SmartLoans does the job for you by generating a report that ranks the current top 3 banks in Singapore providing education loans with the lowest interest rates (among other features and benefits). We also make life easier for you by connecting you directly to an education loan specialist from the top bank.
You need to be Singaporean or a Singaporean PR, between the ages of 21 to 62 years with a minimum income of $12,000 p.a. to qualify. If you are not working, your parents / sponsor can apply for the loan for you & they would have to meet the minimum criteria above. It can also be a joint application by 2 sponsors. If there is a guarantor, the minimum income of the guarantor must be $30,000.
No. You cannot have any existing education loan with other banks or financial institutes for the current course of study.
The bank may extend a minimum loan amount of $3,000 up to 6 times the individual’s or combined applicants’ monthly income with a maximum loan of $100,000 (whichever is lower).
You can choose to repay your education loan anytime between 1 to 10 years.
Our service to you is 100% free because we are paid by the banks separately.
Once your loan application gets approved, the banks will usually charge a processing fee of 2.0% of loan amount that will be deducted upfront from loan amount upon the first disbursement. Other charges you may incur are as follows:
