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 of finishing 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 Singapore
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 are from 1 to 10 years and because they are an international bank, they offer higher loan quantum which is up to $200,000.
● DBS Bank
If you are looking for a bank that offers a 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 the 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 has 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 on whether 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
● Loan amount
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 chosen 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. An education loan can be too expensive sometimes thus making sure that you can afford the repayment is very important to avoid financial conflicts in the future.
● Repayment flexibility
Have you checked already the banks’ repayment terms and tenure? Repayment terms actually depend 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 on where you are comfortable.
● Other fees and expenses
Aside from the school’s tuition fee and matriculation, there also some other expenses you are going to face when going to colleges 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 a 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.
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