study loan

The Ultimate Guide on Getting a Study Loan in Singapore

Do you want to study in Singapore through a study loan? Well, if you want to obtain a full knowledge of this, then go through this guide and find what did you miss.

Have a dream of studying in any of the universities or academies of Singapore? The country - Singapore is recognized for an adequate standard of living, which excites applicants who attempt to get high education here. Studying in Singapore is prestigious, interesting, and economical. From the last few years, Singapore is counted as a preeminent destination for students seeming to pursue a course in different areas like animation, design, mobile and game development, music, and many others. 

Other than this, the courses in law, engineering, and management are also remarkably economical opportunities for international students. It is due to the fact that it provides quality education, holistic growth, value for money, safety, and security. And above all this, working in a country after completion of education will provide the right direction to career growth. 

Indeed, many students around the world move to Singapore annually to obtain a better education every year. However, the cost of education in Singapore is very high. This is where the government sector and many money lenders take a forward step to provide quality education by establishing a loan system. This loan system helps qualified students to get access to money for managing their educational costs. These loans will assist students to fulfill their educational requirements for those who cannot afford to pay their fees. 

Well! In this guide, we learn in detail about the study loan. So, let’s get started.

Table of Contents

  • How Does a Study Loan Work?
  • How to Apply for an Education Loan in Singapore?
  • Eligibility Criteria for Accessing the Loan
  • Types of Education Loan Options Available in Singapore!
  • CPF Education Scheme
  • MOE Tuition Fee Loan
  • Bank loans
  • Money Lenders
  • Conclusion

How Does a Study Loan Work?

Education or study loans are basically intended to cover the financial limits in order to obtain a better quality education. Generally, such loan systems come up with manageable repayment structure and lowest interest rates than personal loans. Many money lenders, banks, and other loan providers provide the funds that are strictly for paying tuition fees. This means if you want to cover the other requirements like coursework materials, laptops, textbooks, and art supplies, you need to look for other financial options. 

How to Apply for an Education Loan in Singapore?

The latest innovation in technology makes it easy to apply for an education loan. With the availability of various factors, students and their families must have to carefully understand before choosing their preferred loan institution. In addition, novice students must also have to make a thorough research for obtaining the actual figure that is necessary for the entire education while staying in Singapore. 

Why choose a study loan:The benefits of education loans

Whether you are choosing Banking and Non-Banking Intuitions for obtaining an education loan, students should keep an eye on the amount they would self-finance and the amount they would borrow as a loan. Making thorough research of the market for keeping yourself protected from not falling in a fraud situation. There are some things that you need to keep in mind before choosing a loan:

  • Determine the interest rate offered by the Bank
  • Check the processing fee that would be levied
  • What expenses can you cover under your choosing Education Loan?
  • How much time is taken to process the loan
  • A detail on repayment terms and span

Once you are done with your decision on a bank or money lender, this is the right time to apply for a loan through an appropriate channel for obtaining a loan.

Eligibility Criteria for Accessing the Loan

It becomes challenging for foreign students to receive money in the country. But yes, there is a method of getting a considerable education through a loan. For opting this, you must have to check an eligibility criterion to understand if you qualify or not. 

Numerous money lenders and bank sectors establish eligibility guidelines for foreign students to acquire study loans in Singapore. These terms and conditions comply with each financial institution for allowing education loans to students. One of the fundamental necessities in this is the age factor because you can only obtain a loan if you cross a specified age. Here are the universal eligibility standards for the application of education loans in Singapore.

  • The least age of the student must be 21 years or above for applying for a study loan in Singapore.
  • The borrower’s per capita income must be between $12,000 to $30,000. This range of income is required by every bank and university to show their own required income inside the range.
  • The student himself or a parent or a relative must serve as a guarantor for obtaining the loan. Maximum 2 sponsors are permitted for an educational loan.
  • Your guarantor is able to complete the repayment of the loan if you fail to do so.
  • The annual income of the guarantor must be $30,000 to qualify for the loan.
  • You necessitate providing proof that you are an immigrant and need money for education purposes. Banks expect academic documents, residential addresses, and university admission letters.

Types of Education Loan Options Available in Singapore!

There are several types of loan possibilities obtainable in the Singapore market. Before adopting a study loan from banks and money lenders, determine that are you qualified for the CPF Education Scheme or MOE Tuition Fee Loan. If you are a Singaporean or come to Singapore for higher education in local institutions, then you are most likely qualified for these two loans. So, let's have a look at the following.

  • CPF Education Scheme

This type of loan empowers you to utilize your family members' Ordinary Account (OA) savings to return the 100% of your confirmed course fees.  The repayment of the loan amount along with interest rate has to be done in cash after the education. The eligibility guidelines for the CPF Education Scheme is only possible if your registration on local institutions like NTU, NUS, SMU, SIT, SUTD, SUSS, NAFA, Lasalle, Institutions under the Polytechnic-Foreign Specialised Institution (“Poly-FSI”).

CPFB | CPF Education Scheme

  • MOE Tuition Fee Loan

This loan is administered by the Singapore government to assist students who need support to finance the tuition fees. This loan is accessible for all students who study in polytechnics and autonomous universities. In addition, it does not impose any interest while you are studying.

  • Bank loans

If you are not qualified for both the CPF Loan Scheme or MOE Tuition Fee Loan, then bank loans are the most suitable alternative for obtaining a loan. But for qualifying yourself for this loan, you need to be age should at least 21 years old. In case, if your age is below 21, then you need a guarantor or sponsor for meeting with the minimum income demand, which varies from $12,000 to $30,000. The obtained amount will depend on your guarantor’s income. If they are inadequate to fulfill the income guidelines separately, then you can also connect with two guarantors to complete the loan.  

Top Banks in Singapore - Best Banks

  • Money Lenders

There are a number of money lenders who provide the loan and help you in completing your study in Singapore. But, the terms and conditions of every financial institution are different. The money lenders in Singapore for foreigners 

students provide every type of facility so they can complete their study hassle-free. Therefore, make sure you are eligible to qualify for the loan. 


It is generally recognized that Singapore has one of the best and most streamlined education systems in the world. After leaving school, Singaporean youth usually continue their studies at a college, polytechnic or technical education institute. Universities attracting a huge number of foreign students began to appear in Singapore only in the 20th century. But, for becoming it true, it is recommended that look for a trustworthy financial institution to qualify for a study loan.


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