What is education loan? Studying in Singapore is a good opportunity for many students. Either for a local student or for a student from other countries.
Getting a chance to get knowledge in Singapore will be a worthwhile thing to perform. However, some students might struggle to find the best education loan in Singapore to pay their enrollment and tuition fee. So that it is necessary to find a suitable bank that can help with these issues.
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In Singapore, there are several banks that offered education loans for local students and foreigners. But, to get this fund, then some requirements shall be fulfilled at first. Before jumping into the requirements, it is necessary to determine the bank first. To help with these needs, the following are the three best education loans in Singapore that are worth considering.
OCBC Frank Education Loan
The first bank that provides an education loan in Singapore is OCBC. This bank is one of the trusted banks in Singapore and provides service not only for local Singaporean but also for many expatriates and foreigners. Therefore, no wonder OCBC is one of the best banks to select whenever you need to perform various financial services while staying in Singapore.
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OCBC offers an education loan with a program name called Frank Education Loan. This program offers many benefits for their customer. Starting from an easy process and validation, until a high value for the loan, and up to easy way to pay the monthly repayment.
According to the official webpage, this loan features a 4.5% annual interest rate, which considers low compared to another annual interest rate for certain purposes except for education. Therefore, this is considered the most economical among many other options.
OCBC also offers a minimum loan amount of 1,000 SGD and a tenure of up to 8 years. It has a flexible payment option so that the consumer can select the most suitable way to repay the loan. Plus, it allows the customer to borrow money up to 10x of the monthly salary. So that it will give enough money to the client to choose a suitable university to join using this fund. With 750 SGD processing fees, you can manage your repayment starting from 800 SGD per month.
To be eligible to receive an education loan in Singapore through OCBC, you must have a minimum age of 17 years. You also need to prove that your income is a minimum of 24,000 SGD annually. Last, you must be a Singaporean or foreigner with a Permanent Resident.
Maybank Monthly Rest Education Loan
The next best education loan in Singapore is as introduced by Maybank. This is also a reputable bank that offers a program called Maybank Monthly Rest Education Loan. This is a suitable loan to perform education in Singapore. With only a 4.78% annual interest rate, this loan also only required 600 SGD for its processing fee. Therefore, it can consider the same economy with another similar education loan in Singapore.
Maybank offers a minimum loan of 5,000 SGD. It will help you to borrow money maximum of 8x of your monthly salary. Furthermore, it also has flexible repayment options. So that each consumer can pick the best and the most suitable approach to pay the loan repayment. However, one to consider is the penalty of the payment. Be noted that late payment will be a charge of 3% plus the interest rate. So that you need to Be careful whenever you decide to take the education loan from Maybank.
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CIMB Monthly Rest Education Loan
Another best education loan in Singapore is CIMB. This is a bank that has been established in Singapore for many years. So until today, CIMB has many consumers all over the country. Plus, this bank offers some nice programs including education funds. The program is known as CIMB Monthly Rest Education Program.
When dealing with this loan program, you will be charged 5.39% interest rates and 600 SGD processing fees. So that this can consider high compared to other education loan programs above. However, CIMB has been proving its capability in banking since many years ago.
So many customers still rely on this bank to support their financial needs, including the needs of an education fund. Both local and expatriates can enjoy the same benefit whenever they agree to take the loan program.
The requirement of CIMB bank for education loans is also simple and standard. So that not much documentation is needed. As long as the applicant is a minimum of 16 years, then they can try to apply for the loan scheme. Furthermore, they also need to have a guarantee since it is less than 21 years old. While another requirement is to have a minimum annual income of 2,000 SGD and Singaporean citizen or hold a Permanent Resident status.
After reading the above information, now you can figure three best education loans in Singapore and manage selection for the most suitable bank. So that in case you want to continue study in the country, you wouldn’t need to have further worry related to the fee.
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Through the education loan scheme, you can get the money to cover your enrollment and tuition fee. So that you can finish your study in your preferred university in Singapore, and successfully graduate as your expected.