Recession Overhaul!!!

It's been half of the year now since the lashes of the recession have hit Singapore, particularly the manufacturing industry where I am connected with. So far, a lot of measures have been made both by the government and by the individuals in order to survive this crisis. I for that matter have tried numerous actions in order for my limited fund to withstand the storm. One of these actions that I have made was the improvement of my skill. Hence, I have browsed all of the possible benefits that I can get as a PR(Permanent Resident) holder here in Singapore.

Fortunately, I have bumped with this scheme by IDA(Information Development Authority) of Singapore. Through this scheme, I will be able to avail a usually expensive IT related trainings and certifications without releasing a huge amount of cash. IDA is offering an 80% subsidy to any IT related trainings and certifications here in Singapore. Add to that the tie-up that was made by POSB with this scheme such that:
Say I wanted to enroll for a Project Management course whose total cost is SGD3000.00(which includes the certification exam.). Prior to enrollment, I will apply for a study grant from POSB. Then, this bank will initially lend me(through a check) the total cost of the said course at 5% interest and which can be paid within 5yrs! The check will then be handed over to the recognized training institution. After passing the certification, the government(through IDA) will then give me an amount equivalent to the 80% cost of the course. This I can forward to POSB to partially pay my study loan from them. Then, I will have the option of either paying the remainder of the loan amount immediately or within 5yrs!

So, for a loan of SGD3000.00 (for example), I need to pay the bank an amount of SGD3150.00. But, the government will be shouldering 80% of the SGD3000.00. Thus, the total cost that I will just be shelling out will be SGD750.00 or around SGD12.50/mo. for 5yrs. Good enough isn't it? For more information regarding this offer, you may browse this site: IDA.gov.sg

Let's gear up as we cross this storm!!!

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