POSB Further Study Assist

POSB Further Study Assist Review 2023: Best for Working Students

The POSB further study assist caters to a huge variety of studying professionals and has perks such as lesser rates when you attend one of its preferred institutions. It also has a low late payment fee making it lighter for a load of a working student. The major downside to the assist POSB further study offers is that it is not available for studies overseas.


Key Features

  • POSB further study assist has an interest rate of 4.38% per annum regardless of your approved loan amount.
  • This study loan does not charge an early redemption or cancellation penalty.
  • Monthly repayments can span up to 10 years.
  • Borrow up to 10x the combined monthly income of you and your guarantor capped at S$160,000.


Pros and Cons


  • Education loan made accessibly – POSB further study assist offers lesser rates overall when you apply in one of their preferred institutions. It will affect loan maturity, interest rate, processing fee, and the total loan amount you can borrow.
  • Low late payment fee – Loan assist POSB further study offers only charges S$30 for its late payment fee, lower thank banks charge in Singapore.


  • Possible high rates – If you do not study in one of the institutions accredited with POSB further study assist, you will have to pay relatively higher rates.
  • Not available for overseas studies – Only Singapore citizens and/or Singapore permanent residents can apply for the POSB further study assist.


POSB Further Study Assist Compare to other Banks

  Interest Rates Processing Fees Maximum Loan Amount Loan Terms
POSB Further Study Assist 4.38% S$250 10x combined monthly income Up to 10 years
DBS Further Study Assist 4.38% S$250 10x combined monthly income Up to 10 years
Maybank Education Loan 4.45% S$200 8x combined monthly income Up to 10 years
CIMB Education Loan 4.78% S$200 8x combined monthly income Up to 10 years
OCBC Frank Education Loan 4.5% S$250 10x combined monthly income Up to 8 years


Without a doubt, POSB comes out on top when taken into consideration the approved loan you can have and the interest rate it will be coupled with. Together with a wide list of preferred institutions, your processing fee, among others would be significantly lower. The minimum loan amount for POSB is at S$2,000. However, there are also interest free study loans in Singapore.

Flexibility and limitation

Being eligible to apply for a study loan is the first hurdle an existing applicant must face, no matter how many comparison tools you inquire about. For POSB, their requirements are flexible enough to let you add on a guarantor if you do not meet the minimum income requirement.

As for funds utilization, a cashier’s order usually takes around 3 to 5 business working days after your loan amount request has been approved. You now have 30 days to bring the cashier’s order or demand draft to your institution.

Although it has a flexible repayment period of up to 10 years, repayments would start the following month after loan approval. So, make sure that your DBS/POSB bank account has sufficient funds in order to avoid the S$30 late payment fee. 


Fees and other charges

Processing Fee 3% (2% for preferred institutions
Late Payment Fee S$30
Cancellation Fee S$0
Early Repayment Fee S$0
Cashier Fee S$0


Who can apply?



  •  Aged between 21 to 50
  •  Minimum annual income of S$18,000
  •  Borrowers under 20 will need a guarantor
  •  Singapore citizen or Singapore permanent resident


  •  Aged between 21 to 55
  •  Minimum annual income of S$24,000
  •  Immediate Family member of the borrower
  •  Singapore citizen or Singapore permanent resident



Salaried Employees

  •  CPF Contribution History Statement for the last 12 months
  •  Income Tax Notice of Assessment
  •  Computerized payslip

Variable or Commissioned based Employees

  •  National Registration Identity Card
  •  CPF Contribution History Statement
  •  Income Tax Notice of Assessment for the last two years


  •  National Registration Identity Card
  •  Income Tax Notice of Assessment for the last two years


How to apply?



Education loans should not be that heavy a burden to add to the stress of being a working student. POSB offers a competitive interest rate p.a. and processing fee, among others, all the more when you enroll to their preferred institution.

  • Garner up to 10x the combined monthly income of you and your immediate family member capped at S$160,000
  • There will be no fee for early redemption and cancellation penalty
  • Interest rates will be relatively lower
  • Loan tenure can last up to 10 years
  • You can loan up to 10x your combined monthly income with your guarantor.

With that in mind, there are other ways to acquire funds for your education loan fast and easily. Getting a loan with a bank will subject you to tons of paperwork and requirements. Click here to read more on how education loan work in Singapore. 

With an online comparison site like Instant Loan, you will save time and energy in comparing various loan offers! Let them find the best financial institutions in Singapore that can provide your educational loan or any other financial products for that matter.

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