Best Education Loans in Singapore (2024)
Find the best education loan options with Singsaver.Choose the best study loans in Singapore to cover living expenses, tuition fees, and other costs so you or your child can pursue further education without worries. Compare interest rates, repayment terms, eligibility, and other terms between banks to find the ideal education loan for your needs. Apply now on Singsaver to invest in your future with the right education loan.
HSBC Personal Loan
Valid until
31 March 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
- One of the lowest interest rates from 3.6% p.a (EIR 6.5% p.a) for those earning min. S$30,000 annually. Rates provided are customised and might differ from what’s displayed here
- No processing fees
- Get a 1-minute in-principle approval on your HSBC Personal Loan
- Max. loan amount equal to 90/95% of approved credit limit at time of application
- Min. loan amount of S$1,000
- Option to borrow at a slightly longer loan tenure of 7 years
- Early repayment fee: 2.5% of the repayment amount
- Overdue interest: 2.5% + prevailing interest on overdue amount
- Late payment fee: S$75 for each monthly repayment that is not received in full by the monthly due date
Gift Options
- Promotion is valid for new applicants of participating products only. See the full list here.
- Apply for participating products on SingSaver to receive X chances in the March Madness Grand Lucky Draw
- 1x lucky winner will receive a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
- March Madness Grand Lucky Draw runs from 6 Mar 2024 (5:00 PM) to 31 Mar 2024
- Terms and Conditions apply
- SingSaver March Madness Frequently Asked Questions here
- Click here to check out our past Lucky Draw winners!
Gift Options
Loan Tenure From 3 years to 5 years + loan amount from S$100,000 and above
Loan TenureFrom 3 years to 5 years + loan amount from S$80,000 to S$99,999
Loan Tenure From 3 years to 5 years + loan amount from S$50,000 to S$79,999
Loan Tenure From 3 years to 5 years + loan amount from S$35,000 to S$49,999
Loan Tenure From 3 month(s) to 5 month(s) + loan amount from S$20,000 to S$34,999
Loan Tenure From 3 years to 5 years + loan amount from S$10,000 to S$19,999
- Promotion is valid for new and existing HSBC customers
- Submit an application for a personal loan with a min. value of S$10,000 and tenure of 3, 4, or 5 years to be eligible for rewards
- Choice of rewards varies depending on loan amount:
- (S$10,000 - S$19,999): S$50 Cash via PayNow
- (S$20,000 - S$34,999): Dyson V8 Slim Fluffy (worth S$509)
- (S$35,000 - S$49,999): Sony PlayStation® 5 (Digital Version) (worth S$669)
- (S$50,000 - S$79,999): Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30)
- (S$80,000 - S$99,999): Dyson 360 Vis Nav™ Robot Vacuum (worth S$1,649)
- (S$100,000 and above): Apple iPhone 15 Pro 256GB (worth S$1,825.75)
- Promotion is valid until 30 April 2024
- Terms and Conditions apply
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
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Early repayment fee: 2.5 %
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Late repayment fee: S$ 75
1. Go to HSBC's website and click “Apply Now” under Personal Loans
2. Fill out an application and submit the required documents
3. Wait for approval from HSBC
1. NRIC (Front & Back)
2. For salaried employees: Last 3 months’ computerised payslip, or latest Income Tax Notice of Assessment with latest 1 month’s computerised payslip, or latest 6 months’ CPF statement (for Singaporeans or PRs)
3. For self-employed persons: Last 2 years’ Income Tax Notice of Assessment
POSB Further Study Assist
- Min. loan amount: S$2,000
- Borrow up to 6x your monthly salary (Up to S$80,000)
- Loan tenure up to 10 years
- No early redemption or cancellation penalty
- Late payment fee: S$30
-
