Here’s what you need to know about an education loan to study in Singapore!

1. Here’s what you need to know about an education loan to study in Singapore!

2. Singapore is a cauldron of all good things - picturesque landscapes, a vibrant culture, mouth-watering cuisines, and a historical past. Not just that, this Asian country also houses some of the best universities in the world, making it a dream destination for many students who wish to pursue a higher education. Singapore, as a country, ranks among the top places for students looking to study overseas as it offers quality education, holistic growth, excellent work opportunities, value for money, and safety. Due to this, thousands of foreign students enroll themselves annually in various educational institutions in Singapore.

3. After securing admission in a renowned university, the next step involves arranging the funds required to study in Singapore. This is when an education loan truly comes in handy. It helps you pay for your education without any compromise. In the following article, we will discuss the application, eligibility, and list of documents required to apply for an education loan to study in Singapore.

4. Applying for an education loan Students are advised to thoroughly calculate the amount that they would require to borrow for their education. They must include all the expenses that will be incurred during their course period such as their tuition fees, hostel charges, and travel costs. Next, a student needs to select a lender. Before shortlisting the loan provider, it is imperative to do thorough research and comparison between different financial institutions. Here are some factors that you should consider while choosing your lender. • The interest rate offered • The processing fee charged • The amount of time taken to process the loan • Repayment terms and duration Don’t forget to also look for other features such as helpful bank staff and good customer service.

5. Eligibility guidelines Students need to meet specific guidelines laid down by the lender to be able to apply for an education loan. The education loan eligibility criteria to study in Singapore may vary between different financial institutions. Here are some common criteria that are required by most banks.

6. The student should be a resident of India • The student must have obtained admission in a recognized university in Singapore • The student must have a good academic background • The student must have enrolled for a course that has been recognized by the financial institution • The course of study should be job-oriented (such as a technical degree, medical degree, diploma course, etc.) • The student should be aged at least 18 years of age or else their parent/guardian will have to take the loan • The co-borrower - parent(s) or guardian - needs to prove their income

7. Documents required There are a few documents that you will have to provide to your bank for them to sanction the loan amount. The documents mostly include but may not be limited to:  • Academic mark sheets of the student • University admission proof • Proof of residence of the student (borrower) and guarantor • Statement of student’s/guarantor’s bank accounts • ID proofs of the student and co-borrower These are the documents that are generally required by lenders. Do check with your own bank or financial institution what documents they specifically need. Finally, do remember to apply for your loan well in advance. Hope this article helps you while taking a loan to study in Singapore. All the best!

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