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OCBC FRANK Education Loan

Features

Minimum Loan Amount: $1,000
Borrow up to 10x your monthly salary up to $150k
Loan tenure of up to 8 years
Flexible repayment options
Late Payment Fee: $50
Partial Repayment Penalty: 1% of amount prepaid
Full Repayment Penalty: 1% of amount prepaid

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.

Maybank Monthly Rest Education Loan

Features

Minimum Loan Amount: $5,000
Borrow up to 8x your monthly salary up to $ 200k
Loan tenure of up to 8 years
Flexible repayment options
Late Payment Fee: 3% + Interest rate, min $30
Partial Repayment Penalty: 1% on the prepaid amount
Full Repayment Penalty: 1% on the prepaid amount

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.

CIMB Monthly Rest Education Loan

Features

Minimum Loan Amount: $1,000
Borrow up to 8x your monthly salary up to $200k
Loan tenure of up to 10 years
Attractive interest rates
Late Payment Fee: $80
Partial Repayment Penalty: 1% of amount prepaid
Full Repayment Penalty: 1% of amount prepaid

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.

POSB Further Study Assist

Features

Minimum Loan Amount: $2,000
Borrow up to 6x of your monthly salary up to $80k
Loan tenure up to 5 years
No early redemption or cancellation penalty
Late Payment Fee: $30

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.
SingSaver compares the best Personal Loans in Singapore that range from 1-year to 7-year tenures. The effective interest rate (EIR) you can enjoy from the loans on our site range from 7.0% p.a. to 18.72% p.a. The EIR of your loan will depend on the annual interest rate (or bank advertised nominal interest rate) and the tenure of your loan. For example: a loan of S$10,000 over 3 years at 3.88% p.a. nominal interest would equate to monthly repayments of S$310.11, and the total cost of the loan that you pay back would be S$11,164. This is not inclusive of any administrative or processing fees that may apply.

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What is an education loan?

An education loan lets you achieve your education goals without the burden and worry of how you can finance it. Some banks allow you to borrow a loan that covers your accommodation and daily living expenses overseas.

Who is eligible for education loan?

There’s a few criteria you must meet in order to qualify for an education loan:

  • You need to be a Singaporean or a Permanent resident
  • You must have an income of at least $12,000 p.a.
  • If you are not employed, your parents or a sponsor can apply for the loan on your behalf
  • You can file a joint application with 2 or more sponsors
  • Your loan guarantor should have an income of at least $30,000 p.a.

How does an education loan work?

The education loan will cover the cost of your course as stated in your application.

Education loans come with two repayment options– flat rate or monthly rest option. Flat rate options are fixed repayments throughout the loan tenure, while monthly rest repayments have a varying interest rate from month to month but typically tend to be lower.

The tenure for education loans range from 1 to 10 years. Some banks allow you to defer repayments until your course is completed. Banks may also offer free insurance along with your loan, for coverage of accidental death or permanent disability during the period of loan repayment.

How can I get education loan?

You can make an application to the banks that offer an education loan, or go to financial comparison sites like SingSaver.com.sg. 

 

These are the documents you need to submit when you apply for an education loan with a bank:

  • For salaried employees, you’ll need 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 who are self-employed, you’ll need your latest 2 years of Income Tax Notices of Assessment
  • Your Letter of Acceptance from the education institution, stating your course, course duration and total course fee
  • Completed application forms signed by the applicant

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants