporting documents for application.  

Step 2: Submit your application with supporting documents via the Financial Aid Application Portal.

Step 3: You may login to the Portal to check on the progress of your application.

Step 4: You will be informed of the outcome via your NTU email account. Please accept/decline your financial aid offer via the Portal.

Step 5: Upon accepting the loan offer, you will receive an appointment booking link via email, to sign the loan agreement in person at One-Stop@SAC. You and your guarantor should bring your NRICs for the loan signing appointment.

Step 6: After the loan agreement has been signed, the funds will be disbursed to your bank account within 6-8 weeks upon submission of the paperwork to the bank.

If you wish to apply for an OSP loan after the application window has closed, please approach Ask Finaid (Student) for assistance.

 

Application period

  • AY2024-2025 Semester 1: 1 March 2024 to 31 March 2024

 

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1 SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm. The 3-month compounded SORA is the rolling compounded average of daily SORA over the past respective period.
2 https://eservices.mas.gov.sg/statistics/dir/DomesticInterestRates.aspx
3 If 1 March or 1 September falls on a weekend and/or a public holiday when the 3M SORA rates are not published by MAS, we will take the 3M SORA published on the MAS website on the last preceding business day in Singapore. For example, if 1 September is a Saturday, we will take the 3M SORA published on MAS website on 31 August.