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    Banks Offering Overseas Education Loans in Singapore

    One of the important aspects in any individual’s life is education. But the tuition fee has seen sharp increases over the years even with subsidies from the Singapore government. As a result, most Singaporeans are finding it difficult to pay for this fee and are opting for education loans. Some of the banks offer lucrative interest rates, low processing fee, and various repayment methods. Even if you do not have an income, you only need a guarantor with an annual income of around S$30,000.

    Below is the list of some of the top education loans in Singapore:

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

    Maybank Education Loan

    In case you are looking for a loan that can fund your education in Singapore or abroad, Maybank Education Loan is one of the options you can opt for. The loan costs less and allows you to borrow up to 8 times your monthly salary. Please refer to the table below for a breakdown of the loan.

    Rate of interest 4.50% p.a.
    Processing fee 2% of the approved loan amount
    Loan term 1 to 10 years
    Maximum loan amount S$200,000 or 8 times of your guarantor’s monthly income
    Minimum income of the guarantor S$24,000 p.a.
    Repayment schemes 3 schemes available

    CIMB Education Loan

    With CIMB Education Loan, you can get low interest rates and processing fee. While most banks need your guarantor to earn an annual salary of S$30,000, CIMB has a lower requirement of just S$24,000 annually. Please refer to the table below for a breakdown of the loan.

    Rate of interest 5.5% p.a.
    Processing fee 2% of the approved loan amount
    Loan term Between 1 and 10 years
    Maximum loan amount S$200,000 or 8 times of your guarantor’s monthly income
    Minimum income of the guarantor S$24,000 p.a.
    Repayment schemes 2 schemes available

    OCBC FRANK Education Loan

    OCBC FRANK Education Loan is a little more expensive than other loans in terms of its processing fee. Yet, it remains one of the best education loans in Singapore for those who make less than S$30,000 per year. The FRANK Education loan gives you the option of choosing from 3 repayment plans and a higher loan amount. Kindly refer to the table shown below for a detailed summary of the features.

    Rate of interest 5.17% p.a. (EIR)
    Processing fee 2.5% of the approved loan amount
    Loan term Up to 8 years
    Maximum loan amount S$150,000 or 10 times of your guarantor’s monthly income.
    Minimum income of the guarantor S$24,000 p.a.
    Repayment schemes 3 schemes available

    RHB Education Loan

    RHB lets you fulfil your education dreams by offering a loan to fund your studies abroad and in Singapore. This education loan has interest rates as low as 4.38% p.a. and 3 flexible repayment options to choose from. However, the loan amount that you can borrow from the bank is lower compared to other loans. Kindly refer to the table shown below for a detailed summary of the features.

    Rate of interest 4.38% p.a. (Conditions apply)
    Processing fee 2% of the approved loan amount
    Loan term 1 to 10 years
    Maximum loan amount S$100,000 or 6 times of your guarantor’s monthly income
    Minimum income of the guarantor S$30,000 p.a.
    Repayment schemes 3 schemes available

    POSB Further Study Assist

    POSB Further Study Assist is the most expensive education loan in the category so far. The processing fee for this loan is as high as 3% and the interest rate is 5.88% p.a. However, the bank is running a promotion where if you choose an educational institution from the bank’s list, the processing fee will come down to 2% and the interest rate would be 4.6% per year. This promotion does not have an expiry date. Please refer to the table below for a detailed summary of the features during the promotional period.

    Rate of interest 4.60% p.a.
    Processing fee 2% of the approved loan amount
    Loan term 1 to 10 years
    Maximum loan amount S$80,000 or 10 times of your guarantor’s monthly income
    Minimum income of the guarantor S$24,000 p.a.
    Repayment schemes None available

    Remember to make regular repayments to whichever education loan you take, because this will set the tone for your credit behavior in the future.

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