Education Loan for Singapore
Get accustomed to the benefits, cost and opportunities
to study in Singapore
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Studying in a country like Singapore is a dream for several students. Popular for its academic excellence, advanced infrastructure, excellent education system, and multicultural environment, Singapore is a beautiful study attraction for those who seek world-class education. However, pursuing studies in the country poses financial challenges as the living costs in Singapore are high. An education loan for Singapore is crucial to making higher education accessible. Students facing financial constraints to finance their higher studies use this tool to fulfil their study abroad dreams.
Expenses Covered Under Education Loan for Singapore
Singapore is among the safest and the costliest countries to pursue education overseas. Several aspiring students like you especially from India apply for student loans to fund their dream of pursuing education in Singapore. A study loan helps you cover all your expenses so you can concentrate on your academics easily without worrying about arranging financial resources. Here are the costs that an education loan for Singapore covers:
-
- Tuition Fees
- Food and Accommodation
- Books and Stationery
- Medical Insurance
- Transport
- Telecommunications
- Visa Application
- Utilities
- Personal Expenses
Choosing a loan can be hassle But we make it simpler
Cost of Education in Singapore
Although Singapore is a top-tier academic destination, living expenses and tuition fees can be expensive. Below is a breakdown of the cost of education in Singapore:
| Category | Costs |
|---|---|
| Bachelor’s Degree | SGD 25,000 – SGD 35,000 per year |
| Master’s Degree | SGD 30,000 – SGD 45,000 per year |
| MBA | SGD 45,000 – SGD 55,000 per year |
| Accommodation | SGD 1000 – SGD 2000 per month |
| Food | SGD 150 – SGD 170 per month |
| Transportation | SGD 80 – SGD 120 per month |
| Utilities | SGD 90 – SGD 120 per month |
| Miscellaneous | SGD 150 – SGD 200 per month |
Eligibility Criteria for Education Loan for Singapore
Understanding the eligibility requirements before applying for a loan is crucial for you to ensure you meet the criteria. The eligibility can vary from lender to lender but the general prerequisites to apply for an education loan for Singapore are:
- You should be an Indian citizen.
- Your age should be 18 years or above.
- You must have secured admission to a full-time course at a recognised Singaporean university.
- You should prove your language proficiency through the English Proficiency test such as IELTS, TOEFL, CELTA, and Duolingo.
- If you apply for an unsecured student loan, your co-applicant should have an excellent credit history.
- For a secured study loan, you must have collateral to provide as security which is either in the same value as that of the loan amount or higher in value.
Documents Needed for Education Loan for Singapore
You need to submit a particular set of documents to get a student loan for Singapore. The documents that you need for an education loan for Singapore are:
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- Official letter of acceptance from a recognised Singaporean university
- A filled-out application form for your student loan
- A document that breaks down the costs associated with your academics.
- Identity Proof: Passport/ Driving License/ Voter Card/ PAN Card/ Aadhaar Card/PAN Card
- Proof of Residential Address: Utility bills/ Adhaar Card/ Passport/ Ration Card
- Borrower’s PAN details.
- The guarantor, co-applicant, or the applicant’s bank statements.
- The guarantor, co-applicant, or the applicant’s statement of assets
- The guarantor, co-applicant, or the applicant’s proof of income
Application Process for Education Loan for Singapore
Applying for a student loan is simple. All you have to do is to follow the steps mentioned below:
- Go to the website of Qck Loans and use our tool to check your eligibility.
- Once your eligibility is confirmed, connect with us and we will assign one of our loan counsellors.
- Speak to our loan expert, and share your needs and goals, after which our loan expert will suggest lender names.
- Choose one lender, visit their website, locate their application form, fill in your details, and attach the documents.
- Recheck the application and documents to make sure everything is accurate and then submit.
- Now, you have to wait for the lender to process your application which usually takes 7 to 15 days. The lender will verify your information and then you can sign on the dotted line.
Repayment Terms and Conditions for Education Loan for Singapore
The repayment terms and conditions for Singapore education loans range from loan provider to loan provider, but fall into 2 categories:
- Deferred Payment: You can defer your education loan for Singapore repayment until you complete your studies. You can repay your loan 6 months to a year after finishing your course.
- Immediate Repayment: A few private loans need you to repay the loan while you are still studying. These loans have high interest rates but when it comes to loan amounts the terms are more flexible.
Familiarising yourself with the repayment terms for an education loan for Singapore is vital because it will impact your financial situation after you complete your studies. Most student loans offer a moratorium during which you can look for jobs and arrange finances to repay your loan.
Part-time Jobs in Singapore
As a student in Singapore, you can find various part-time employment opportunities, from tutoring and customer service associates to waiters and retail associates. They offer flexible working hours and are perfect for people who search for ways to supplement their income while keeping up with their studies. With a student pass in Singapore, you can work at least 16 hours a week during your academic session or for long hours during vacations.
What to do After Completing Studies in Singapore?
After you complete your studies in Singapore, you have several options. Let’s explore each option:
- Post Study Work Visa
After completing your education, you are eligible for a Post Study Work Visa of approximately 2 years. During this time, you can look for employment opportunities and gain invaluable experience.
- Short Term Visit Pass
When your student visa expires, you can apply for a short-term visa. It will let you stay in the country for at least 90 days and search for work opportunities. However, this visa pass only lets you look for job opportunities. You need a work permit to start working.
- Long Term Visit Pass
If you require more time to search for jobs, you can apply for a long-term visa pass, which lets you stay in Singapore for up to a year and seek job opportunities. Just like the short-time visa pass, you can only look for employment opportunities with the visa and you need to apply for a work permit after you get a job.
- Employment Pass
Once your salary meets a specific benchmark, you can apply for an employment pass that lets you work in the country for a long time.
- Professional, Technical Personnel and Skilled Workers or Permanent Residency
After fulfilling the criteria for permanent residency, you can apply for PR. If you have the Professional, Technical Personnel and Skilled Worker Pass, you have an added advantage. It is a way for international students to apply for PR, provided they have a job and meet specific prerequisites.
Our free tools will help you out
Our advanced tools, such as the EMI calculator and loan eligibility checker, streamline the process of obtaining quick student loans for studying abroad by eliminating complex procedures.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
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FAQs About Education Loan for Singapore
Several lenders offer education loans to study in Singapore. Public sector banks like SBI and UBI, private sector banks like Axis Bank, ICICI Bank, etc and NBFCs like Avanse Financial Services, Incred Finance, Mpower Financing, etc., offer study loans for Singapore. Choose any lender based on your needs and requirements.
The loan amount ranges from lender to lender. However, loan providers cover 100% of the tuition fees and costs of living depending on your eligibility and collateral.
The amount you need to study in Singapore depends on the course and university. The cost of undergraduate and postgraduate courses vary from college to college. So, contact your university and enquire about the cost.