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Graduates given short notice about DBS loan repayment
THE recent economic gloom has spurred the Government to provide respite for fresh graduates by suspending repayment of tuition fees from April 1 this year to March 31 next year.
The move is definitely welcome, especially among my peers who have yet to secure a full-time job. However, it seems DBS Bank has yet to understand the unfortunate circumstances young people face now.
I received a tuition fee repayment notice from DBS on Wednesday. The notice stated that the repayment date was set at March 1 this year.
First, this means DBS will be able to charge interest for the month of March, before the government relief kicks in. Second, it leaves people with only two working days to make repayment, if they wish to do so.
DBS is within its rights to demand repayment of the loan, despite the poor economic conditions. What I find irksome is the short timeframe for people to respond to this notice.
I called DBS earlier this year to clarify the repayment schedule, but the officer told me to wait for the letter of notice for more details.
The short timeframe means some of my employed friends have had to take urgent leave to visit DBS, while my jobless peers are resigned to the additional interest charge, before the relief kicks in.
Is there an appropriate time period to inform people to make loan repayments? If there is none, perhaps such a consideration can be taken into account when the Association of Banks in Singapore updates the Code of Consumer Banking Practice.
Toh Zhi Sian
Graduates given short notice about DBS loan repayment
THE recent economic gloom has spurred the Government to provide respite for fresh graduates by suspending repayment of tuition fees from April 1 this year to March 31 next year.
The move is definitely welcome, especially among my peers who have yet to secure a full-time job. However, it seems DBS Bank has yet to understand the unfortunate circumstances young people face now.
I received a tuition fee repayment notice from DBS on Wednesday. The notice stated that the repayment date was set at March 1 this year.
First, this means DBS will be able to charge interest for the month of March, before the government relief kicks in. Second, it leaves people with only two working days to make repayment, if they wish to do so.
DBS is within its rights to demand repayment of the loan, despite the poor economic conditions. What I find irksome is the short timeframe for people to respond to this notice.
I called DBS earlier this year to clarify the repayment schedule, but the officer told me to wait for the letter of notice for more details.
The short timeframe means some of my employed friends have had to take urgent leave to visit DBS, while my jobless peers are resigned to the additional interest charge, before the relief kicks in.
Is there an appropriate time period to inform people to make loan repayments? If there is none, perhaps such a consideration can be taken into account when the Association of Banks in Singapore updates the Code of Consumer Banking Practice.
Toh Zhi Sian
