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:
- 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.
- 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.
- Tuition fee subsidies – Some education loans offer 20 to 25% tuition payments, while others offer students with approved education loans annual stipends of S$3,600 or more. Choose carefully what you need.
- The right loanable amount – Singaporean university fees may range from S$ 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.
- 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.
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.