Compare the Best Student & Education Loans in Singapore (April 2024)

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Updated April 12, 2024

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Lowest Education Loans Interest Rates (April 2024)

Lender Annual Interest Rate Effective Interest Rate Processing Fee Monthly Payment
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*Today's Education Loans Rates - 12 April 2024

Types of Personal Loans

  • Education Loans Basics

  • Tips and Hints

  • FAQs

How Exactly Does a Student Loan Work?

An education or student loan covers the total cost of your study course. It can be done either with a flat rate or a changing monthly interest rate.

The tenure is typically between 1 and ten years. Some banks will allow you to wait until the course is complete before starting to make repayments. Others will not. You may also get free insurance offers if you find a good deal.

How can I Choose a Student Loan?

You first need to work out if you need a standard education loan or a deferred payment loan. If you can keep up with some repayments during your studies, go for the standard loan. This one will require you to make payments while studying, but you will save money and pay it off faster this way.

If you can’t afford this, go for the deferred payment option. It takes longer and costs more but gives you time to save up for it.

Lowest Student Loan Rates in Singapore(updated April 2024)
Education LoanPerks
POSB Further Study AssistInterest rate of 5.88% p.a.
CIMB Education LoanLoan tenure of up to 10 years
OCBC FRANK Education LoanChoose between flexible repayment options
Maybank Education LoanAvailable for both local and overseas student
What Do I Need to Apply for a Student Loan?

The requirements vary based on your situation. Follow these guidelines:

  • • If you are a paid employee, you’ll need your latest e-statement or CPF contribution history statement from the past 12 months.
    • If you’re self-employed, you’ll have to provide Income Tax Notices of Assessment from the past two years.
    • A Letter of Acceptance from your institution that will be running your courses. (Including course duration and fee details)
    • A Signed & Completed Application
How Do I Know if I am Eligible for a Student Loan?

The criteria you need to fit to be eligible are as follows:

  • • You must be a Singapore national or permanent resident.
    • You must have an annual income of $12,000 (if not, you would need a sponsor to apply on your behalf who must have an annual income of $30,000)
Make Sure You’re Eligible for the Loan Before Applying

Having no income is a bit of a problem for getting an education loan. You can let your parents/guardian become a co-applicant to resolve this issue.

Figure Out How Much You Need to Loan

You need to consider the total cost of your education and how much you will be able to manage on your own. The remainder is the estimated amount that you should borrow.

Check the Interest Rate

Make sure you consider every option and check each interest rate. The interest rate is the most expensive fee. Even the smallest difference in the interest rate will save you quite a bit of money in the long run.

Utilize Loan Instalments

Since you will likely need to pay back a portion of the loan and interest each year or semester, it is best to take the loan in instalments. This keeps the interest rate a bit lower and reduces the risk of overspending your loan.

Make Sure to Plan Out Your Repayment

Whether the loan is under your name or your parents, you still need to ensure you have the means to repay it. Set up your budget so that you can save up enough to begin repayments when necessary and keep up with them.

Student loans will help you get a degree faster than saving for it yourself. That being said, it can take quite some time to pay them back, so make sure not to get behind on repayments.

What Exactly is an Education or Student Loan?

Education loans allow you to get through your studies without worrying about keeping up with payments. The loan may just cover your school fees, or it may also cover accommodation and living expenses as well.

What are the Choices of Student Loans?

There’s a flat rate option and a monthly rest option. The flat-rate option gives you a set interest and repayment rate throughout the entire tenure. The monthly rest option starts out a little more expensive but tends to get lower over the months.

What Length of Tenure Should I Expect with an Education Loan?

Most education loans range between 1 and 10 years of tenure. On top of that, some lenders offer for you to start repayments after your studies are complete. You may be offered free insurance from certain banks as well.

Are There Any Other Bank Fees to Consider with Education Loans?
There are a few other fees to consider:

  • • Processing Fee (2%)
    • Full Prepayment Penalty (1%)
    • Partial Prepayment Penalty (1%)
    • Cancellation Fee (1%)
    • Disbursement Fee (Varies)

Required Documents For Your Application

  • • If you are a paid employee, you’ll need your latest e-statement or CPF contribution history statement from the past 12 months.
    • If you’re self-employed, you’ll have to provide Income Tax Notices of Assessment from the past two years.
    • A Letter of Acceptance from your institution that will be running your courses. (Including course duration and fee details)
    • A Signed & Completed Application
What is the Lowest Possible Rate for a Student Loan?

Your lender will likely alter the interest rate slightly each year. However, you will typically find rates between 3% and 6%.

Eduction Loan Total Repayments Overview ($50,000)

Eduction Loan Total Repayments Overview ($50,000)
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DBS Study Loan

4.2Good to Excellent
  • Minimum Loan Amount: $2,000
  • Borrow up to 10x of your monthly salary up to $160k

on DBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement17 - 65 years old

POSB Further Study Assist

4.2Good to Excellent
  • Minimum Loan Amount: $2,000
  • Borrow up to 10x of your monthly salary up to $160k

on POSB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement17 - 65 years old

CIMB Monthly Rest Education Loan

3.8Good to Excellent
  • Minimum Loan Amount: $1,000
  • Borrow up to 8x your monthly salary up to $200k

on CIMB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement16 - 60 years old

Maybank Monthly Rest Education Loan

4.0Good to Excellent
  • Minimum Loan Amount: $5,000
  • Borrow up to 8x your monthly salary up to $ 200k

on Maybank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement18 - 65 years old

OCBC FRANK Education Loan

4.0Good to Excellent
  • Minimum Loan Amount: $1,000
  • Borrow up to 10x your monthly salary up to $150,000

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement17 and above