Best Study Loans in Singapore

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For anyone who aims to pursue their career goals, good quality education is certainly essential. However, as one of the most expensive cities in the world, it’s likely for tuition fees in Singapore to stretch nearly up to S$30,000. And in many cases, finding and securing the ideal study loan in Singapore is vital to keep in mind.

At this major turning point in life, the last thing you need is to be all stressed out hunting for the right study loan Singapore. With Instant Loan, we'll ensure to take the hassle out of your multiple study loan searches and applications by offering a simple, straightforward comparison service. You could be connected with the loan that caters to your needs, instantly.

Top Study Loan Features

Singapore study loans are uniquely different but here are a few key features to look out for:

1. Low-interest rates

All student loans may ask you to pay interests, rest assured selecting a loan with lower interest will help you save money in the longer-term.

2. Flexible payment periods

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

3. Tuition fee subsidies

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

4. The right loanable amount

Singaporean university fees may 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 financial institutions. It always pays to shop around when it comes to study loans.

5. Low processing fees

On top of interest rate/s, banks may charge processing and extra fees. 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.

With Instant Loan, you can easily assess options from their bulleted quotes- a selection of deals that best suits your needs, and may choose to make a call when necessary.

Compare the Best Study Loan in Singapore

Check out the latest study loan information from Singapore loan providers as below. All the loan information is based on estimation. Actual loan details will be provided to you when you submit a form to request loan quotes.

DBS Study Loan
Local studies
4.38% Interest Rate (p.a)
2.5% Processing Fee (approved loan)
POSB Further Study Assist
Local studies
4.38% Interest Rate (p.a)
2.5% Processing Fee (approved loan)
OCBC FRANK Education Loan
Local studies
4.5% Interest Rate (p.a)
2.5% Processing Fee (approved loan)
Maybank Monthly Rest Education Loan (Local)
Local studies
4.45% Interest Rate (p.a)
2% Processing Fee (approved loan)
Maybank Monthly Rest Education Loan (Overseas)
Overseas studies
4.45% Interest Rate (p.a)
1.5% Processing Fee (approved loan)
RHB Monthly Rest Education Loan (Local)
Local studies
4.78% Interest Rate (p.a)
2% Processing Fee (approved loan)
RHB Monthly Rest Education Loan (Overseas)
Overseas studies
4.88% Interest Rate (p.a)
2% Processing Fee (approved loan)
CIMB Monthly Rest Education Loan (Local)
Local studies
5.39% Interest Rate (p.a)
2% Processing Fee (approved loan)
CIMB Monthly Rest Education Loan (Overseas)
Overseas studies
5.39% Interest Rate (p.a)
2% Processing Fee (approved loan)

Disclaimer: Instant Loan is a loan comparison site dedicated to compare cost of financial products and other services in Singapore. This will enable you to make an informed decision before proceeding to your chosen loan provider. The results of our comparison facility are based on our up-to-date objective analysis.

Note that all financial products and services are presented without warranty and may differ from other loan comparison sites. Additionally, this site may post paid advertisements marked as sponsored. Rest assured that we provide unbiased and independent comparison and our results are ranked accordingly.

Secure a Low Interest Rate Study Loan in 3 Easy Steps

Here’s how to find the best study loan in Singapore today:

Step 1

1. Submit Loan Enquiry

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

Step 2

2. Compare up to 3 Loan Offers

We’ll provide you with 3 competitive study loan quotes for free that would be ideal for your needs.

Step 3

3. Visit the Recommended Loan Provider

Head on to the best financial institutions you chose and apply online. You can visit the provider to finally sign your study loan application.

Best Study Loan Singapore Today !

Dodge making multiple searches for the loan deals you have been checking. Get three or more quotes from Instant Loan for the most ideal student loans for you in just a tick.


A Singapore study loan is money borrowed from the government or a financial institution in order to pay for education. This loan has to be paid back later, along with the interest that can build up over time. The money can usually be used for tuition, room and board accommodation, books, or other fees.

In Singapore, most study loans allow you to borrow between 6 – 8 times the monthly salary of the applicant or the guarantor. That means if you or your guarantor earn about $2,500 a month, then you’ll be able to loan between $15,000 to $20,000, which is generally enough to cover at least 70% of your entire school fees.

You must be between 21 years old and 60 years old to apply for a study loan. If you’re outside of this age range, you may still be eligible for it nonetheless. Applicants under the age of 21 will need to have a guarantor, while applicants over 60 years may need to have a shorter loan tenure.

As with any loan, the bank needs an assurance that you can repay them. Having a guarantor is the bank’s ideal way of ensuring that happens. This usually means if you don’t pay the bank in time, they have a right to go after your guarantor. Make sure you choose someone who is really willing to save you from debt when necessary.

