Education Loan for studying in Singapore, Eligibility, Student Loans

Education Loan for studying in Singapore: Singapore is a growing destination for international students to seek studies. It is a well-known city for seeking top-class educational institutions and is safe for students to attain study. Indian students prefer seeking education from Singapore to attain education and seek various job opportunities. There are an immense of ways to fund education in Singapore and two prominent ones are loans and scholarships. A scholarship or Tuition Grant provides help to subsidise your tuition fee and you can apply for education in the Singapore government. You can opt for a student loan to acquire an education loan in Singapore from your bank. Such loans help to pay the tuition fee, living and commuting. However, applicants are required to pay the interest rate to the bank.

Types of Student Loans for Studying in Singapore:

Various banks and NBFCs provide loans to students to study in Singapore. There are two types of student loans such as secured loans and unsecured loans. Before you choose the bank for a loan, here are some essential features to be considered:

  • Expenses Covered: It is crucial to know how much money you need to spend from your pocket. Some loans include complete tuition fees while others cover a lesser percentage of tuition fees. Besides, tuition fees and living expenses, loans also cover costs on commuting, lab equipment, laptop, books, study tours or projects and other costs.
  • Moratorium Period: A moratorium for the education loan is the time given by the bank or any other financial institution before the repayment tenure begins. A bank permits loan repayments, comprises from a year after completing the course or six months after seeking the job.
  • Processing Time: The money lending institution follows the process of loan application which could be up to week 20 days.

Eligibility Criteria:

Check the eligibility conditions before applying for a loan to study in Singapore:

  • Applicant must be a citizen of India.
  • The age to apply for a loan is 18 years
  • Applicant must seek admission in some recognised university/college in Singapore
  • Preference for giving to professional and technical courses
  • Applicant must have an academic record

Steps to Acquire student loan for Singapore:

Here are the steps to attain the loan for Singapore:

  1. First, apply for an education loan as soon as universities release the applications for admission. To apply for loan are as follows:
  2. Keep all the expenses in mind. Ensure how much funding is required.
  3. Compare the loans offered by different banks. Check the interest rates offered, processing fee amount, loan flexibility, expenses covered and terms of part prepayment.

Documents Required for Loan:

Here is the list of documents required to apply for a loan:

  • Letter of acceptance by the university
  • Residence Proof (Aadhar card, telephone/electricity bill)
  • Identity Proof (Aadhar card, Voter’s ID, PAN card)
  • Original mark sheet
  • IT returns, proof of income of co-applicant
  • 2 latest passport-size photos

FAQs: Education Loan Singapore

Answer: You can seek loans for courses covered under different levels such as graduation, postgraduation, or diploma courses. Make sure to pick the reputed university and select the right course.  
Answer: Universities and colleges charge tuition fees to provide education. This cost covers Lectures, seminars and tutorials, access to libraries, labs, and study-related equipment etc, Membership to student unions, Campus field trips, Graduation ceremonies, etc.
Answer: You require funds for paying the additional charges such as off-campus stay, daily travel expenses, cost of books, clothes, food, etc. For all these things, an educational loan is a requirement.
Answer: After completing education at the recognized and approved Institute of Higher Learning (IHL), you can apply for a non-renewable Long-Term Visit Pass for one year to stay in Singapore and pursue a job. You can also work part-time for up to 16 hours per week to meet the criteria set by the Immigration and Checkpoints Authority of Singapore.

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