Over the years, entering college has been more inaccessible because it was deemed expensive. This has prompted both children and parents more eager to ensure getting a quality education is likely despite the financial worries.

Fortunately, Singapore has seen an increase in financial help and student services from various banks and moneylenders. Moneylender Review has created this guide so future borrowers can find ease in looking and securing the most ideal study loan they can avail.


Features of the Study Loan

Singapore study loans may be uniquely different but here are a few key features to look out for:

  1. Low-interest rates – All student loans may ask borrowers to pay interests, rest assured selecting a loan with lower interest will help you save money in the longer-term.
  1. Flexible payment periods – Whether you have a lower monthly income and need a longer loan tenure, or you’re looking to pay off your education loan quickly, Moneylender can find a loan tenure that fits your demands.
  1. Tuition fee subsidies – Some education loans offer 20 to 25% tuition payments, while others offer students with approved education loans annual stipends of S$3,600 or more. Choose carefully what you need.
  1. The right loanable amount – Singaporean university fees may range from S$ 8,000 per year. However, your annual income and monthly income may dictate the total amount you can actually borrow under rights reserved by the lender. It always pays to shop around when it comes to education loans.
  1. Low processing fees – On top of interest rate/s, banks may charge processing and extra fees. Look for the lowest fee loans, or consider whether a small, one-off fee might be worth it if there’s a tailored deal up for grabs.


Bank Comparison


DBS Study Loan
Local studies
4.38% Interest Rate (p.a)
2.5% Processing Fee (approved loan)


POSB Further Study Assist
Local studies
4.38% Interest Rate (p.a)
2.5% Processing Fee (approved loan)


OCBC FRANK Education Loan
Local studies
4.5% Interest Rate (p.a)
2.5% Processing Fee (approved loan)


Maybank Monthly Rest Education Loan (Local)
Local studies
4.45% Interest Rate (p.a)
2% Processing Fee (approved loan)


Maybank Monthly Rest Education Loan (Overseas)
Overseas studies
4.45% Interest Rate (p.a)
1.5% Processing Fee (approved loan)


CIMB Monthly Rest Education Loan (Local)
Local studies
5.39% Interest Rate (p.a)
2% Processing Fee (approved loan)


CIMB Monthly Rest Education Loan (Overseas)
Overseas studies
5.39% Interest Rate (p.a)
2% Processing Fee (approved loan)


Steps to Apply

Most moneylenders share the same application process which consists of three easy ways. After comparing three top picks we have provided:

1 – Call or apply from the comfort of your home with a few clicks using our online form.

2 – Visit the branch for an appointment to create a customized plan that suits your needs.

3 – Finalize the loan plan and receive the cash right after.


Best Study Loans in Singapore Today

Forget about making a bunch of searches on where to get your study loan. Moneylender Review can list down licensed moneylenders that are ideal to cover for your financial worries.



Study Loan

What is a study loan?

A study loan or education loan is money borrowed from the government or a private lender in order to pay for education. The grant can usually be used for tuition, room and board accommodation, books, or other fees.

How much study loan can I get?

In Singapore, most study loans allow you to borrow between 6 – 8 times the monthly salary of the applicant or the guarantor. That means if you or your guarantor earn about $2,500 a month, then you’ll be able to loan between $15,000 to $20,000, which is generally enough to cover at least 70% of your entire school fees.

Most moneylenders can offer personal loans up to 6 times a borrower’s monthly salary if their annual income is at least $20,000. Rest assured, you are still eligible to apply if your annual salary is less than the said amount.

Who is eligible for a study loan?

You must be between 21 years old and 60 years old to avail of banks’ study loan. If you’re not within this age range, you may still be eligible for it nonetheless. Applicants under the age of 21 will need to have a guarantor, while applicants over 60 years may need to have a shorter loan tenure. 

In a moneylender’s personal loan eligibility criteria, it’s urged that those interested in applying should be 18 years old and earning at least $1,500 monthly for citizens and permanent residents, and $2,000 per month for foreigners.

What are the documents required for a study loan application?

  • Photocopy of NRIC (both sides)
  • Letter of Acceptance from education institution stating type, duration of course & total course fee
  • For salaried person: Latest computerized payslip and CPF statement for the past 6 months/latest Income Tax Notice of Assessment
  • For self-employed: Latest Income Tax Notice of Assessment for the past 2 years
  • Completed application form signed by applicants
  • All other documents may be requested by the bank at its sole discretion

What are the fees incurred for a study loan?

