Best Private Bank Student Loans – Enjoy Higher Savings and Personalised Services

Do you feel that lack of funds is keeping quality education just out of your reach? You could easily turn the situation around with a good education loan offered by a bank in Singapore. The best part is that you may not have to break the bank for it.

Don’t know where to start? Don’t worry. We have created this article with an attempt to prod you in the right direction. We have compiled a list of the best private bank education loans in Singapore. Hopefully, the right loan from the list would take you closer to your dream study programme.

List of Education Loans From Private Banks That You Should Consider

The following is a list of value-for-money loans that you may want to consider for your tertiary education:

  • CIMB Education Loan
  • Maybank Education Loan
  • POSB Further Study Assist
  • RHB Education Loan
  • OCBC FRANK Education Loan

Let us now analyse each loan separately.

CIMB Education Loan: Interest Rates from 5.83% p.a. With No Hidden Costs

As the bank says, cost should not be a deterrent to your dream education. Here are some of the most fascinating features of this loan:

  • You can borrow up to 8x your monthly income, subject to a maximum of S$200,000. You could borrow as little as S$1,000 with this loan.
  • Enjoy flexible tenures, ranging from 1 year to 10 years.
  • You can have unlimited cashier’s orders. This could help you manage your cash flow and payments better.
  • The effective interest rate could be as low as 5.83% p.a. You’ll also have to pay a low processing fee of 2%, with no hidden costs.
  • With the Interest Servicing Repayment option, you can choose to pay only the interest during the course of your study. You’ll have to pay the principal and the remaining interest only after the expiry of the interest servicing period.

To learn more about the eligibility requirements and the list of supporting documents, click here.

Maybank Education Loan: Pays For Tuition Fees and Other Related Expenses

Are you looking for a loan that covers not just your tuition fees but also other education-related expenses? This could be an option that you may want to consider. Here are some of the best features of this loan:

  • In addition to covering your tuition fees, this loan could also pay for other education-related expenses such as your accommodation fees, cost of purchasing your stationery, and cost of buying computing devices.
  • You could borrow up to 8x your monthly income, subject to a maximum of S$200,000.
  • Enjoy multiple repayment schemes such as standard, partial, and interest-servicing.
  • This loan is available to students from a wide range of institutions of education.
  • The tenure could go up to 10 years.
  • Enjoy an interest rate of 4.5% p.a. monthly rest.

To understand the repayment schemes and interest calculation better, refer to this page

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POSB Further Study Assist: Ideal for Students Enrolled in Preferred Institutions

If you’re a student of a preferred institute, you could enjoy a special interest rate of 4.6% p.a. and a higher borrowing amount of 10x the monthly income of you and your guarantor, subject to a maximum of S$80,000. But, even if you’re not, you could still enjoy the following features with this loan:

  • Borrow up to 6 times the combined monthly income of you and your guarantor.
  • Stretch your loan repayment up to 5 years.
  • The bank will impose no penalty charges should you chose to foreclose the loan.
  • No additional fees will be charged for issuance of subsequent cheques.
  • Apply by 28 February 2019 and have it approved by 15 March 2019 to enjoy a special promotional interest rate of 4.38% p.a. No processing fee will be charged. The loan tenure can’t be less than 36 months.
  • If you’re a student at a partner institution, you’ll be charged an interest rate of 5.88% p.a.

Learn more about this scheme here.

RHB Education Loan: Choice of Multiple Repayment Scheme Options

If you’re looking for lower interest rates and long loan tenures, you may want to consider this loan as an option. Here are some of the prime benefits of this loan:

  • Borrow up to 6x your monthly income, subject to a maximum of S$100,000.
  • The loan repayment period could go up to 10 years.
  • Interest could be as low as 4.38% p.a. and go up to 4.88% p.a. The interest applicable would depend on the bank’s prime lending rate.
  • Enjoy 3 flexible repayment schemes with this loan. You could choose from 3 options – Standard, Graduated, and Deferred:
    • Standard: You’ll have to pay both principal and interest as soon as the loan is disbursed.
    • Graduated: You can service the interest until you graduate. Regular instalments would begin after you graduate.
    • Deferred: You’ll have to make no repayment until you graduate. You’ll have to pay the monthly instalments only after you graduate.
  • The loan amount applied for can’t be less than S$3,000.

To know about this product in detail, click here.

OCBC FRANK Education Loan: Great for Private Education in Singapore or Abroad

With this loan at your disposal, you could pursue your dream education at a local or foreign university without stressing about the high cost of studies. Some of the most important features of this OCBC loan are as follows:

  • Borrow up to 10 times your monthly income, capped at S$150,000.
  • Enjoy flat rates of interest as low as 4.5% p.a. The effective rate of interest (EIR) starts from 5.17% p.a.
  • The loan tenure could go up to 8 years.
  • Enjoy the option to choose from 3 repayment schemes – Standard (EIR as low as 5.17% p.a.), Graduated (EIR as low as 5.06% p.a.), and Graduated Plus (EIR as low as 5.01% p.a.)
  • Monitor your transactions conveniently through periodic statements and/or your internet banking account.

Learn more about this education loan product here.

Education is nothing but a form of capital investment. If you have the right resources (degree/diploma/certification), you could easily pursue a career you want. However, education can be quite expensive. These bank loans can make education accessible for you and help you stay connected with your dream. If you want to know more about education loans in Singapore, try this page.

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