NUS STUDY LOAN 2005/2006 - NI/F
STUDY LOAN AGREEMENT
THIS Agreement is made the day of 2005 Between
«Bname» (NRIC No «BNRIC») of «Badd1» «Badd2» «Bpostal» (hereinafter called the
“BORROWER”) of the first part, the NATIONAL UNIVERSITY OF SINGAPORE (hereinafter called
the “University”), a body corporate incorporated under the NATIONAL UNIVERSITY OF
SINGAPORE ACT, CHAPTER 204 and having its registered office at 10 KENT RIDGE
CRESCENT SINGAPORE 119260 of the second part and «Gname» (NRIC No «GNRIC») of
«Gadd1» «Gadd2» «Gpostal» (hereinafter called the “GUARANTOR”) of the third part.
WHEREAS
(1) The BORROWER has applied for and been successfully awarded loan(s) and/or fee subsidy
amounting to not less than 80% of the total tuition fees payable in respect of the Borrower’s
prescribed course of study, comprising:-
(a) a loan and/or a fee subsidy from an organisation duly registered with the relevant government
agency and approved by the University; and/or
(b) a loan either solely or jointly under the University’s Tuition Fee Loan Scheme, the Central
Provident Fund Education Scheme and/or the Mendaki Scheme.
(2) The BORROWER and the GUARANTOR have requested the University for a loan to the
BORROWER for an amount up to the balance of the total tuition fees payable in respect of the
BORROWER’S entire prescribed course of study (hereinafter referred to as “the Loan”), to enable
the BORROWER to enter upon and pursue the course of study/training (hereinafter referred to as
“the Course”).
(3) The University has appointed The Development Bank of Singapore Ltd (“DBS Bank”) to
administer the scheme whereby Loans are granted to Borrowers.
(4) The University has agreed to the request of the BORROWER and the GUARANTOR on the
terms and conditions hereinafter mentioned.
NOW THIS Agreement witnesseth as follows:-
1. Subject to Clause 6(2) and 8(b) below, interest shall be waived in respect of the Loan.
2. The Loan shall be made in such manner and at such times as the University thinks fit but so that
the total amount of the Loan shall as far as possible be proportionately spread in equal parts over
the length of the Course:
Provided always that the University reserves to itself the right from time to time to make:
(i) such variation to the amount of the Loan as the University may deem fit; and
(ii) consequential variations to the amount of monthly instalment repayments referred to in
Clause 8 arising from a variation of the amount of the Loan under sub-paragraph (i)
above.
3. The amount of the Loan and the terms and conditions thereof shall be subject to review by the
University at any time from time to time throughout the continuance of this Agreement.
4. The BORROWER hereby covenants:-
(i) that he will enter upon and diligently continue in the Course and that he will complete the
Course within the prescribed time specified in the Schedule hereto;
NUS STUDY LOAN 2004/2005 - NI/F
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(ii) that he will throughout the period of the Course comply to such directions as may be
given to him by the University from time to time in respect of his conduct or movements;
(iii) that he will devote his whole time to the Course or if the Course is by its nature part-time
such reasonable time thereto as is consistent with the Course;
(iv) that he will sit for all examinations and periodical tests prescribed by the University or by
the authorities at the place of study for the Course and within the limits of time set out in
the Schedule hereto;
(v) that he will conform to such regulations, instructions and discipline that may be in force
from time to time at the University or at the place of study; and
(vi) that he will refrain from participating in activities which are, or are likely to be, inimical
to the interests or security of Singapore; or cause, or are likely to cause, embarrassment
to the country in which he is pursuing the Course.
5. The BORROWER hereby further undertakes:-
(i) not to engage in any occupation or take up any employment whether with or without
remuneration without the prior consent in writing of the University;
(ii) not to change the Course or take up or pursue any other course of study without the prior
consent in writing of the University; and
(iii) not to hold concurrently with the Loan or be in receipt of any scholarship, bursary, award
of a monetary nature or other loan without the prior written consent of the University.
