A guide to education loans for students in Singapore

Taking out an education loan is something common among many university students. Read on to find out more about study loans in Singapore and their features.August comes in a few months’ time, and it is the time of the year where almost 18,000 freshmen will matriculate and enrol into a university in Singapore.

Read on to find out more about study loans which you could take up from a variety of banks so that you can hop onto your next few years of college life with less financial burdens and pressure.Taking out an education loan is more common than you think. For many students, an education loan is a form of monetary assistance to students, helping them to make their dreams take flight.

In Singapore, there are many banks which offer study loans to students, including the top banks such as DBS, OCBC and UOB. There are many different features of education loans. Knowing what they are and how they work is important in order to make a decision on which education loan is the right one for you.One of the most important factor to consider when deciding on a loan is the interest rate.

For example, the POSB Further Assist has pretty low interest rates and processing fees, as well as low penalty charges. However, it has a rather limiting maximum loan amount of $80,000, which some students may find difficulty with. Such a loan structure would be best suited for those who have financial support from their families, or those who have significant savings and income on the side. Standard payment would usually be less costly in the long run.

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