An Overview of Eligibility and Documentation Required for an Education Loan for Singapore

1. An Overview of Eligibility and Documentation Required for an Education Loan for Singapore

2. Several banks and NBFCs (non-banking financial companies) offer education loans for Singapore. Getting your education loan approved means you receive funding for not only your course fees but also other living expenses that you might incur during the course of your studies in Singapore like housing, travel, and so on. If you choose a good loan provider, your loan application approval and disbursement are going to be much easier and faster too. This is why it is important to compare lenders based on their loan terms and the time taken for processing your finance.  During the course of applying for an education loan for Singapore, you will have to meet a set of eligibility criteria and provide a certain set of documents. In this article, we take a look at the basic eligibility criteria and documentationrequired for an education loan for Singapore.

3. ELIGIBILITY CRITERIA Here are some of the general criteria set by lenders 1.You must be a citizen of India  2. You must be 18 years of age or above, else your parents or guardian may take the loan (the age limit may be slightly higher for some financers)  3. You must have confirmed admission at the institute of your choice in Singapore before the lender disburses your loan  4. Your education loan for Singapore must be signed by a co-borrower You can also boost your eligibility by opting for a technical course. Leading lenders are more likely to give loans to students who are pursuing technical courses (like engineering or an MBA). This is because technical courses have a high degree of dependability in terms of the future income of the student.  There may be additional criteria that can vary between lenders. Do be sure to ask your financer for a full list of their requirements.

4. DOCUMENTATION  Here is a look at the basic documentation needed for an education loan for Singapore.  1. Loan documents This would primarily include the loan application, duly filled and signed. Make sure your co-applicant’s section is duly filled too. You would also require a passport-sized photograph here.   2.Proof of identity  You may submit any of the following -Aadhaar card, Pan card, valid passport, voter card, or driving license. 3. Proof of residence  Documents accepted as proof of residence include passport, Aadhaar card, driving license, voter ID card, electricity bill, water bill, etc.

5. 4. Academic Documents  Here are some of the academic documents you will generally be asked for: - Admission letter /offer letter from the university - Course fee break up  - Marksheets of your 10th and 12th board examinations - Marksheets of your undergraduate degree/diploma/ certificate (if applicable)   Lenders may also ask for proof of income, bank statements, and tax details from the co-applicant.  Do bear in mind that the criteria and documents required might vary in number depending on the lender. We wish you all the best in your process of getting a good education loan for Singapore.

6. RELATED ARTICLE :- Here’s what you need to know about an education loan to study in Singapore! You can find more interesting things on these sites mentioned below :- Facebook : https://www.facebook.com/AuxiloFinserve/ Twitter : https://twitter.com/AuxiloFinserve Youtube:https://www.youtube.com/channel/UClc_BEIN262Fm5eY_8sPA5w?view_as=subscriber Instagram: https://www.instagram.com/auxilofinserve/ THANK YOU