Whether you’re planning to pursue a diploma, degree, or postgraduate qualification in Singapore, a study loan can ease the financial burden and help you focus on what truly matters: your learning journey.
Who Is Eligible for a Student Loan in Singapore?
Eligibility criteria may vary depending on the type of student loan and the financial institution offering it. In general, applicants should:
- Be a Singapore Citizen, Permanent Resident, or eligible international student
- Have been accepted into a course at a registered Private Education Institution (PEI) in Singapore, with an official offer or acceptance letter
- Meet the age and income requirements set by the lending bank or provider
- Not be receiving full sponsorship for tuition fees from any organisation
- Provide a guarantor, if required by the specific loan scheme
Guarantor Requirements
Some student loan applications require one guarantor, depending on the loan type and the applicant’s profile (e.g. age, residency, or student status).
Where required, the guarantor must:
- Be aged between 21 and 60 years at the time of application
- Be an immediate family member of the applicant
- Meet nationality requirements based on the applicant’s residency status
- Fulfil the minimum income requirements set by the respective financial institution
For international students, all bank loan applications require a guarantor who must be a Singapore Citizen or Permanent Resident (PR).
How to Apply for a Student Loan
Step 1: Obtain your offer pack from PSB Academy, which includes your offer letter and student contract.
Step 2: Visit the website of your chosen bank or financial provider (e.g. OCBC, POSB) to complete the student loan application form.
Step 3: Submit the required documents as specified by the financial institution.
Step 4: Wait for approval and confirmation from the provider before proceeding with your enrolment or fee payment.
OCBC FRANK Education Loan
The OCBC FRANK Education Loan offers competitive financing for both local and overseas studies, providing:
– 4.5% p.a. interest rate (EIR ~5.17%)
– Loan amounts up to 10× your monthly income or S$150,000
– Flexible repayment options including:
a. Standard (principal + interest during study),
b. Graduated (interest-only during study, full repayment post-graduation)
c. Graduated Plus (interest-only during study + 1 year post-graduation)
– Repayment tenure of up to 8 years, including the study period
For personalised assistance, you may contact our Loan Ambassador:
Leon Ang
9694 0400
For more information, please visit https://www.frankbyocbc.com/products/investments/edu-loan
POSB Further Study Assist
The POSB Further Study Assist offers flexible student loan options for Singaporean Citizens and Permanent Residents. Key features include:
– 4.38% p.a. interest rate (EIR ~8.09%)
– Loan amounts up to 10× your monthly income (capped at S$160,000)
– A repayment period of up to 10 years
For more information, please visit https://go.dbs.com/psbfsa
Frequently Asked Questions
1. What courses at PSB Academy are covered by education loans?
All programmes offered by PSB Academy and its partner universities are eligible for study loans, subject to the loan provider’s terms and conditions.
2. What documents are required?
You’ll typically need to prepare the following:
- Offer pack (including your offer letter and student contract)
- NRIC or passport (for international students)
- Income documents (yours or your guarantor’s)
- Any additional documents requested by the loan provider
3. How long does it take to apply for an education loan?
The processing time depends on the financial institution and whether all required documents are submitted. For an accurate estimate, please refer to your selected loan provider.
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