Interest and Surcharge for Late Repayment
- Interest at a rate of 1% per annum shall be charged on the loan borrowed by you from the commencement date of the loan Repayment Period.
- If you cease to be a registered full-time student, withdraw from / suspend / defer your studies or you have not completed the programme for any reason, you must immediately notify the SFO in writing. Under such circumstances, you will be required to start repayment of the loan immediately in one lump sum or by instalments. Interest at a rate of 1% per annum shall be charged on the loan from the commencement date of the loan repayment period.
- If the repayment of any instalment is not made after the instalment becomes due, you will be required to repay with the Government the amount of the overdue instalment together with a surcharge of 5% of the outstanding amount of that overdue instalment.