  • Photocopy of NRIC (both sides)
  • Letter of Acceptance from education institution stating type, duration of course & total course fee
  • For salaried person: Latest computerized payslip and CPF statement for the past 6 months/latest Income
  • Tax Notice of Assessment
  • For self-employed: Latest Income Tax Notice of Assessment for the past 2 years
  • Completed application form signed by applicants
  • All other documents may be requested by the bank at its sole discretion

Additional fees are usually separate from the interests. This may vary under rights reserved by individual financial institutions themselves. As banks charge a processing fee of 2% of the loan that will be deducted upfront from loan amount upon the first disbursement. Here are other fees and charges for study loan:

  • The processing fee of 2% of the loan. This will be deducted upfront from loan proceeds upon first loan disbursement.
  • Full Prepayment penalty of 1% on the original loan.
  • Partial Prepayment penalty of 1% on the prepaid amount if the loan is pre-paid within the loan tenure. The minimum prepayment amount at any one time is S$1,000 with additional multiples of S$1,000.
  • A cancellation fee of 1% on the original loan is payable if there is a cancellation after acceptance of Letter of Offer.
  • Disbursement Fee: commission waiver only for Cashier’s Orders.

While financing your degree is already a pain, here are strategies you can consider to fund your studies:

1. Check to what extent will it boost your income

When people look at their peers with what they perceive as better jobs, they often inflate salaries in their mind. This is exacerbated by the fact that money is such a sensitive issue that few people have a truly accurate idea of what people earn. What you need to do is find out the market rate for jobs not only in top tier organisations but also SMEs in the industry. Then compare your projected earnings with what you would be earning if you didn’t further your studies.

2. Ask what is the market like in your chosen industry

It is best if you could research the market in your chosen industry. Check whether employers are facing a shortage of qualified candidates or is the market already saturated.

3. Do you have alternative careers if your plan falls through?

When assessing the value of taking a particular course, consider contingencies if your Plan A falls through.

4. With the total cost, is it worth it?

Calculate the cost of the interest as well as additional fees and charges and add that to your total sum. Check out Instant Loan's education loan selector to see the interest rate/s of various study loans in Singapore.

5. Are there cheaper ways you can acquire the same skills?

Should you have done all the math and have decided that you’re not prepared to shell out the cash right here and now, rest assured all is not lost. It might take longer, but it will be worth it.

While financing your degree is already a pain, here are strategies you can consider to fund your studies:

  • Using your Ordinary Account savings through the CPF education scheme
  • Securing highly competitive scholarships and/or bursaries - this is the most convenient way to ease your loads. With this approach, you won't be required to repay anything.
  • Applying for an MOE Teaching Scholarship
  • Student loans - seeking financial aid from banks and other financial institutions means you will have to pay it back, typically within up to 30 years upon graduation.
  • Students Grants - similar to scholarships of some sorts, but they are only need-based. You do not have to repay them, however, to be granted such scholarships, you need to meet some financial conditions, such as very low or no income sources.

Nowadays, banks and financial institutions that offer education loans provide flexible repayment methods. Depending on your financial status, each method has its own pros and cons. Here are the two most common ones:

  • Method 1 : Paying per month instalments of principal loan amount and interest while you’re still studying. This may be good for part-time students who have a decent income. By getting the education loan out of the way early, they avoid problems with the TDSR, which might prevent them from getting a good housing loan.
  • Method 2 : Paying only monthly instalments of interest while you’re still studying. After graduation, then pay monthly instalments of principal loan amount and interest. This means you end up paying more interest in general, but you don’t have to worry about a large commitment on your monthly finances. This would be best for full-time students, who aren’t earning an income.

If you are applying through a bank, it can take up to a week to process your application – but financial institutions may offer faster approvals. Interest in education loans can vary.

With so many financial institutions on the market, searching for the best education loan can seem daunting. Fortunately, Instant Loan makes the whole process hassle-free. When seeking for the best low-interest education loan to suit you, just consider asking yourself the questions below.

  • What education loan interest rate can I afford?
  • What repayment period works for me?
  • What processing fees do I want to pay?

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

This will vary on your preferred banks or financial institutions. Compare quotes from us to find loans with attractive interest that meet your requirements.

The average education loan interest tends to hover around 4 to 5% but it’s likely for banks and financial institutions 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.

Due to the pace at which the loan market changes, the best study loan deals available today might not be the same tomorrow.

Finding and applying for the right education loan usually takes time and effort – but not with Instant Loan. Regardless of your annual income and repayment period requirements, our service will find you the best deals Singapore has to offer in a snap.

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