Additional fees are usually separate from the interests. This may vary under rights reserved by individual banks and moneylenders themselves. As banks charge a processing fee of 2% of the loan that will be deducted upfront from loan amount upon the first disbursement. Here are other fees and charges for education loan:

  • The processing fee of 2% of the loan. It will be deducted upfront from loan proceeds upon first loan disbursement.
  • Full Prepayment penalty of 1% on the original loan.
  • Partial Prepayment penalty of 1% on the prepaid amount if the loan is pre-paid within the loan tenure. The minimum prepayment amount at any one time is S$1,000 with additional multiples of S$1,000.
  • A cancellation fee of 1% on the original loan is payable if there is a cancellation after acceptance of Letter of Offer.
  • Disbursement Fee: commission waiver only for Cashier’s Orders.

Meanwhile, all moneylenders are only permitted to impose the following charges and expenses:

  • a fee not exceeding $60 for each month of late repayment;
  • a fee not exceeding 10% of the principal of the loan when a loan is granted; and
  • legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

What factors should I consider before getting a study loan?

  1. Check the existing loan amount. Double-check whether it can cover all the necessary fees, such as tuition, miscellaneous and even accommodation, if necessary.
  2. Interest rate/s. Shop around to find the loan that fits your demands. You can easily compare different deals through Moneylender Review with the help of their online tool.
  3. Repayment period.  It’s important to be aware of a borrower’s repayment period as it usually varies per lender and bank. It’s likely it will commence no later than 6 months after graduation.
  4. Charges and fees. Read the existing terms and conditions so you are mindful of all the associated charges that may occur, from processing fees, pre-payment and late payment.

What are some ways to fund my university study?

Listed down are strategies you can consider to fund your studies:

  • Applying for a MOE Teaching Scholarship
  • Using your Ordinary Account savings through the CPF education scheme
  • Securing highly competitive scholarships and/or bursaries - this is the most convenient way to ease your loads. With this approach, you won't be required to repay anything.
  • Student loans - seeking financial aid from banks and other financial lenders means you will have to pay it back, typically within up to 30 years upon graduation.
  • Students Grants - similar to scholarships of some sorts, but they are only need-based. You do not have to repay them, however, to be granted such scholarships, you need to meet some financial conditions, such as very low or no income sources.

When do you start paying off your study loan?

With moneylenders, you can pay off your loan for up to 12 months while you study. On the other hand, banks and financial institutions that offer education loans these days provide flexible repayment methods. Depending on your financial status, each has its own pros and cons:

Method 1: Paying per month instalments of principal loan amount and interest while you’re still studying. This may be good for part-time students who have a decent income. By getting the education loan out of the way early, they avoid problems with the TDSR, which might prevent them from getting a good housing loan.

Method 2: Paying only monthly instalments of interest while you’re still studying. After graduation, then pay monthly instalments of principal loan amount and interest. This means you end up paying more interest in general, but you don’t have to worry about a large commitment on your monthly finances. This would be best for full-time students, who aren’t earning an income.

How long does it take to get a study loan?

As moneylenders don't have study loans offered, people can utilise its personal loan to fund education. Meanwhile,  if you plan to apply through a bank, it may take up to a week to process your application – but licensed moneylenders can offer faster approvals nonetheless. Interest in education loans can vary.

How to choose a study loan?

When choosing your study loan, it is best to begin by deciding whether you are better suited for a standard payment or deferred payment loan structure. Take note that standard repayment education loans are a good fit for those that have significant savings or financial support. These loans cost more during the student's university tenure, but less in the long run.

Can I get a study loan before admission?

Sure, you can still apply for an education loan as soon as you have your university acceptance letter and all other necessary documents needed for low-interest education loan applications.

Can I still get a study loan if I'm studying overseas or to a private university?

This will depend on your preferred bank or moneylender. Compare quotes from Moneylender Review to find loans with attractive interest that meet your requirements.

Which bank has the lowest interest rate for a study loan?

The average education loan interest tends to go around 4 % but it’s possible for banks to offer special discounts from time to time. It always pays to get an up to date education loan quote, as rates can change daily.

What are some of the best study loans in Singapore?

You can easily view a list of the ideal study loans you can use for your next purchase over the Moneylender Review website.

How will Moneylender Review help you?

Moneylender Review can help potential clients by providing a list of licensed moneylenders that are available to respond to their financial needs. The information which we provide from the directory includes the possible loan packages that are ideal for your demands. 

Moneylender Review offers the best picks and even clients’ reviews of lenders in Singapore which is easy to browse. Within an instant, you can easily submit your details and get up to three quotes from our best selected licensed moneylenders listed. Rest assured the entire process of borrowing your loan goes smoothly.