Study in Singapore

Study Loan in Singapore

When you are undergoing a study in Singapore, you might need extra money to pay your tuition fees. Fortunately, there is the perfect solution for those who need financial aid so that you stay focused on your education. You can apply for a study loan to a bank directly or university where you take the courses or study programs.


All Singapore citizens or permanent residents can apply for te study loan to a bank. Some of the main requirements are that you are aged between 21-62 years old and have a minimum income of S$12,000 p.a. For those of you who do not have a job, you can ask your parents or sponsor to apply for a loan for you. For a guarantor who apply for a loan, he/she must have an income of S$30,000 p.a. In addition, international students can apply for a loan to the university with more specific requirements.

8 picture-study loan in singapore 2

 Loan Tenure


You can choose your loan tenure according to you financial capability. It ranges from 1 to 10 years. Some students choose 2 to 3 years for the loan tenure and this will affect the amount of installments to be paid on a regular basis. You can read the requirements given by each bank. Some banks also offer insurance coverage to minimize the risks during the loan repayment period.


Additional Fees


For a study loan application through a university, you have to pay a processing fee. Typically, the bank providing the loan services will provide processing fee of 2% – 3% of the loan amount. There are also other charges that might incur:

  • Full prepayment penalty, which is 1% on the loan amount.
  • Partial prepayment penalty, which is 1% of the loan amount      prepaid.
  • Disbursement fee that may vary, depending on the payment mode.
  • Cancellation fee, which is 1% of the original amount of the      loan.


Required Documents


  • A copy of NRIC
  • For salaried employee, the latest payslip as well as the      statement of CPF contribution in the last 6 months should be included. The      latest Income Tax Notice of Assessment can also be included when applying.
  • For the self-employed, he/she should include Income Tax Notices      of Assessment from the last 2 years.
  • Letter of Acceptance from the institution that states the total      fee, type and duration of the course.
  • The application form that has been signed by the applicant.


Since the interest rate of the loan will be revised from time to time, you can contact the bank for further information. Or, you can click here to get the information on loan rates from the top banks in Singapore.


Applying for a Study Loan to a Bank


The Benefits

  • Many banks are offering relatively low rate, around 4.78% p.a.      for local studies and 4.88% for overseas studies in 2013.
  • The loan amount is relatively high. Some banks offer 6-8 times      the applicant’s monthly income.
  • Most banks are offering easy repayment period, which is up to      10 years.
  • There is also the offer of free personal accident insurance      coverage, which is also up to 10 years.


Some banks are offering some flexible repayment options that you can choose. The standard repayment is the basic scheme. You can pay the installments on monthly basis. The graduated repayment is to pay the loan interest only until the completion of the study. The monthly installments will commence afterwards. There is also a deferred repayment where you can pay monthly installments after the completion of the study.


The Guarantor


In some cases, a guarantor is necessary. It becomes one of the main requirements if you are not working or have income below S$18,000 p.a. A person can be your guarantor if he/she is:

  • Parent/sibling/child/spouse who lives in Singapore.
  • A Singaporean or PR aged between 21-55 years old living in      Singapore.
  • Have a minimum income of S$24,000 or S$30,000 p.a. The amount depends      on the institution where you are applying for the loan.
  • For immediate family as the guarantor, you must include Birth Certificate      or Marriage Certificate as proof of the relationship when applying.

8 picture-study loan in singapore


Applying for a Loan to the University Providing the Service


Several universities are offering study loan to the students. That way, they can complete the study and pay for the tuition fee easily. However, some universities only allow Singapore citizens to apply for a loan while the others, like SUTD, provide the loan for international students as well.



The requirements for the loan application may vary in some universities. Here are the general requirements for the loan application:

• Completing the Study Loan application form

• A copy of ID or valid passport that is no less than 6 months to the expiry date.

• A copy of the guarantor’s ID. For non-Singaporean/PR guarantor, the valid passport with no less than 6 months to the expiry date is required.

• Signing the Study Loan Agreement.


If you are interested in applying for the study loans in Singapore, you can visit some sites or forums providing posts related to financing or loan services. You might find detailed information on the specific study loan service that you can consider.

The procedure to apply to study in Singapore is not easy. We are willing to help to make it easier for you (cost from $5k SGD). Kindly send us your enquiry, we will try our very best to reply to you soonest. We duly hope to be of the utmost service to you. Thank you very much !

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