Singapore is regarded as every student’s ideal destination because it is home to some of the greatest universities in the whole globe. Today’s students who want to study abroad search for more than just prestigious colleges. The focus of criteria has switched from high-quality education to what the nation as a whole can provide to the student for the money paid.
Singapore is a top choice for students wishing to study abroad since it offers an opportunity to work there after completing their studies, along with quality instruction, holistic growth, affordability, safety, and security.
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Singapore, a diversified country, excels in everything it has to offer to its foreign students, including its rich history, lively culture, gorgeous tourist destinations, and mouthwatering cuisine.
Singapore’s contemporary infrastructure and high-quality education are a great match, showing how seriously the government of Singapore regards its education sector.
Singapore, which is sometimes referred to as the business capital of Asia, has over 80,000 international students enrolled in a variety of public and private colleges and institutes, and it welcomes about 26% more Indian students each year.
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Students’ next major concern is how to approach the application process and manage the necessary money for the same once they have decided on Singapore as their preferred location for future study. Hence comes the need for student loans. Read on to find out more about Singapore student loans for international students.
SEE ALSO: Scholarship Openings for Foreign Students in Canada
Eligibility for Singapore Student Loans for International Students
It is crucial for students to comprehend the eligibility requirements and meet them in order to submit an application for an education loan to their selected financial institution or bank. Various banks have different requirements for eligibility for education loans. However, there are a few common elements that all financial institutions consider, such as:
- The student should have successfully obtained admission to a professional program at a reputable institution or university overseas and should have the necessary documentation.
- To qualify for an education loan, the candidate must be older than 18 years old. Under-18-year-old students must apply for the loan together with their parents.
- The candidate should always confirm that the college or institution is approved by the relevant authorities. For accredited educational institutes, banks offer loans.
When a student decides to study abroad, a number of aspects become apparent that are pricey and vital. In general, the price of attending school in Singapore would be Student fees, both food and lodging, Books and office supplies, Transportation, Health Insurance, and Telecommunications, Services for applying for visas, and Personal Costs.
The loan would cover expenses for travel, study trips, and project work in addition to tuition and housing fees for the whole duration of the academic year in Singapore. In addition to this, it would cover any acceptable costs for the purchase of books, a laptop, office supplies, and other items necessary for finishing the course.
- OCBC FRANK Education loan: It is practical and financially possible to use the OCBC FRANK education loan. You may concentrate fully on completing your education rather than worrying about a potential financial burden thanks to affordable monthly payments. It is worth S$150,000 and has an interest rate of 4.5% per annum repayable for a maximum period of 8 years for local studies. To be eligible, you need to be a 21-year-old/ above citizen of Singapore with paid employment of SG$ 4,000 and above per annum. If you do not have a job, you need a guarantor who is 21-60 years old.
- Maybank Education Loan: The Maybank education loan is one of Singapore’s most cost-effective options for financing an abroad education because of its cheap interest rate and manageable monthly payments. It has an interest rate of 4.45%, payable for up to eight years, a processing fee of 1.5%, and can be borrowed up to six times depending on your monthly income.
- DBS Student Loan: The majority of the time, a DBS student loan may be utilized as an addition to an existing school loan or grant, such as a scholarship or a loan for tuition. You can get up to 20% of the reduced tuition fees paid at your university or up to S$3,600 per year in living expenses with a DBS student loan. You may benefit from an interest-free term of up to five years with this student loan. If appropriate, the bank begins to charge interest upon your graduation, with a required minimum repayment of S$100 and prime rates often seen at OCBC or UOB.
- CIMB monthly rest education loan: You can borrow up to S$200,000 with a CIMB Monthly Rest Education Loan to pay for the tuition for your international studies. This loan is popular among students with expensive foreign fees because of the greater maximum principal. Along with favorable lending conditions, this loan has manageable monthly payments for Singaporeans with middle-class incomes. It is maximum limit is s$200,000 and has an interest rate of 5.39%.
- POSB Further Assist: Even though it has a little higher interest rate of 5.88% than other loans, POSB Further Assist might be the ideal starting point for your aspirations to study abroad. Fortunately, you might be able to take advantage of the special interest rate of 4.38 if your university is on the list of approved universities maintained by POSB. The maximum loan amount is S$160,000.
- It’s crucial to carefully consider all of your alternatives before selecting a loan to pay for your postsecondary education. You may focus your search by weighing the advantages and drawbacks of each choice, the interest rate, and the payback conditions. Additionally, take in mind that a longer term will result in higher interest charges. Less interest will be charged if the period is shorter. Carefully weigh your alternatives to obtain the best student loan.
I hope that this article on Singapore Student Loans for International Students was helpful.