Late repayment fee: S$ 30
1. Download an application form on POSB's website
2. Fill it out and apply online or in-person at one of the bank's branches
3. Wait for an offer
4. Accept the offer from POSB
1. Photocopy of NRIC (front & back) for Applicant & Guarantor (if applicable)
2. Copy of Letter of Acceptance stating course type and course duration
3. Invoice of payment for course fees
4. Applicant applying with guarantor must provide birth certificate or marriage certificate to prove relationship
5. Income Document(s)
OCBC FRANK Education Loan
- Min. loan amount: S$1,000
- Borrow up to 10x your monthly salary (Up to S$150,000)
- Loan tenure of up to 8 years
- Flexible repayment options
- Late Payment Fee: S$50
- Partial Repayment Penalty: 1% of amount prepaid
- Full Repayment Penalty: 1% of amount prepaid
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Early repayment fee: 1 %
-
Late repayment fee: S$ 50
1. Download an application form on OCBC's website
2. Mail it to the bank with copies of your NRIC, income documents, and educational institution's offer letter
1. NRIC (front & back)
2. Recent original telephone bill or original bank statement (if mailing address differs from NRIC)
3. Certified true copy of acceptance letter from institution stating type and course duration
4. Certified true copy of schedule of payment for course if not stated in acceptance letter
5. Income Document(s)
CIMB Monthly Rest Education Loan
- Min. loan amount: S$1,000
- Borrow up to 8x your monthly salary (Up to S$200,000)
- Loan tenure of up to 10 years
- Attractive interest rates starting from 4.78% p.a. (5.22% EIR)
- Late Payment Fee: S$80
- Partial Repayment Penalty: 1% of amount prepaid
- Full Repayment Penalty: 1% of amount prepaid
-
Early repayment fee: 1 %
-
Late repayment fee: S$ 80
1. Click 'Apply Now' on CIMB's website
2. Fill up the application form or request for a call from the bank
3. Mail the application form to CIMB after filling it up
1. Photocopy of NRIC (front and back) of Principal Applicant and Guarantor (if applicable)
2. Completed application form duly signed by Principal Applicant and Guarantor (if applicable)
3. Letter of Acceptance from the educational institution stating the type of course, duration of course and total course fee (if applicable)
4. Proof of Relationship between Principal Applicant and Guarantor (marriage certificate OR birth certificates)
5. Income document(s)
Standard Chartered CashOne Personal Loan
Valid until
31 March 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
Valid until
30 April 2024
- Enjoy interest rates from as low as 2.88% p.a. (EIR: 5.84% p.a.) for longer tenures. Get instant loan approval and cash disbursement in as quick as 15 minutes to your designated bank account.
- Enjoy a 5-year annual fee waiver on your Standard Chartered Platinum Visa credit card
- Min. loan amount of S$1,000
- Max. loan amount of up to 4X monthly salary, capped at S$250,000
- Waiver of S$50 annual fee (from 2nd year till expiry of loan) if all instalments for the year are paid on or before the due date
- Read our full review of the Standard Chartered CashOne Personal Loan
- First year annual fee: S$199
- Early repayment fee: S$150 or 3% of the outstanding principal, whichever is higher
- Change of tenure: S$50 per change
- Late payment fee: S$100
Gift Options
- Promotion is valid for new applicants of participating products only. See the full list here.
- Apply for participating products on SingSaver to receive X chances in the March Madness Grand Lucky Draw
- 1x lucky winner will receive a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
- March Madness Grand Lucky Draw runs from 6 Mar 2024 (5:00 PM) to 31 Mar 2024
- Terms and Conditions apply
- SingSaver March Madness Frequently Asked Questions here
- Click here to check out our past Lucky Draw winners!
