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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.
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.
If you want to pursue a personal loan to pay for school fees, you can benefit from the fact that you can enjoy a fixed repayment term and fixed interest rates. Another advantage of a personal loan is that you can use it to pay for fees from any institution, whereas a study loan is restricted to students from the bank's list of accredited institutions.
Unlike an education loan, a personal loan can be used to pay for more than just tuition fees. You may use your personal loan to pay for essential student equipment such as mobiles, laptops and tablets, additional textbooks and reference material, food and transport costs, and even off-campus living arrangements.
Yes. Taking a personal loan for education will increase your Total Debt Servicing Ratio (TDSR), as it is considered a type of unsecured debt. The TDSR is capped at 60% of your income, and includes mortgage repayments. This means that taking on more unsecured debt will reduce the size of the mortgage you can apply for. When applying for a personal loan for education, be aware that your TDSR will remain elevated for the duration of your loan tenor. Therefore, you should plan to pay off your personal loan before buying an HDB flat or condo to ensure the best chance of getting the mortgage you need.
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.
  • You can make an application to the banks that offer an education loan, or go to financial comparison sites like

    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
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