Best Study Loan in Singapore 2020

Loan Advisor has done the comparison and came up with the best renovation loan deals for you to choose from.

A good education is absolutely essential for anyone who wants to pursue their career goals and dreams. However, it’s not uncommon for tuition fees in Singapore to stretch up to S$40,000. In many cases, finding and securing the right education loan is vital to get ahead.

At this major turning point in your life, the last thing you need is to be all stressed out hunting for the right education loan. Here at Loan Advisor, we take the hassle out of education loan searches and applications by offering a simple, straightforward comparison service. You could be connected with your perfect loan in a matter of minutes.

The Biggest Benefits of Choosing Loan Advisor

Let’s face it – education loans aren’t easy. Getting your head around interest rate, processing fee, flexible repayment packages, and which deal looks best is hard work if you don’t really know what you’re doing. That’s where we come in.

Just tell us the amount and rate per month you need and what your yearly income is, and we’ll find the best Singapore student loan to match your requirements. Here are the top benefits of using our service:

  • Compare education loans quickly and easily

Fill in a quick, simple form and we’ll send you the best study loans Singapore has available.

  • Explore and better understand the best loans

Want to make better financial decisions? Our service equips you with all the information you need to see which lender is offering you the best education loans.

  • Save valuable time

Stop wasting time hunting high and low for the best education loan. Let Loan Advisor do the legwork for you.

Top Study Loan Features

Everyone deserves a good education, but sometimes that means finding a loan with attractive interest and a workable repayment period to kickstart your path to success. Singapore study loans come in lots of shapes and sizes, but here’s a few key features to look out for:

  • Low-interest rates

All student loans require you to pay interests but selecting a loan with lower interest will help you save money in the longer-term.

  • Flexible payment periods

Whether you have a lower monthly income and need a longer loan tenure, or you’re looking to pay off your education loan quickly, we’ll find a loan tenure that suits you.

  • Tuition fee subsidies

Some education loans offer 20 to 25% tuition subsidies, while others offer students with approved study loans annual stipends of S$3,600 or more. Think carefully about what you need.

  • The right loanable amount

Singaporean university fees range from S$ 8,000 per year. However, your annual income and monthly income may dictate the total amount you can actually borrow under rights reserved by the banks. It always pays to shop around when it comes to education loans.

  • Low processing fees

On top of interest rates, it’s not uncommon for banks to charge a processing fee. Look for the lowest fee loans, or consider whether a small, one-off fee might be worth it if there’s a tailored deal up for grabs.

Study Loan Comparison

DBS
DBS Study Loan
Local studies
4.38% Interest Rate (p.a)
2.5% Processing Fee (approved loan)
POSB
POSB Further Study Assist
Local studies
4.38% Interest Rate (p.a)
2.5% Processing Fee (approved loan)
Maybank
Maybank Monthly Education Loan (Local)
Local studies
4.45% Interest Rate (p.a)
2% Processing Fee (approved loan)
Maybank
Maybank Monthly Education Loan (Overseas)
Overseas studies
4.45% Interest Rate (p.a)
1.5% Processing Fee (approved loan)
RHB
RHB Monthly Education Loan (Local)
Local studies
4.78% Interest Rate (p.a)
2% Processing Fee (approved loan)
RHB
RHB Monthly Education Loan (Overseas)
Overseas studies
4.88% Interest Rate (p.a)
2% Processing Fee (approved loan)
CIMB
CIMB Monthly Education Loan (Local)
Local studies
5.39% Interest Rate (p.a)
2% Processing Fee (approved loan)
CIMB
CIMB Monthly Education Loan (Overseas)
Overseas studies
5.39% Interest Rate (p.a)
2% Processing Fee (approved loan)

Get Your Education Loan in 3 Quick Steps

Whether you’re looking for a study loan for 3 years or 10 years, a low fee loan, or the deal with the best interest rate, Loan Advisor is here to help. Just follow these 3 steps:

Step 1 – Submit a simple form

Tell us your desired amount, monthly income, and desired interest rate and hit send.

Step 2 – Get your quotes

We’ll send you 3 competitive education loan quotes for free.

