Education Loan for Singapore: Top Providers, Eligibility, Interest Rates

Singapore is one of the safest and most expensive countries to study abroad. While it's a top-tier destination for education, the cost of living and tuition fees can be costly. Many Indian students borrow education loans to finance their dream of studying in Singapore. This financial aid helps you to cover everything from tuition and accommodation to living expenses and textbooks.

Because of this, you can easily focus on your studies without worrying about finances. In this article, we will discuss how to borrow education loan for studying in Singapore, their eligibility, application process and the list of documents required for the student loan.

Top Universities in Singapore

Here is the list of universities in Singapore, where most of the international students are enrolled:

Eligibility For Education Loan to Study in Singapore

Students need to understand the eligibility guidelines and qualify for the same, to be able to apply to their preferred money lending institution/bank for the student Loan. The education loan eligibility criteria vary for different banks. However, some common factors that are taken into account by all money-lending institutions include: 

• Must Have Secured Admission: The student should have successfully secured admission in a recognised institution/university in Singapore.
• Should Be an Indian Citizen: The student (borrower) is required to be an Indian Citizen.
• Age Limit: The applicant should be above 18 years of age to be able to apply for an Education Loan. Students who are younger than 18 years can apply for the loan co-jointly with their parents.
• Loan Amount: The minimum loan amount students can apply is SGD 20,000 and the maximum is up to 100% of the student’s (borrower's) tuition fees.

Also read: SBI Education Loan for Study Abroad

Understanding the Cost of Studying in Singapore

Once a student decides to study abroad, there would be a lot of factors that would start looking important and cost money. Broadly, the cost of studying in Singapore would include:

• Tuition Fees
• Food and Accommodation
• Books and Stationery
• Medical Insurance
• Transport
• Telecommunications
• Visa Application
• Utilities
• Personal Expenses

Steps to Apply for an Education Loan?

With the latest technological innovation, applying for an Education loan is easy. First-time students are advised to follow step by step process to apply for education loan. Here, we have mentioned a process which you should know:

• Compare lenders: Banks and NBFCs offering overseas loans, you need to compare them to find best one for you.
• Check Eligibility:  There are different factors of eligibility, such as admission, credit score, co-applicant income and more. Make sure, you fullfill them.
• Collect documents: At the time of applying for loan, you must have all the documents handy, such as ID, Admission letter, income proof, etc.
• Fill Application: Online or at the lender’s branch.
• Wait for Approval: Includes document and credit checks.
• Disbursement: Funds sent to the university or your account.

Factors that should determine your preferred loan institution include: Interest Rates, Processing Fees, Total Loan Amount, Expenses Covered, Processing Time, Repayment Terms, and Loan Duration..

List of Documents Required for Education Loan

The bank is your next hurdle, and they would require several documents from you to sanction the loan amount, whether in part or in full. The documents primarily include, but are not limited to:

• Academic documents of the student
• Proof of University admission
• Proof of residence of the student (borrower) and guarantor
• Statement of borrowers' Bank accounts
• A legit guarantee against the loan amount

Education Loan Interest Rates 2025

Here, we have mentioned a table of education loan interest rates offered by top banks in India:

Also Read:

• Step by Step Guide to Education Loans
• How to Choose Your Bank for Education Loan to Study Abroad

Types of Expenses Covered in Singapore Education Loan

Apart from tuition and accommodation fees, the loan would extend to costs incurred on travel, study tours, and project work during the entire duration of the academic year in Singapore. Apart from this, it would also include the purchase of books, a laptop, stationery and other reasonable expenses that would be required to successfully complete the course.

Related Articles

• Top Education Loan Providers in India for Study Abroad
• Collateral for Education Loan

Rules for Education Loans to Singapore

• Apply After Admission: Students from India who have secured admission to selected educational institutions for higher studies in Singapore are eligible to apply for Education Loan.
• Moratorium Period: The Moratorium Period (defined as the grace period after the completion of the course) is 6 months before students are required to start repaying the loan amount. The student under no circumstances, is required to repay the amount during the tenure of the course.
• Repayment: Once the Moratorium Period is over, students are given a minimum of 1 year and a maximum of 5 years to repay the loan. However, under no circumstances should the loan term exceed 10 years. 

Note: The above guidelines are only relevant to SBI. Kindly go through the rules and regulations of your Bank carefully before applying for the loan.