Best Education Loans in Singapore 2024

Here is why Maybank Education Loan offers one of the best education loans promotions in Singapore for students.

Maybank's current promotion makes it the cheapest education loan for most students. The bank's promotional interest rate of 5.20% p.a. and a processing fee of 2.25% of approved loan amount or minimum $300; whichever is higher, are among the cheapest available. Additionally the bank offers its promotion to students that study locally or abroad. Maybank also provides loans of up to S$200,000 or 8 times the borrowers monthly income, making it a great choice for those that require a large study loan.

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Here is why OCBC's FRANK Education Loan are one of the best study loans in Singapore for students in terms for local studies.

Considering the total cost of a student loan, which includes both processing fees and interest payments, OCBC's FRANK Education Loan is one of the best options available in Singapore. The bank charges the lowest available interest rate for education loans at 4.5% and a reasonable processing fee of 2.5%. It also has one of the allows students to borrow up to S$150,000 or 10 times their monthly income, which allows for large loans than other banks. The table above summarizes all the main features of OCBC FRANK Education Loan for those who are interested.

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Here is why OCBC's FRANK Education Loan are one of the best study loans in Singapore for students in terms for international universities.

OCBC's FRANK Education Loan is also the cheapest student loan for international studies. Due to its low interest rate of 4.5%, the total cost of OCBC's study loan is the cheapest option for financing studies outside of Singapore. The bank also allows students to borrow up to S$150,000 or 10 times their monthly income, which allows for large loans that may be necessary for expensive universities abroad. The table above summarizes OCBC's FRANK Education Loan.

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Here is why Maybank's Education Loan are one of the best tuition fee loans in Singapore for students in terms for low income students.

Maybank's Education Loan stands out due to its lowest minimum income requirement for part-time students seeking education financing. It is also one of the cheapest student loans for local studies, due to its low interest rate of 4.45% p.a. (ELBR + 0.45% p.a.) and processing fee of 2.25% of approved loan amount or minimum $300; whichever is higher. Finally, the bank offers some of the largest education loans in Singapore, with a maximum loan size of S$200,000 or 8 times the borrowers monthly income. Please see our table below for a detailed breakdown of the product.

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Here is why POSB Further Study Assist are one of the best study loans in Singapore for students in terms of low penalty fees.

POSB Further Study Assist is a unique education loan in Singapore. On one hand, it can actually be slightly cheaper than OCBC FRANK Education Loan if you attend one of its preferred institutions. However, it has a maximum loan limit of only S$80,000, which can be quite limiting for a lot of prospective students who are trying to fund their tuition and other expenses during school.

With that said, POSB's study loan can be a great option for students who want the flexibility to be a bit late on their monthly payments or even repay their debt early without penalty. It imposes no early repayment penalty fee, while others will usually charge a 1% fee on the amount you prepay. Make sure that your school is included in POSB’s list of preferred institutions to qualify for its low-cost program. Otherwise, this loan could be one of the most expensive ones you can find in Singapore. Below is a table detailing POSB Further Study Assist’s characteristics.

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Here is why OCBC's Graduated FRANK education loan are one of the best interest-only tuition fee loans in Singapore for students in terms of affordability.

OCBC's Graduated FRANK education loan is the cheapest interest-only student loan available in Singapore. It's interest rate of 4.5% is the lowest available and its processing fee of 2.5% is only slightly higher than the lowest in the market. OCBC's graduated student loan allows for up to 4 years of interest-servicing. The bank also offers a Graduated Plus option that offers an interest-only period of up to 5-years. Aside from the method of repayment, the other terms associated with OCBC's Graduated FRANK education loan are identical to the standard payment option we mentioned above. Below is a demonstration of how monthly payments and total cost differ for standard option and interest-only option.

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Here is why Friday Finance educational loans are one of the best educational loans in Singapore for students with low credit.

Friday Finance educational loans are good for students who may have low credit, since they do not have a minimum credit score required for application. It is also good for those who want flexible repayment schedules during their studies, as they work with you to help pay back your loan in weekly or monthly installments. To encourage on-time payments, Friday Finance will even refund you 50% of the administration fee when your loan is paid in full.

Moreover, Friday Finance offers free Personal Loan Protection Insurance in the event of an accident, meaning that you could get a repayment delay or waiver depending on the severity of the situation. However, please note that Friday Finance may not be the best option if you require a large loan that requires years of repayment since their loan tenure cap is 18 months. Thus, it may be a better option for students that require a smaller loan that they expect to pay back within a year while building their credit. To that extent, it may also be a good option for students in private schools like Kaplan or SIM GE who are pursuing shorter degrees or diplomas.