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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.

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Education Loans Repayment S$30000 to be repaid in 3 years
S$
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S$ 10,000
S$ 50,000
yrs
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1 yrs
3 yrs
5 yrs
S$1,000 Min Loan Instant Approval Up To 7-Year Tenure Instant Loan Disbursement

HSBC Personal Loan

HSBC Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

3 Offers Available

Free Interest Flash Deal
Up to S$400 of your loan's first-year interest covered by SingSaver
Up to S$400 of your loan's first-year interest covered by SingSaver

Valid until

31 May 2024

SingSaver Exclusive Offer
Apple iPhone 15 Pro 256GB (worth S$1,825.75)
Apple iPhone 15 Pro 256GB (worth S$1,825.75)

Valid until

30 June 2024

SingSaver Exclusive Offer
Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80)
Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80)

Valid until

30 June 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30)
Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30)

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859)
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859)

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson V8 Slim Fluffy (worth S$509)
Dyson V8 Slim Fluffy (worth S$509)

Valid until

30 June 2024

SingSaver Exclusive Offer
S$50 Cash via PayNow
S$50 Cash via PayNow

Valid until

30 June 2024

SingSaver Exclusive Offer
S$700 eCapitaVoucher
Up to S$700 eCapitaVoucher

+ 4 other gift options

Valid until

30 June 2024

POSB Further Study Assist

POSB Further Study Assist
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

OCBC FRANK Education Loan

OCBC FRANK Education Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

CIMB Monthly Rest Education Loan

CIMB Monthly Rest Education Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$
Low Interest Rate Instant Loan Disbursement No Processing Fee Low Income Requirement

Standard Chartered CashOne Personal Loan

Standard Chartered CashOne Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

3 Offers Available

Flash Deal
Up to S$500 Bonus Cash Reward
Up to S$500 Bonus Cash Reward

Valid until

06 June 2024

SingSaver Exclusive Offer
Apple iPhone 15 128GB (worth S$1,311)
Apple iPhone 15 128GB (worth S$1,311)

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson Air Purifier TP07 (worth S$509)
Dyson Air Purifier TP07 (worth S$509)

Valid until

30 June 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen WiFi 64GB (worth S$529)
Apple iPad 10th Gen WiFi 64GB (worth S$529)

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson V8 Slim Fluffy (worth S$509)
Dyson V8 Slim Fluffy (worth S$509)

Valid until

30 June 2024

SingSaver Exclusive Offer
Nintendo Switch (Generation 2) (worth S$399)
Nintendo Switch (Generation 2) (worth S$399)

Valid until

30 June 2024

SingSaver Exclusive Offer
S$1,040 Cash via PayNow
Up to S$1,040 Cash via PayNow

+ 6 other gift options

Valid until

30 June 2024

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:

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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Here are the factors for you to consider when choosing 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?

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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?

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You can refer to this article for the best education loans in Singapore 2020.