Best Overseas Education Loans in Singapore

Best Overseas Education Loans in Singapore

It costs about S $12,000 to study in a local Singapore university. On the other hand, students planning to study abroad will have to spend about S $17,000 in total.

An overseas education loan Singapore can help you study abroad. However, you can’t receive government tertiary education loan and support. You can only use any government study loan for local studies.

However, we’ve found the best education loan for studying overseas in this post. We’ve included each bank’s interest rate, processing fee, required monthly income, and more details.

Best Education Loan Interest Rates 2021

Here are the best loans to help students study overseas. Please take note that we included all education loan data from 2021 only. The banks may change these figures at any time.

School Location Interest Rate Per Year Processing Fee Regular Monthly Payment Maximum Loan Amount Loan Tenure
OCBC FRANK Education Loan Local 4.5% 2.5% upon approval S $372.86 10 times monthly salary or S $150,000 8 Years
Maybank Monthly Rest Overseas 4.45$ 1.5% upon approval S $372.41 8 times monthly salary 8 Years
CIMB Monthly Rest Overseas 5.39% 2% upon approval S $381.04 8 times monthly salary or S $200,000 10 Years

 

1. OCBC FRANK Education Loan

We understand that FRANK isn’t a loan to study overseas. On the other hand, students planning to study in local universities will find the FRANK education loan greatly beneficial because of its friendly monthly instalment amounts. Learn more details about this product below.

Key Features:

  • 4.5% per annum interest rate
  • S $150,000 education loan cap
  • 8 years to pay
  • Local Universities Only
  • 2.5% processing fee

Eligibility and Requirements

  • Singapore Citizen or PR
  • 21 years old and above
  • Salaried employee, Variable monthly income/Commission based earner, Self-employed
  • Annual income S$24,000 and above (individual or with the joint applicant)
  • Guarantor required if the applicant is not working or applicant’s monthly income cannot support the loan amount
  • Guarantor must be 21 – 60 years old

2. Maybank Monthly Rest Education Loan

The Maybank Education Loan gives you enough cash for studying overseas despite having a lower limit than its counterpart loans. This Maybank Education Loan is one of Singapore’s most affordable overseas financing with its friendly loan interest rate and monthly instalment. You can learn more details about this loan below.

Key Features

  • 4.45% per annum interest rate
  • Six times your monthly salary
  • 8 years to pay
  • 1.5% processing
  • Overseas study loan

Eligibility and Requirements

  • Singapore Citizen or PR
  • 18 – 65 years old
  • Salaried employee, Variable income/Commission based earner, Self-employed
  • Full-time studies – Guarantor(s) are required at all times. A maximum of 2 Guarantors is allowed for deriving a loan amount.
  • Guarantor must be 21 – 65 years old (Must not be bankrupt) upon loan maturity. Singapore citizens or Singapore PR only and have a minimum income of $30,000 per annum.
  • The guarantor(s) must be closely related to the student (spouse, parent, parent-in-law, sibling, legal guardian)

3. CIMB Monthly Rest Education Loan

CIMB’s financial products for studying overseas can provide you up to S $200,000 in total for your tuition fees. This amount makes them an excellent choice for students with higher international fees. Plus, its monthly instalment amounts are manageable for middle-income Singaporeans.

Key Features

  • 5.39% per annum interest rate
  • S $200,000 total education loan amount
  • 10 years to pay
  • 2% processing fee
  • Overseas study loans for Singaporean students.

Eligibility and Requirements

  • Singapore Citizen or PR
  • 16 – 50 years old
  • Salaried Employee, Variable/Commission-based Employees, or Self Employed
  • Minimum annual income of S$24,000 for Principal Applicant
  • Minimum annual income of S$24,000 for guarantor.
  • Must be an immediate family member

 

Alternatives to Bank Overseas Loans

Licensed moneylender personal loans are an excellent and accessible financial service you can use. They have fair interest rates, monthly instalment amounts, and terms. However, they have an amount limit near the Maybank Education Loan total.

Key Features

  • 4% interest rate per annum
  • 10% processing fee ceiling rate
  • 1 year to pay
  • Useful for both local and overseas financing.

Eligibility and Requirements

Here are all the necessities needed to qualify for personal loans from licensed moneylenders.

Singaporeans and PRs

  • At least 18 years old
  • Minimum Income of S $1,500 monthly
  • Identity card / NRIC
  • Proof of residence (utility bill, a letter addressed to you, and/or tenancy agreement)
  • Proof of employment (certificate of employment or 3 months recent payslip)

Foreign Worker Requirements

  • At least 18 years old
  • Minimum income of S $2,000 monthly
  • Passport
  • Work Permit / S-Pass / Employment Pass
  • Proof of residence (utility bill or tenancy agreement)
  • Proof of employment (certificate of employment or 3 months recent payslip)
  • Proof of income (bank or account statement)

 

A Few Things That Need Answering

1. How Can You Fund Your Tertiary Education?

Local students can fund their tertiary education through the following Singaporean government and private services:

  • Public Bursary
  • MOE Tuition Fee Loan
  • CPF Education Scheme Loan
  • Bank Education Loans
  • Bank and Moneylender Personal Loans

2. How Much Loan Can I Receive?

On average, Singaporean students can receive from S $100,000-S $200,000 in full for successful applications of education loans. Keep in mind that higher education loans mean come with higher interest rates.

3. Can You Schedule Your Student Loan Repayments?

Borrowers can use their respective financial institutions to auto-debit their repayments. However, you’ll need to set a calendar alarm to ensure you don’t miss paying government-sponsored education loans.

4. Can Foreigners Apply for an Education Loan?

Foreigners cannot use education loans from financial institutions. However, they can use personal financing from banks and licensed moneylenders as an education loan.

Foreigners must take note that this financial service have their respectively-higher processing fee, repayment and monthly income requirements.

 

You’ll Always Get the Best Educational Funding in Singapore

Why Choose Banks for Education Loans?

  • Function-Oriented
  • Higher Loan Amounts (and School Options By Extension)
  • Builds Your Credit Score
  • Convenient for Bank Account Owners

Why Choose Licensed Moneylenders?

  • No Credit Scores Required
  • Ample Amount for a Character-Based Loan Application Evaluation
  • Accessible With Friendly Terms
  • Rebuild Your Credit Score

If you have yet to find a reliable personal loan for studying, you can always count on Instant Loan to provide you with high-quality loans. We can give you up to three great licensed moneylender quotes for personal loans after you visit our website today!

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