Play around with our handy education loan calculator

Need to finance education fees, such as tuition, books or supplies and pursue your academic degree with ease?

Compare student loans from up to 4 providers and see if there’s one that’s right for you.

Are you a prospective student whom will be attending university after this summer? If you are looking to finance your tuition and academic related fees, you would need a find a student or education loan that is suitable for you.

Are you a parent with a child enrolling into college soon and is confused as to which is the best loan option with the lowest monthly interest rate?

Utlise ROSHI’s smart financial products comparison function to discover the best rates offer by banks. After comparing, you can apply for the education loans through the hyperlink to respective banks’ websites.

Hesitate no more and start comparing education loans today!

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Compare the Best Student & Education Loans in Singapore (December 2023)

Seeking financial assitance in putting your kids or yourself through school or university overseas? Look no further, Singaporeans use ROSHI to find and compare the most competitive studen loan rates in the market. Apply online & settle faster! Education loans are a popular financing option for Singaporean students looking to fund their academic pursuits. Unlike regular personal loans, education loans offer more student-friendly terms and conditions. The key benefits of education loans in Singapore include:

Lower interest rates - Education loans typically have interest rates of about 4% to 7% per annum. This is lower than personal loan rates which can be over 10%.
Extended repayment periods - Repayment usually starts 6-12 months after completing your studies, when you would have started working. Repayment durations can range from 5-15 years.
Coverage of tuition fees as well as living expenses - Education loans don't just cover your academic fees. Youc can also use the financing for textbooks, stationery, transportation, accommodation and other costs.
Option to pay interest-only during studies - Some banks allow you to service only the interest component during your course duration. The principal repayment starts after completion.

Major banks such as DBS, OCBC and UOB offer education loans with different benefits. It's important to compare interest rates, fees, loan amounts, repayment schedules and eligibility criteria before applying. Banks also have ongoing promotions for education loans, so look out for those too.

ROSHI empowers borrowers to find and compare all current student loan options including rates, fees and repayment amounts. Our mission is to assist students in finding the lowest possible rates and make the best financing decision to reach their academic goals. Show More

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By Dawn Chew

Updated December 4, 2023

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Lowest Education Loans Interest Rates (December 2023)

Lender	Annual Interest Rate	Effective Interest Rate	Processing Fee	Monthly Payment
No data found

*Today's Education Loans Rates - 04 December 2023

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Education Loans Basics
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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 December 2023)

Education Loan	Perks
POSB Further Study Assist	Interest rate of 5.88% p.a.
CIMB Education Loan	Loan tenure of up to 10 years
OCBC FRANK Education Loan	Choose between flexible repayment options
Maybank Education Loan	Available 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%.