Planning to take a study loan to study in the universities of Singapore? There are many options to consider when you try to obtain a study loan to finance your heavy expenses during your university tertiary education over the next few years.
A study loan for studying in Singapore universities is necessary to help you clear off your financial worries with an easier peace of mind. But if you do not know how to properly manage a study loan, chances are you will end up with more financial worries with an accumulation of debt due to the interest charges and fees.
A university education in Singapore costs between $24,500 and $55,000. It depends on which faculty you are admitting to. A medicine or law course costs much higher than a business or accountancy course. So it is imperative that you must manage your finances very well even with a study loan to pay for your university expenses that include tuition fees, living expenses and school materials (laboratory, textbooks, computers etc.)
There are of course governmental options to consider for a study loan - CPF Education Scheme and MOE Tuition Loan. As long as you plan to study at NUS, NTU, SMU, SIT, SUTD, NAFA and SUSS, these 2 loan schemes are applicable.
However, even if you are a local Singaporean or permanent resident of Singapore, you may not qualify for the schemes due to certain income levels of your parents not being met. This is where a study loan from financial institutions come in.
Most of you would want to think of taking a study loan from a bank. Yes, you are correct indeed. You can take loans from OCBC, POSB, Maybank and other banks in Singapore. The amount you can take ranges from $12,000 to $30,000. As you may not reach 21 yet, you can sign up under your parents or guardians name as guarantors. Normally, people like to take up $20,000 study loan for a period of 5 years.
But not many would qualify for a study loan from a bank. And even so, it would be very difficult to get the loan approval done as the process can be lengthy with more difficult requirements. So, another option to take up a study loan would be from licensed moneylenders.
Compared with banks, the licensed moneylenders on the other hand can disburse study loans with better terms and faster approval time. It is even better to get a study loan from a platform called LoanHere which works with a list of licensed moneylenders and provides quotations right away.
A study loan from the licensed moneylenders entails 2 kinds - the monthly rest loan and the interest only loan. The former is the usual method of repayment to fund your university education in Singapore. While the latter enables you to pay the interest on the study loan on a monthly interval. It is essential that you do a proper evaluation of your repayment plans by discussing this together with your elders before considering the better study loan option.
Read more about a study loan - en.wikipedia.org/wiki/Student_loan