No, a guarantor is not required for borrowers who are Singapore Citizens or Singapore Permanent Residents. The borrower, as the beneficiary of using their own or another CPF lender's CPF savings for their education, is responsible for the repayment of the savings used. However, the Board reserves the right to request a guarantor or other forms of guarantee on a case-by-case basis.

 

For borrowers who are already under the scheme but subsequently renounced their Singapore citizenship or Permanent Resident status, they will need to provide a guarantor for their applications as a foreigner. In the event of death or bankruptcy of the guarantor, or if the guarantor is physically or mentally incapacitated from continuing in any employment, the lender whose CPF savings have been used or the foreign borrower will need to notify the Board in writing and provide a new guarantor.