Best Education Loans in Singapore (2023)

OCBC FRANK Education Loan
Annual Interest Rate
EIR 6.19% p.a.
Processing Fees
Monthly Repayment
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.

Best Education Loans in Singapore

Product Name

Interest Rate

EIR 6.19% p.a.

Total Repayment (Based on $30,000 loan)


Product Name

Interest Rate


Total Repayment (Based on $30,000 loan)


Product Name

Interest Rate

EIR 6.75% p.a.

Total Repayment (Based on $30,000 loan)


Product Name

Interest Rate


Total Repayment (Based on $30,000 loan)


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:

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 LoanMin. RepaymentMax. RepaymentMax. APRTotal Loan (Based on S$30k across 3 years)
OCBC FRANK Education Loan1 year8 years4.65%S$32,862
Maybank Monthly Rest Education Loan1 year10 years4.42%S$32,856
CIMB Monthly Rest Education Loan1 year10 years4.42%S$32,862
POSB Further Study Assist1 year10 years4.53%S$32,777.56
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.

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.

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
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.

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?

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.
How much education loan can I get?

Most education loans offered by banks require a minimum loan amount of S$1,000. The maximum amount you can borrow depends on the annual income of your guarantor. For most banks, you can loan up to 8X or S$200,000 (whichever is lower).

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.

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
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
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.

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.

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