Best Overseas Education Loans in Singapore 2024

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Having a study loan in Singapore for overseas study is a long-term and possibly painful financial commitment. However, studying overseas is a great privilege and a once-in-a-lifetime opportunity to open new employment and life-changing horizons for any Singaporean student. Truthfully, it’s virtually impossible to save up enough money to pay the total overseas university tuition completely. Thankfully, Singapore’s banks and financial institutions can help you with your financing needs.

Banks continue to offer their best education loan products for students with eligible parents or guardians in 2022. If you’ve been researching and comparing education loans from numerous lenders, we’ve done the legwork to help you get started. Our criteria are to ensure you get the lowest interest rates and regular monthly payments.

Doing so can help you focus on school and repay your loans without any hassles. Here are three of the best Singaporean bank to get a study loan.

The Best Banks for Student Loans in 2024

Singapore’s financial sector has immensely grown despite the economic downturn the pandemic caused in 2020. Banks kept and continue to provide high-quality education loans for students despite aiding businesses to keep the economy afloat during the previous year.

Truthfully, banks were hit hard after the Ministry of Education suspended all education loan repayments and yearly interest rate increases the previous year. However, with Singapore entering better overall health conditions, employment has returned, which has the efficiency of their education financing.

We’ve chosen these three banks from dozens of their counterparts because of their reliability and long-term study loan repayment viability. Truthfully, one of them offers a local school-exclusive loan. The two other banks offer phenomenal interest rates and monthly repayment figures suitable for an average Singaporean family getting a student through college.


OCBC FRANK Education loan

One of the best local university-oriented financing available for students. With a 4.5% interest per year and a manageable S $372.86 monthly payment, it’s easy for Singaporean parents to send their children through any local college. Additionally, parents can take out education loans ten times their monthly salary, which is sufficient to pay most local tuition fees.

However, you’ll hit the net cap of S $150,000 if your monthly salary is ten times higher than average. Thankfully, many local Singaporean colleges have tuition fees within this range. Truthfully, anything higher than S $150,000 might be a handful for many Singaporean families.

Eligibility and Requirements

  • Singapore Citizen or PR
  • 21 years old and above
  • Salaried employee, Variable income/Commission based earner, Self-e.mployed
  • Annual income S$24,000 and above (individual or with the joint applicant)
  • Guarantor required if the applicant is not working or applicant’s income cannot support the loan amount
  • Guarantor must be 21 – 60 years old


Maybank Monthly Rest Education Loan Overseas Variety

Maybank continues to be a primary choice for many Singaporean families. While it has a slightly lower total loan amount, your above-average salary can help you push through OCBC FRANK Education Loan’s S $150,000 cap or CIMB Monthly Rest Education Loan’s S $200,000 cap. Furthermore, it has lower effective annual interest rates at 4.45% than the two loans we’ve mentioned.

You’ll need to pay S $371.41 every month within 8 years. Additionally, Maybank is open to other repayment options, especially for existing and new customers with nominal credit scores. Truthfully, it matches OCBC’s FRANK Education Loan, except Maybank’s Monthly Rest Education Loan affords to send students to school at overseas universities with relatively affordable rates.

Eligibility and Requirements

  • Singapore Citizen or PR
  • 21 – 65 years old
  • Salaried employee, Variable income/Commission based earner, Self-employed
  • Full-time studies – Guarantor(s) are required at all times. A maximum of 2 Guarantors is allowed for deriving a loan amount.
  • Guarantor must be 21 – 65 years old (Must not be bankrupt) upon loan maturity. Singapore citizens or Singapore PR only and have a minimum income of $30,000 per annum.
  • The guarantor(s) must be closely related to the student (spouse, parent, parent-in-law, sibling, legal guardian)


CIMB’s Monthly Rest Education Loan, Overseas variant

While it has the highest loan interest rate on this list at a 5.39% interest rate per year, does not let up with its S $381.01 monthly payments for borrowers. However, it has the lowest processing fees available for borrowers at 2%. Truthfully, one of its biggest advantages is if you’re already a CIMB bank account owner. You won’t need to open a new account to have access to an overseas-capable education loan.

You can borrow up to 8 times your monthly salary or within a S $200,000 loan ceiling if you have above-average income. However, it has the longest loan tenure among the three products we’ve listed, allowing borrowers to pay the entire financing up to 10 years.

Eligibility and Requirements

  • Singapore Citizen or PR
  • 16 – 50 years old
  • Salaried Employee, Variable/Commission-based Employees, or Self Employed
  • Minimum annual income of S$24,000 for Principal Applicant
  • Minimum annual income of S$24,000 for Guarantor.
  • Must be an immediate family member
  • Here’s a convenient comparison table you can take with you when finding the best student loans in Singapore:
Bank School Location Interest Rate Per Year Processing Fee Regular Monthly Payment Maximum Loan Amount Loan Tenure
OCBC FRANK Education Loan Local 4.5% 2.5% upon approval S $372.86 10 times monthly salary or S $150,000 8 Years
Maybank Monthly Rest Overseas 4.45$ 1.5% upon approval S $372.41 8 times monthly salary 8 Years
CIMB Monthly Rest Overseas 5.39% 2% upon approval S $381.04 8 times monthly salary or S $200,000 10 Years

Alternatives to Bank Education Loans

Singaporean bank education loans are the best choice for any student because of the wide range of institutions they can choose to study. However, if their parents or guardian have poor credit scores, it will take years to restore their scores to qualify for these financial services. Thankfully, borrowers can use an alternative financial service to banks and financial institutions.

