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Overview of Maybank Education Loan

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Maybank Education Loan

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The greatest hindrance to your dreams of pursuing further studies like getting an MBS qualification is probably the financial burden that comes with it. You have to be able to pursue your interests, may that be art or higher education, either local or overseas, despite very high associated costs.

That is the exact problem that Maybank Education Loans try to help you with.

 

Maybank Local or Overseas Education Loan

In your pursuit of university or college education, whether in Singapore or abroad, Maybank Education Loan can help you get through it financially. It has a range of flexible education loan plans that accommodate applicants’ varying needs and circumstances.

Maybank understands that part time students may need more accommodating terms of the loan such as repayment scheme and repayment period compared to those who will be studying full time.

Maybank Education Loan plans give you the opportunity to repay your loan either during or after your studies, whichever you have agreed upon with Maybank during loan application.

 

Key Features

  • Interest rates from 4.45%p.a.

What makes Maybank Education Loan popular and preferred by students are its current promotional rate and large amount of education loans. Its promotional rate pegs its interest rate and processing fee at 4.45% and 2% respectively. This rate made Maybank’s loan the cheapest there is for all students who wish to attend university. 

  • Loan up to 8X your monthly income or S$200,000 (whichever is lower)

Aside from this, Maybank education loan is also best for students who aspire to attend a large and expensive university since it offers a loan whose principal can amount to as much as S$200, 000. 

This makes it attractive for students who are studying abroad where tuition fees are more expensive. Lastly, Maybank allows students working part-time and earning S$18,000 per annum to avail their loan services. It makes Maybank loan more accessible to many students.

  • 2% Processing Fee

Maybank charges a 2% processing fee which is tied for the lowest in the market.

As regards other Maybank fees like early repayment, late payment, cancellation, and cashier orders are set at rates that are quite standard in the industry. This means that Maybank does not charge significantly more than what other banks charge. 

Despite that fact, however, students are still encouraged to comply with their repayment plans because doing so will minimise in the long-run the cost of their Maybank study loans.

  • Flexible repayment plans during or after your studies up to 10 years.

The repayment schemes of education loans vary from one bank to another. In Maybank, the repayment scheme takes the form of a graduated payment structure. 

 

Eligibility & Requirements

Guarantor

A full-time student who wishes to get the Maybank education loan should get a guarantor who:

  • Must be 21 years old
  • Must have a yearly income of at least S$30,000

Eligibility

You may apply for Maybank Education Loan should you must be:

  • At least 18 years of age 
  • A Singapore Citizen or Permanent Resident.
  • Part-time students must have an annual income amounting to at least S$18 000.
  • Full-time students are required to have a guarantor whose qualifications are mentioned above. 

Promo alert for a limited-time only! Maybank currently has its S$100 Takashimaya voucher promotion. Should you be interested to apply for it, you may do so online by clicking on any of the “Apply Now” buttons found on its page.

 

How To Apply

For students in need of and desiring to avail Maybank Education loans, make sure to:

  • Submit a duly completed application form. 
  • Prepare proof of income, identity, education fees and enrolment.
  • For self-employed students or commission-based individuals, present and submit Income Tax Notice of Assessments for the last two (2) years. 
  • To prove income, an employed or salaried applicant as well as the guarantor, should provide one of the following: latest computerized payslip, latest Income Tax Notice of Assessment, or CPF Statement of Account for the last six (6) months.

Aside from those mentioned above, loan applicants should also prepare the following required documents:

  • Course fee invoice or schedule of payment
  • Enrolment or acceptance letter from the educational institution
  • NRIC (photocopy front & back) for applicant & guarantor (if applicable)

 

FAQ

Who is eligible to apply for a Maybank education loan?

  • Full time and part time students who are at least 18 years of age

Is the 4.45% interest rate fixed?

  • No. It is the promotional rate only. Interest rates may still vary.

Can I get a family member as a guarantor?

  • Yes. As long as your relative or family member meets the eligibility criteria for a guarantor, then you can include him as one.

Can overseas students avail of student loans?

  • Yes. The student loan serves Singaporean students studying in different universities and educational institution abroad.

Do part-time students still need a guarantor?

  • No. As long as his annual income amounts to S$18 000 then there is no need for him to indicate a guarantor. Submit income documents in order to prove that you meet the income qualifications.

If you wish to know more information regarding Maybank education loans and other related products that they offer, you may visit their website at maybank2u.com.sg. Application forms are available for download in this website.

 

Conclusion

Maybank education loans are among the cheapest ones in Singapore. They also offer the largest loanable amounts. However, the relatively low interest rate is only available during promos. It can be higher. Maybank’s education loan is also more accessible than others because of the minimum income requirement to part time students.

However, we also suggest to shop around and apply for the best education loans here to compare and choose the best loan to fund your education-related needs.