Education has a vital role in a person’s life where
he or she can have a higher opportunity for a better life. With this, parents
have been trying their best to save money for their children’s education.
Even though a lot of us wants to finish our studies,
not of us are given the opportunity to do it and the most common reason is the
lack of funds. School is usually expensive that is why many can’t afford to go
to college. The government has always been extending their help to those who
wanted to continue their studies with financial assistance and scholarship but
not everyone can be accommodated by the government.
Aspiring students and their families have tried
looking for solutions on how they are going to sustain a school cost that is
why they come up with education loan applications. With all the aspiring
students in Singapore who dreams to finish their studies, a lot of banks opened
their doors to families and students who wanted to get an education loan.
Banks in Singapore with Education Plan
● CIMB Bank
If you are already 16 years old or above and you
wanted to look for an education loan, you can visit CIMB Bank for they have
their CIMB Bank Singapore’s Education Loan which is open for Singaporeans and
PRs. Loan tenures for CIMB Bank Singapore is from 1 to 10 years and because
they are an international bank, they offer higher loan quantum which is up to
● DBS Bank
If you are looking for a bank that offers loan for
your studies, you may choose DBS Bank. This bank doesn’t offer student loans
but they have their unsecured personal loan which you can use instead to pay
your school fees.
They offer unsecured personal loans to students 17
years old and above. Unsecured personal loan tenures in DBS Bank are longer
compared to their other types of loan that is why you can repay your loan for
up to 10 years with an interest rate of 4.6% to 5.8% per annum.
● OCBC Bank
The OCBC Bank on the other hand has its OCBC Frank
Education Loan which is offered for both local and overseas loans but
restricted to some countries like Britain and United States.
The average loan for local studies is from $20,000 to
$25,000 while if you are studying abroad, you may borrow from $60,000 to
$100,000. OCBC Bank is precise when it comes to their interest rate so you
don’t have to worry that their standard interest rate of 4.5% per year will
increase over time.
Just like with other banks, Maybank also have its own
Maybank Education Loan which can be availed by locals and PRs aging 18 years
old and above. Loan interest in Maybank ranges from 4.78% to 4.88% per year
depending if you are studying in local or overseas.
What to Check When Applying for Student Loan
Before you are going to apply for a student loan, you
should determine first the details of the education loan you wanted to get such
as the following:
Types of study loan
You should know first the loan amount you are going
to avail. You may opt to visit schools and universities that you wanted to get enrolled
and inquire about the details of their tuition fee and other school expenses.
After you have choose the school and course you want
for your studies and you got the school costs already, you can now check
whether you can afford the estimated monthly repayment. Education loan can be
too expensive sometime thus making sure that you can afford the repayment is
very important to avoid financial conflicts in the future.
Have you checked already the banks’ repayment terms
and tenure? Repayment terms actually depends on the bank and how much is their
interest rate but you should survey banks already so that you can have your own
estimated calculation of your monthly repayment. There are banks that would
accept repayment every week or every month depending where you are comfortable.
● Other fees
Aside from the school’s tuition fee and
matriculation, there also some other expenses you are going to face when going
to college such as your projects and daily needs. If you are studying overseas,
you also have to include your accommodation and living costs which can be very
expensive for some countries.
With these other expenses, you should be able to
compute everything ahead of time so that you won’t have any problem in the
future managing all your expenses.
Getting that diploma and degree in college isn’t easy for everyone especially financially where you really have to spend big amount of money but with the help of the government and other institutions in the country such as the banks and licensed moneylenders, you can surely reach your dreams no matter how hard it is. Please check out the website below for more information.
https://www.moneylenderreview.com/ is the best licensed moneylender directory.