Licensed moneylenders in Singapore, which offer high-quality personal loans that can substitute as an education loan or study loan, have low processing fees and interest rate. Truthfully, it has its respective shortcomings, such as giving only a loan tenure of 12 months and a lower loan amount of six months the borrower’s salary. However, if parents or guardians have poor credit scores but stable income, it’s an excellent option to give their children high-quality education in local or international universities.

Eligibility and Requirements

Here are all the necessities needed to qualify for personal loans from licensed moneylenders.

Singaporeans and PRs

  • At least 21 years old
  • Minimum Income of S $2,000 monthly
  • Identity card / NRIC
  • Proof of residence (utility bill, a letter addressed to you, and/or tenancy agreement)
  • Proof of employment (certificate of employment or 3 months recent payslip)

Foreign Worker Requirements

  • At least 21 years old
  • Minimum income of S $3,000 monthly
  • Passport
  • Work Permit / S-Pass / Employment Pass
  • Proof of residence (utility bill or tenancy agreement)
  • Proof of employment (certificate of employment or 3 months recent payslip)
  • Proof of income (bank or account statement)

Asian Woman Thinking Banks or Licensed Moneylenders for Education Loans?

Why Choose Banks for Education Loans?


Licensed moneylenders can offer an ample tuition amount with a personal loan offering six months of your salary. Banks offer a function-oriented financial product they guarantee as capable of achieving your financial objectives. On the other hand, these are only possible if you have nominal credit scores. If you can’t recover your credit rating, it will be challenging to find sufficient financing other than licensed moneylenders.

Higher Loan Amounts (and School Options By Extension)

Having more than six times your monthly salary gives your child better local and international educational options. Additionally, your financing isn’t just for university fees — you can use them for the other expenses the child will need, such as lodging, monthly food and supply budgets, and other expenses. While six times monthly salaries are still beneficial, having high-amount loans open up more educational opportunities and leeways.

Builds Your Credit Score

Every time you use a bank’s education loan or other financial products, you build your credit score. Any financing opportunity qualifies for credit score observation and grading. If you perform well with a high-amount loan with a loan tenure going beyond five years, banks can lower your risk grade, improve your credit score, and open up more future financing opportunities. Building credit scores are useful, especially if you’re sending another child for overseas education and you need study loans once again.

Convenient for Bank Account Owners

If you’re already a bank account owner, your bank can immediately process your tuition fee loan application. Truthfully, doing this defeats the purpose of shopping around for better tuition fee loans, interest rate figures, and regular monthly loan payments. However, if you’re short on time and having sufficient amounts from study loans is your priority, going for your bank’s offers saves you time and resources.

Why Choose Licensed Moneylenders?

No Credit Scores Required

Any parent or guardian with poor credit scores but need immediate study loans can use licensed moneylenders. These lenders will still inspect your credit score, and any loan application with them will cause your credit scores to neutralize or become negative temporarily due to their hard inquiry. However, if you repay your 12-month loan tenure on time and completely, you can restore your credit scores using licensed moneylenders.

Ample Amount for a Character-Based Loan Application Evaluation

Truthfully, a licensed moneylender’s personal loans aren’t purpose-made study loans. They’re a general financial product supplying borrowers with six months of their income and a 12-month loan tenure. However, your borrower character and financial stability gives you a higher qualification than your credit scores and report during the borrowing period. Licensed moneylenders aim to help their local communities, which explains their friendlier, character-centric feasibility approach to loan application evaluations.

Accessible With Friendly Terms

Additionally, licensed moneylender terms and conditions are relatively friendlier than bank contracts. All of their stipulations have the Ministry of Law’s approval, ensuring fairness and recourse in any discrepancies. However, licensed lenders can change these terms to fit the necessities and current income of borrowers. In doing so, borrowers have assurances all financial products will not send them spiraling into debt.

Rebuild Your Credit Score

As we’ve mentioned earlier if you perform exceptionally with your personal loan and pay everything within the loan tenure on time and completely, you can create a positive credit score impact. Many junk-grade borrowers have successfully restored their credit scores through a licensed moneylender’s help. Truthfully, using a low-level, unsecured bank loan contributes better to credit scores than moneylender personal loans. Still, the latter is more beneficial because of its guaranteed six months of borrower income.

Get the Best Education Loan from Singapore’s Most Dependable Licensed Moneylender

If you have yet to find a dependable alternative to OCBC FRANK and other bank education loans available in Singapore, you can always count on A1 Credit Singapore personal loan services. Get started by filling up your loan application form on our website. Visit today and apply!

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