Gift Options
Loan Tenure From 3 years to 5 years + loan amount from S$80,000 and above
Loan Tenure From 3 years to 5 years + loan amount from $50,000 to $79,999
Loan Tenure From 3 years to 5 years + loan amount from $30,000 to $49,999
Loan Tenure From 3 years to 5 years + loan amount from S$20,000 to S$29,999
Loan Tenure From 3 years to 5 years + loan amount from $15,000 to $19,999
Loan Tenure From 3 years to 5 years + loan amount from S$50,000 to S$49,999
Loan Tenure From 3 years to 5 years + loan amount from $10,000 to $14,999
Loan Tenure From 3 years to 5 years + loan amount from $8,000 to $9,999
- Promotion is valid for new and existing SCB customers
- Apply and get approved for a loan with a min. value of S$8,000 and tenure of 3, 4, or 5 years to be eligible for rewards
- Choice of rewards varies depending on loan amount and whether applicant is a new or existing SCB customer:
- (S$8,000 – S$9,999): New customers will receive S$50 Cash via PayNow
- (S$10,000 – S$14,999): New customers will receive S$100 Cash via PayNow. Existing customers will receive S$50 Cash via PayNow.
- (S$15,000 – S$19,999): New customers will receive 1x Nintendo Switch Gen 2 (worth S$399) or S$240 Cash via PayNow. Existing customers will receive S$100 Cash via PayNow.
- (S$20,000 – S$29,999): New customers will receive 1x Ergotune Joobie (worth S$599) or S$300 Cash via PayNow. Existing customers will receive S$200 Cash via PayNow.
- (S$30,000 - S$49,999): New customers will receive 1x Apple iPad 10th Gen 10.9" WiFi 64GB (worth S$691.60) or S$540 Cash via PayNow. Existing customers will receive S$320 Cash via PayNow.
- (S$50,000 – S$79,999): New customers will receive 1x Airwheel SE3T Luggage (worth S$1,167) or S$740 Cash via PayNow. Existing customers will receive S$420 Cash via PayNow.
- (S$80,000 and above): New customers will receive 1x Apple iPhone 15 128GB (worth S$1,311) or S$1,040 Cash via PayNow. Existing customers will receive S$520 Cash via PayNow.
- Eligible applicants will only receive 1 reward
- Promotion is valid until 30 April 2024
- Terms and Conditions apply
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
-
Early repayment fee: S$ 150
-
Late repayment fee: S$ 100
1. Go to Standard Chartered's website and click "Apply Now” button under Personal Loans
2. Fill out an application and submit all required documents
3. Wait for approval of personal loan from Standard Chartered
1. NRIC (Front & Back)
2. Salaried employees: Latest month’s computerised payslip or latest 6 months’ CPF contribution history statement
3. Self-employed individuals: Last 2 years’ Income Tax Notice of Assessment
4. Commission-based earners: Latest 3 months payslip or latest 6 months' CPF contribution history statement
How much do you need for an education loan?
The cost of education depends on the university you attend and the course you’re taking. Attending a more prestigious university, studying a specialised course such as law and medicine, or taking a postgraduate degree, would be more costly. This could require an education loan, which is a type of personal loan, that offers a higher maximum loan amount.
What are some ways you can fund your university education?
Besides relying on family members who are able to support your university education financially, here are other ways to finance your education:
- Get a scholarship or bursary
- MOE Tuition Fee loan
- CPF Education Scheme loan
- Education loan offered by banks
- Personal loan (Read more: When to use a personal loan for education)
When do you start paying off your education loan?
Most tuition loans allow you to start paying off your education loan after graduation. This also means that you do not incur interest during your course of study. Keep in mind that the earlier you pay off your loan, the less you pay in interest fees.
Here’s an article with tips for university graduates to clear tuition fee loans quickly.
What are the tenures and maximum APR for each loan?
Education Loan | Min. Repayment | Max. Repayment | Max. APR | Total Loan (Based on S$30k across 3 years) |
OCBC FRANK Education Loan | 1 year | 8 years | 4.65% | S$32,862 |
Maybank Monthly Rest Education Loan | 1 year | 10 years | 4.42% | S$32,856 |
CIMB Monthly Rest Education Loan | 1 year | 10 years | 4.42% | S$32,862 |
POSB Further Study Assist | 1 year | 10 years | 4.53% | S$32,777.56 |
Latest Education Loan News
Read the latest news about Education Loan in Singapore and the best money saving tips.Need some help?
