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As the name suggests, education loans are a type of credit to help cover finance expenses connected to an academic program such as post-secondary or higher education. These type of loans can be used to pay for school fees, books, supplies, transportation and basic living expenses necessary during an academic period. In general these type of loans offer more attractive interest rates as regular personal loans and repayments can be deferred until the course has been completed.
There are several banks in Singapore including renomated banking institutions such as DBS, OCBC and UOB which offer education loans for students. Before you decide on a loan it is best to compare several options to understand interest rates, processing fees and promotional offers.
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DBS Study Loan
on DBS's website
POSB Further Study Assist
on POSB's website
CIMB Monthly Rest Education Loan
on CIMB's website
Maybank Monthly Rest Education Loan
on Maybank's website
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.
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.
|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|
The requirements vary based on your situation. Follow these guidelines:
The criteria you need to fit to be eligible are as follows:
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.
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.
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.
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.
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.
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.
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.
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:
Your lender will likely alter the interest rate slightly each year. However, you will typically find rates between 3% and 6%.