Top 5 Student Loans

    Getting a good degree from a reputed institution could be critical to your career. But even when you have the merit to win a place at a good university, the costs associated with student life could be daunting.

    The costs of studying at an institution like the National University of Singapore (NUS) could run into thousands of dollars. The costs at private institutions could be even more. Although universities may offer financial aid in the form of work-study options and bursaries, they come with strict eligibility criteria.

    This is why student loans are a key financial product. Apart from giving you the freedom to pursue your dreams, studying on borrowed money could instill a sense of responsibility that could make you work harder towards your goals. Here we take a look at some of the best student loans available in Singapore:

      1. POSB Further Study Assist

      One among the best student loans out there, the POSB Further Study Assist offers a relatively high amount and flexible options for repayment. Here are its key features at a glance:

      • The interest rate is as low as 5.88% p.a.
      • Loan amount could be as high as 6 times the monthly earnings of you and/or your guarantor. (maximum S$80,000).
      • Should you decide to redeem the loan before the close of the tenure, no repayment charge will be levied.
      • The repayment period is between 1 and 5 years.

      2. RHB Bank Education Loan

      One of the factors that make this education loan from RHB Bank special is the low interest rate. The repayment period offered is also one among the best in the market. Key features of this product include:

      • Interest rate as low as 4.78% p.a. for studying in Singapore. The rates are higher for overseas studies.
      • You could borrow as much as 6 times monthly income up to a limit of S$100,000.
      • The repayment period is up to 10 years.
      • There are three repayment options to choose from: Graduated, Standard, and Deferred Repayment.

      3. CIMB Education Loan

      CIMB prefers to position this loan as a product that covers all your education needs. While it does offer attractive interest rates, they are not the lowest in the market. Below are its main features:

      • The interest rates begin at 5.83% p.a.
      • Get loans worth up to 8 times your monthly earnings with a maximum limit of S$200,000.
      • The loan tenure ranges from 1 to 10 years.
      • You can get unlimited cashier’s orders to ensure flexibility in managing cash flow and loan disbursement.

      4. Maybank Education Loan

      The Maybank Education Loan comes with fairly low interest rates to begin with and gives the option of funding studies within Singapore and abroad. Its major features are:

      • Interest rates start at 4.5% p.a.
      • The repayment tenure is as long as 10 years.
      • You could borrow up to 8 times your monthly earnings or S$200,000 (the lower among this will be given priority).
      • There are extra financing options for expenses such as fees for accommodation and costs of buying learning materials.
      • Repayment options are available in three schemes: Interest Saving, Standard, and Partial Saving.

      5. OCBC FRANK Education Loan

      With competitive interest rates and convenient repayment options, this loan offers to cover your education expenses in local and overseas institutions. Major features of this product include:

      • Interest rates are as low as 4.5% p.a.
      • Loan amount could be as much as 10 times your monthly earnings or S$150,000, with the lowest figure among this getting priority.
      • There are three choices for repayment: Graduated Plus, Graduated, and Standard.

      While the student loans mentioned above may be some of the best options for you, do make sure you read the terms and conditions before settling on one. Consider how much money you would need and make a plan on how you would go about repaying the loan. This will ensure your student years do not bring about a heavy financial burden when you start your professional life. 

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