Find the best student loan here!

What is a student loan?

Getting an education is a great life experience and can help build a solid foundation for your future career. Yet, there is no denying that it can be very costly, and financial support is often needed for many students throughout the course of their studies. Getting a loan to finance your education is a convenient solution for individuals who are studying in addition to working.

Simply put, a student loan is a loan that is taken to cover tuition, fees, dormitory, study material, and other additional costs connected to one’s studies. Many banks offer dedicated student loan products with their own interest rates, terms, and arrangements, but in many instances, a standard personal loan can work equally as well to cover the studies. Normally, all study or student loans fall within consumer loans, and once approved, just like any other loan type, the funds are to be reimbursed at regular monthly intervals. The repayment sum comprises the principal in addition to the interest. The interest rate for education loans is set according to the personal and financial summaries of the borrower.

Types of student loans in singapore

Here are the different types of student loans available in Singapore:

MOE tuition fee loan

Eligibility:

• Full-time subsidised diploma students in polytechnics.

• Full-time subsidised undergraduate and postgraduate students in autonomous universities.

• Part-time subsidised undergraduate students in autonomous universities (Singapore citizens only).

Loan coverage:

• Up to 75% of subsidised tuition fees for polytechnic students.

• Up to 90% of subsidised Singapore citizen tuition fees for university students.

Repayment period:

• Up to 10 years for loans taken at the polytechnic level.

• Up to 20 years for loans taken at the university level.

• Interest-free during the course of study, with interest starting after graduation or leaving the institution.

CPF education loan

Eligibility:

• Full-time subsidised diploma students in polytechnics.

• Full-time subsidised undergraduate and postgraduate students in autonomous universities.

Loan coverage:

• Up to 100% of subsidised tuition fees for polytechnic and university students.

• The loan can be used to pay for your own, your spouse's, your children's, or your siblings' tuition fees.

Repayment period:

• Up to 12 years for monthly instalments.

• Single lump sum repayment.

Student loans from banks & financial institutions

Eligibility:

• Salaried Singaporean / PR / EP holder.

Loan coverage:

• Partial or 100% of tuition fees, depending on the loan amount.

Repayment period:

• Monthly instalments ranges from 1 month to up to 5 years.

How do I compare student loans?

Finding and comparing student loans is much easier than you think. With Lendela, all you have to do is to fill out a simple application form, and we will do the work for you. In the application, select "Education" as your loan purpose, which indicates that you are applying for an unsecured education loan to cover your studies. Once submitted, we will send your application to all the banks and financial institutions that we work with, simultaneously. When each bank and financial institution has assessed your application, they will return with a pre-approved study loan offer based on your personal circumstances, which you will be able to view in your Lendela account. You can then compare multiple student loan offers available to you from various banks and financial institutions and determine which loan option has the best interest rate and is most suitable for you.

Once you have made your decision and selected a study loan option, the bank may need some additional information from you before granting you the finaloffer. All of this takes place online at lendela.com, is completely free, and comes with no obligations on your side. If you have questions or hesitations during the application or disbursement process, our skilled and highly experienced Customer Relationship Team will be there to help at any time.

Am I qualified to apply for a student loan?

To qualify to apply for a student loan with Lendela, you should meet the following requirements:

• You are 21 - 61 years old

• You have a minimum monthly income of $1,600

• You are a salaried Singaporean / PR / EP holder