Singapore is home to some of the world’s top universities, making it a popular destination for international students.
However, the cost of education can be high, and many students need financial assistance to fund their studies.
Education loans are an excellent option for international students in Singapore looking to ease their financial burden.
In this article, we will explore the 7 best education loans for international students in Singapore, detailing the key features, loan amounts, interest rates, terms, and eligibility requirements of each loan provider.
Best Education Loan for International Students in Singapore
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| DBS Bank | Up to SGD 150,000 | Yes | 4.88% – 5.38% | 5 – 10 years | Full-time international students with a valid student pass |
| OCBC Bank | Up to SGD 150,000 | Yes | 4.5% – 6.88% | 5 – 10 years | International students with an admission offer from local universities |
| UOB Bank | Up to SGD 150,000 | Yes | 4.4% – 5.7% | 5 – 10 years | Full-time international students with a valid student pass |
| Maybank Singapore | Up to SGD 150,000 | Yes | 4.25% – 6.88% | 5 – 10 years | Full-time international students with proof of income and a valid pass |
| CIMB Bank | Up to SGD 150,000 | Yes | 4.98% – 6.38% | 5 – 10 years | International students enrolled in an accredited course in Singapore |
| College Ave Student Loans | Up to $100,000 | No | 5.5% – 9% | 10 – 15 years | International students enrolled in eligible U.S.-based institutions |
| Standard Chartered Bank | Up to SGD 200,000 | Yes | 4.48% – 5.98% | 5 – 10 years | Full-time students enrolled at local universities with a valid student pass |
1. DBS Bank
- Loan Amount: Up to SGD 150,000
- Interest Rates: 4.88% – 5.38%
- Loan Terms: 5 – 10 years
DBS offers education loans of up to SGD 150,000 to international students with interest rates ranging from 4.88% to 5.38%.
The loan term can extend up to 10 years. A co-signer is required, and applicants must have a valid student pass.
This loan can be used to finance tuition fees and living expenses.
2. OCBC Bank
- Loan Amount: Up to SGD 150,000
- Interest Rates: 4.5% – 6.88%
- Loan Terms: 5 – 10 years
OCBC Bank offers education loans of up to SGD 150,000, with interest rates ranging from 4.5% to 6.88%.
The loan term can range from 5 to 10 years. To be eligible, international students must be enrolled full-time at a local university in Singapore and must provide a co-signer.
3. UOB Bank
- Loan Amount: Up to SGD 150,000
- Interest Rates: 4.4% – 5.7%
- Loan Terms: 5 – 10 years
UOB offers education loans of up to SGD 150,000 with interest rates between 4.4% and 5.7%.
The loan term is available for 5 to 10 years, making it a flexible option for international students.
A co-signer is required, and applicants must hold a valid student pass for eligibility.
4. Maybank Singapore
- Loan Amount: Up to SGD 150,000
- Interest Rates: 4.25% – 6.88%
- Loan Terms: 5 – 10 years
Maybank Singapore provides education loans up to SGD 150,000 with interest rates ranging from 4.25% to 6.88%.
The loan term can be as long as 10 years. A co-signer is required, and the student must have proof of income and a valid student pass.
5. CIMB Bank
- Loan Amount: Up to SGD 150,000
- Interest Rates: 4.98% – 6.38%
- Loan Terms: 5 – 10 years
CIMB Bank offers loans of up to SGD 150,000 with interest rates between 4.98% and 6.38%.
The loan term can be between 5 and 10 years.
A co-signer is required, and applicants must be enrolled in an accredited course in Singapore.
6. College Ave Student Loans
- Loan Amount: Up to $100,000
- Interest Rates: 5.5% – 9%
- Loan Terms: 10 – 15 years
College Ave Student Loans offers a unique option for international students who are attending U.S.-based universities.
The loan provides up to $100,000 with interest rates ranging from 5.5% to 9%.
The loan term ranges from 10 to 15 years, and the loan does not require a co-signer.
However, this loan is only available for U.S.-based institutions.
7. Standard Chartered Bank
- Loan Amount: Up to SGD 200,000
- Interest Rates: 4.48% – 5.98%
- Loan Terms: 5 – 10 years
Standard Chartered offers education loans for up to SGD 200,000 with interest rates ranging from 4.48% to 5.98%.
The loan term can be extended for up to 10 years. A co-signer is required, and the student must be enrolled full-time at a local university in Singapore with a valid student pass.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in Singapore apply for education loans?
Yes, international students in Singapore can apply for education loans from various banks, provided they meet the eligibility criteria such as having a valid student pass, proof of enrollment in a full-time course, and the need for a co-signer in most cases.
What are the interest rates for education loans in Singapore for international students?
Interest rates for education loans in Singapore range from 4.25% to 6.88% depending on the loan provider. For example, UOB Bank offers rates starting at 4.4%, while OCBC Bank offers rates between 4.5% and 6.88%.
Do I need a co-signer to apply for an education loan in Singapore?
Most banks in Singapore require international students to have a co-signer, typically a Singaporean citizen or permanent resident, to apply for an education loan. However, some loans, such as those offered by College Ave Student Loans, may not require a co-signer for U.S.-based institutions.
Conclusion
Education loans are a great way for international students in Singapore to manage the high costs of studying in one of the world’s top educational hubs.
With a variety of loan providers offering different interest rates, loan amounts, and terms, students have the flexibility to choose the loan that best suits their needs.
Be sure to compare the different features of each loan option, including co-signer requirements, interest rates, and repayment terms, to find the best education loan for your studies in Singapore.