6. (1) In any of the following events
(a) if the BORROWER defaults in the payment of any of the instalments of the
Loan or any part thereof on the due date or dates or in the payment of any other
monies hereby covenanted to be paid;
(b) if the BORROWER commits or threatens to commit a breach of any of the
covenants, undertakings, stipulations, terms and conditions contained herein;
(c) if the BORROWER shall enter into any arrangement or composition for the
benefit of creditors or shall have a receiving or adjudication order made against
him ;
(d) if a situation has arisen or there has been a material change in the circumstances
of the BORROWER which, in the opinion of the University and/or DBS Bank,
will affect the BORROWER’S ability to repay the Loan and interest thereon or
will make it improbable for the BORROWER to observe and perform his
obligations hereunder;
(e) if the BORROWER fails to furnish another guarantor as required under Clause
12 herein;
(f) if the BORROWER’S progress in the Course is in the sole opinion of the
University unsatisfactory; or
(g) if the BORROWER leaves the University without completing his Course.
the University and/or DBS Bank may in its absolute discretion discontinue with the Loan
permanently or for such period of time as it thinks fit and further shall be entitled to
demand repayment of all monies already advanced to the BORROWER under this
Agreement together with interest and all other charges and amounts due from the
NUS STUDY LOAN 2004/2005 - NI/F
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BORROWER, without prejudice to any of the University’s other rights under this
Agreement which may have accrued prior to such discontinuance.
(2) In the event that all monies already advanced to the BORROWER under this Agreement
together with interest and all other charges and amounts due from the BORROWER have
become payable upon demand by the University and/or DBS Bank under sub-clause (1)
above, the BORROWER shall pay to DBS Bank as agent for the University additional
interest at the rate of one per cent (1%) per month or such other rate(s) as DBS Bank
and/or the University may determine from time to time on the outstanding loan, interest
(inclusive of additional interest) and other charges and amounts due and owing to the
University and/or DBS Bank from the date of demand until the date of full settlement.
7. The University may also at any time terminate this Agreement without giving any reason therefor
by giving one (1) month’s notice in writing to the BORROWER and/or the GUARANTOR and
thereupon the whole of the monies already advanced and paid to the BORROWER pursuant to
this Agreement shall become immediately repayable.
8. (a) In the event that the BORROWER completes the Course by passing the final
examination for the Course within the prescribed time specified in the Schedule hereto,
he shall repay the Loan to DBS Bank as agent for the University, either on a lump sum
basis or in instalments as determined by the University or DBS Bank. Where repayment
is by instalments, the BORROWER shall without demand repay the loan in monthly
instalments comprising both principal and interest of such amounts and within such
period as the University or DBS Bank shall determine, the first instalment to be paid on
the 1st day of the first month after the expiry of six (6) calendar months from the date of
graduation of the BORROWER, or on the 1st day of the month following the month in
which he secures employment, whichever is earlier. Provided that the minimum amount
of monthly instalment is S$100.00.
(b) Without prejudice to any of the remedies of the University and/or DBS Bank hereunder
and to Clause 6(2) above, in the event of default by the BORROWER to pay the Loan or
any part thereof or any instalment on the due date or dates, then the BORROWER shall
pay additional interest at the rate of one per cent (1%) per month or at such other rate(s)
as the University and/or DBS Bank may determine from time to time for the late payment
of each instalment, notwithstanding the monies which have become due and payable are
in arrears for only part of a month.
9. In consideration of the University having at their request agreed to grant the Loan to the
BORROWER, the GUARANTOR hereby guarantees to the University the repayment by the
BORROWER of all sums of money which shall become payable under this Agreement.
10. The liability of the GUARANTOR under the guarantee contained in this Agreement is a
continuing liability.
11. The GUARANTOR further covenants that he shall continue to be liable under this Agreement
notwithstanding any variation of the amount of the Loan or of any term of this Agreement by the
University with or without the assent or knowledge of the GUARANTOR and whether or not
communicated to the GUARANTOR.
12. It is hereby further agreed that if at any time during the currency of this Agreement the
GUARANTOR shall die, become insane or suffer from any other disability or shall be adjudged a
bankrupt or in the case of a GUARANTOR who is either a Singaporean citizen/PR or a Malaysian
citizen/PR who shall cease to reside within Singapore/Malaysia or remain out of
Singapore/Malaysia for more than twelve (12) consecutive months then and in such an event the
BORROWER shall inform the University and DBS Bank immediately of the happening of such
event and shall substitute another GUARANTOR to be approved by the University and/or DBS
Bank and who shall be ready and willing to be substituted for and take over the obligations herein
contained of the firstmentioned GUARANTOR such substitution shall take effect not later