I have applied for a bursary as well as Tuition Fee Loan (TFL). Will the bursary be used to offset against the balance fees not covered by the Tuition Fee Loan?

Depending whether your awarded bursary is an allowance or one that is used to offset your tuition fee.

If the awarded bursary is an allowance, the allowance will be paid to you to the bank account that you have in OASIS. You may use the bursary to pay off the balance fees when you received the funds in your bank account.