No worries, we've got you covered!
What is an education loan?
An education loan (also known as a student loan or study loan) is a loan taken by students to pay for the cost of their post-secondary education. This also includes any additional education-related expenses, such as the cost of accommodation, textbooks and other education materials.
Can I get an education loan before admission?
No. You will have to confirm your admission before you get an education loan. When applying for an education loan, the bank will request to see your letter of acceptance from the education institution, stating your course, course duration and total course fee before your loan can be approved.
How does an education loan work?
When you take an education loan, you borrow a sum of money from the bank to be paid back within the loan tenure. The repayment comes with interest, with most ranging between 4% and 6% per annum (p.a) and offering tenures between 1 and 10 years.
You will be required to pay off this loan in regular installments throughout the loan tenure. Depending on the flexibility of repayment schemes, you could be starting the repayment the month after approval, or it could be deferred to after graduation.
What are the fees incurred for an education loan?
Besides the interest that you have to pay for your education loan, there are additional fees that you could incur. They include:
- Processing fee: 2% - 3%
- Late payment fee: S$30 - S$80
- Early redemption fee: Usually 1% of the prepaid amount
Who is eligible for an education loan?
To qualify for an education loan, you have to:
- Be a Singapore citizen or Permanent Resident
- Be 18 to 60 years old
- Have an income of at least S$18,000 annually (this income requirement differs across banks)
If you do not earn an income, you will require a guarantor to apply for an education loan:
- Your parents or sponsor can apply for the education loan on your behalf
- You can file a joint application with 2 or more sponsors
- Your loan guarantor should have an annual income of at least S$30,000
What are documents required for an education loan application?
You will need to submit these documents when you apply for an education loan:
- A completed application form signed by the applicant and guarantor (if applicable)
- Your letter of acceptance from the education institution, stating your course, course duration and total course fee
- NRIC of both applicant and guarantor
- Proof of the residential address
- Proof of relationship with guarantor
- For salaried employees: Your latest e-statement of income, or your CPF contribution history for the last 12 months, or your latest Income Tax Notice of Assessment
- For those self-employed: Your latest 2 years of Income Tax Notices of Assessment
How can I get an education loan?
You can apply for an education loan from any bank in Singapore offering it. Alternatively, you could use a financial comparison site like SingSaver, or under the CPF Education Scheme or the MOE Tuition Fee loan.
Can I still get an education loan if I'm studying overseas or at a private university?
You can check out the bank's website for the full list of approved educational institutions.
How long does it take to get an education loan?
You can apply for an education loan when you have the documents required for application, such as your letter of acceptance from the education institution. Upon submission, it will usually take up to a week for the bank to process your application.
How to choose an education loan?
Interest rate: The lower the interest rate, the less you end up paying in interest on top of the principal amount. Do keep in mind that some banks offer lower interest rates but charge higher processing fees.
Processing fee: Usually a percentage of your loan amount, this is an additional fee you have to pay when the loan is disbursed.
Loan tenure: How long do you think you will need to pay off the loan? The longer the loan tenure, the higher the interest payment incurred.
Maximum loan amount: Some courses are more expensive than others. Banks have different limits for the maximum loan amount you can borrow. This can range from 4X to 10X your annual income, or a specific amount such as S$150,000 or S$200,000.
Early repayment fee: Some banks charge an early repayment fee — usually 1% of the prepaid amount. However, there are education loans such as the POSB Further Study Assist that does away with it.
When the monthly repayments start: Some banks require you to start paying off your education loan the month after your education loan is approved. Some others allow you to start repayments after you graduate.
Which bank has the lowest interest rate for an education loan?
Currently, OCBC’s Frank Education Loan has an interest rate of 4.5% p.a. You can also do your own comparison of education loans on SingSaver.
What are some of the best education loans in Singapore?
You can refer to this article for the best education loans in Singapore 2020.