Step 3 – Sign your paperwork

Apply online then visit the financial institution to sign your education loan application.

Get the Best Student Loans in Singapore Now

So, what are you waiting for? Try out Loan Advisor today and get your education loan quotes within minutes.

How to Choose the Best Study Loan for You

With so many great banks on the market, shopping around for the best education loan can seem daunting. Fortunately, our education loan comparison service makes the whole process hassle-free.

When hunting for the best low-interest education loan to suit you, just ask yourself the following questions:

    • What education loan interest rate can I afford?
    • What repayment period works for me?
    • Do I need a tuition fee subsidy or stipend?
    • What amount can I realistically borrow?
    • What processing fees do I want to pay?

Get Your Education Loan Now

Try out Loan Advisor today to compare the best low-interest student loan from across Singapore. 

Just fill out the form below and click send!

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Frequently Asked Questions

A student loan or education loan is a loan taken out to cover the cost of post-secondary education, including tuition fees, accommodation, and textbooks, or other essential study items. The interest rate will differ between providers.

The total cost of studying at university will always vary under rights reserved by the university or college of your choice. Highly specialized courses, such as medicine, for example, could cost anywhere up to $30,000, while more generalized courses may incur lower fees. Similarly, interest rate on education loans will also vary.

If you want to apply for a low interest rate education loan in Singapore, you must be:

    • 17 to 65 years old
    • A Singaporean citizen or permanent resident
    • Earning a minimum annual income of S$ 18,000.

If you are not earning a monthly income, you can still apply for a low interest rate education loan using a guarantor.

Either a parent or sponsor can apply on your behalf, or you can file a joint application in collaboration with them. Under all circumstances, your guarantor must have a minimum annual income of S$24,000.

When applying for a low interest rate education loan, you must present:

    • An acceptance letter from a Singaporean university
    • Invoice of payment of the course fee
    • Proof of residential address in Singapore
    • Latest 12 months’ CPF contribution history statement
    • Latest computerised payslip
    • Bank Statement – proof of salary credit into respective bank account
      2 years’ Income Tax Notices of
    • Assessment (if you are self-employed)
    • Your NRIC

If you are using a guarantor, both of you must also present the following:

    • NRIC
    • Proof of relationship – birth or marriage certificate

Additional fees are usually separate from the interests. In most cases, processing fees will range from 2 to 3%, late payment fees will be capped at S$80 and early repayment fees will be 1% of the loan amount. This may vary under rights reserved by individual banks.

There are a number of ways you can finance post-secondary education in Singapore. These include:

Some of these means may not be applicable to you or might not suit your circumstances. If you’re looking for a low interest education or student loan, compare the best deals with Loan Advisor today.

In most cases, you will begin paying off your education loan after you graduate – meaning that you will not incur any interest while you are a student. Once you have graduated, however, it is advisable to pay off your education loan quickly to minimize loan interest.

If you are applying through a bank, it can take up to a week to process your application.

We recommend using our loan comparison service and thinking carefully about what loan amount, interest, processing fees, and early repayment fees you are happy with before choosing the best education loan deal.

Yes, you can apply for an education loan as soon as you have your university acceptance letter and all other necessary documents required for low interest education loan applications.

This will depend on your preferred bank. Compare quotes with Loan Advisor to find education loans with attractive interest that meet your requirements.

Average education loan interest tends to hover around 4 to 6% but it’s not uncommon for bank to offer special discounts from time to time. It always pays to get an up to date education loan quote, as rates can change daily.

Get the best interest by doing a comparison search with Loan Advisor today.

The best education and education loan deals available today might not be the same tomorrow, due to the pace at which the loan market changes. Get up to date education loan quotes from top banks in Singapore with Loan Advisor now. This way, you can secure the best interest rate today

Here at Loan Advisor, we offer a streamlined and straightforward education loan comparison service for students who want to find the best education loans Singapore has to offer with minimum hassle.

Simply fill in a quick form detailing your requirements today and we’ll send you information and quotes on the 3 best low interest rate education loans that suit your needs. Find the best study loan Singapore today!