Singapore as a country tops the list of the favourite study abroad destination for students looking to study in other countries. It provides quality education, holistic growth, safety and security and above all a chance to work in the country once the student has completed his education. A wide spectrum of international students looks forward to Singapore for their higher education.


One of the biggest challenges international students face for studying in Singapore is an arrangement for funds. It is not possible for each student who dreams to study in Singapore to fulfil their dreams, as it is not very affordable.  So in this article, we are going to present you each minute detail of Education Loan to Study in Singapore.

How to get the Education Loan to Study in Singapore?

International Students wishing to study abroad in Singapore with the help of an education loan must start their process minimum 6-7 months before their study program begins. You may also choose to start your loan application process while you are applying for the university admission. The steps you need to follow for applying for a student loan are mentioned below:

  1. Research about the money lending institution, its eligibility and document requirements.
  2. Estimate the amount you will require for the studies in Singapore. You should also calculate the loan amount and amount you will self-finance.
  3. Get an acceptance letter from the respective university in Singapore.
  4. You should compare the different loan options provided by the different banks on various factors and finalize the one which suits your needs.
  5. After deciding the bank and the loan amount, you should fill out the education loan application form for Singapore.
  6. Submit all the documents such as your  Identification document, birth certificate, salary slip, residency proof etc.
  7. As soon as the bank sanctioned your loan, it will issue a loan agreement that includes various elements of the loan. Read and sign it. 
  8. After signing your loan document, the bank will disburse the amount to you as decided.

In the next part of this article, we will present each step in detail. Consider each step thoroughly and take note of the necessary points, as it is a big decision which will make a difference in your financial life.

Research about the banks and loan options

You should begin the process by researching different loan options offered by different banks. But before you research, there are few factors you have to take into consideration.

Factors to consider for applying for education loan

Before applying for a student loan to study in Singapore, you should have a clear picture of how much money you will require and how much you are going to manage by your fund. Before applying for a student loan to study in Singapore, you should have a clear picture of how much money you will require and how much you are going to manage by your fund. Other important parameters you should consider before applying for the education loan for Singapore are:

  • Finalize the university you want to study in Singapore and the course you want to pursue.
  • Calculate the fund you will require during your studies abroad in Singapore.
  • Make the list of all the paperwork you will require during the application.
  • Be ready with the guarantor or collateral. (as required)
  • Ensure to submit the application for the international educational loan before the three months of your student visa interview date.
  • Estimate the time of disbursement.

After taking into account the above-mentioned factors, check your eligibility for an education loan to Study in Singapore. Here are the criteria:


Eligibility Criteria to apply for international education loan

Before applying, check whether you are eligible to apply for the education loan to study in colleges in Singapore or not. Different money lending institutions have different eligibility criteria. The common eligibility criteria for most of the banks are:

  • The applicant must have outstanding academic records.
  • The applicant must have a confirmed seat at the Singaporean university.
  • The applicant must be admitted into a course that has been accepted by the money lending institution. Generally, job oriented professional degrees or technical degrees are accepted.
  • Either the applicant must be above 18 years of age or his or her parents will have to apply for the loan.
  • The applicant should always check that the chosen university in Singapore is recognized by the related authorities. Banks grant a loan only for recognized educational institutions.

Calculate the amount required to study in Singapore

Here you have to estimate the amount you will require to study abroad in Singapore. Generally, an education loan to study in Singapore covers the total cost of a student’s education in Singapore. However, the number of expenses covered can vary depending on the chosen institution and study program. While calculating the expenses, you should consider the following expenses:

  • Tuition Fee:- The university fee for each academic period.
  • Mandatory Fees:- This involves expenses like student centre fees, student activity fees, recreation fees, residence hall activity fees, new student fees, etc. 
  • Food and Accommodation expenditure:- This expense includes housing and regular meals expenses. You may choose to select on-campus university housing or off-campus living.
  • Books and Stationery
  • Purchase of laptop/computer
  • Medical Insurance
  • Travel expenses:- Things like airfare, parking permit, monthly bus/ train pass etc.
  • Other reasonable expenses that would be required to complete the course

Estimating the Cost of studying in Singapore is one of the crucial steps. Once you get your final amount, you have to estimate the amount you would self-finance and the amount you would borrow as a loan. Keep in mind the loan sanctioned by a bank would entirely be for educational purposes and not to cover any of the personal expenses.

Letter of acceptance from the university in Singapore.

To get an education loan for Singapore you need to show your admission proof in the University in Singapore. So you need to apply and get your letter of acceptance before applying for a loan. There are plenty of universities in Singapore open for international students. Here are some of the best universities in Singapore:

  1. National University of Singapore (NUS) 
  2. Nanyang Technological University, Singapore (NTU) 
  3. Singapore Management University
  4. Singapore University of Technology and Design
  5. SIM University

The list is not yet completed here, you will have a spectrum of options in Singapore where you can pursue your higher education. You will get full information here: Universities in Singapore

Comparison of Education loan options

In the next step, you have to compare the different loan options provided by the different banks for studying in Singapore and choose the one which benefits you the most. Here are various factors that you should carefully comprehend before selecting your preferred loan institution:

  • The Loan margin
  • The Loan duration 
  • Benefits of tax exemptions
  • The interest rate offered by the Bank
  • The processing fee that would be levied
  • Expenses covered under the Education Loan
  • Time is taken to process the loan
  • Repayment terms and duration

Each element plays an important role, so decide properly after comparison. If you decide after comparing and planning you can save a few dollars.

International Education Loan application form.

In this step, you will officially start the process of applying. After finalising the bank and amount of loan you will require, you have to fill the loan application form. It can be done online or offline as demanded by the bank. Make sure to fill correct and accurate information in it.


In the application form you will have to fill your full name, parents name, residential address, date of birth, ID proof, course name, duration of the courses, university name, Income, type of security, Guarantor’s detail, employment details, tuition fees, other expenses etc. Fill everything you are asked in the form correctly and recheck it before submitting.

Submit the documents

Every loan applicant needs to submit some necessary documents along with the international Loan Application Form for Singapore.  Here is the list of these documents required to submit:

  • A copy of a valid passport.
  • Academic documents of the student
  • Proof of Admission at the University of Singapore. 
  • Documents on the cost of studies
  • Applicant’s latest passport-sized photos
  • Identification proof such as Valid Passport, Voter’s ID Card etc.
  • Proof of residence of both, the borrower and guarantor. For example Driving License, Telephone or Electricity bill.
  • Proof of Age. You can submit your Birth Certificate as evidence.
  • Photograph, Residence proof of guarantor
  • Guarantor/ co-borrower/ student's bank statements
  • Guarantor/ co-borrower/ student's statement of assets
  • Guarantor/ co-borrower/ student's proof of income. For example Salary slip.
  • A legit guarantee against the loan amount

Other Optional Documents

  • Official Certificate of Minority Caste.
  • Certificates of Extra-curricular activities 
  • Documents regarding any disability or illness

Education loan agreement to study in Singapore

As soon as your loan application gets sanctioned from the bank, it will issue a loan document that has various terms and conditions of the loan along with the basic details. You should read the loan sanction document properly and sign it if you agree. The details mentioned in the loan agreement are

  • The borrower name, 
  • Interest rate, 
  • Agreed loan amount, 
  • The period of repayment, 
  • Collateral security details
  • Guarantor details
  • The signature of both the parties etc

Disbursement of education Loan Amount

After signing your loan document, the bank will lend you the money in instalments or lump sum as per your and university requirement. Once you receive your loan amount, spend it on the necessary expenses such as tuition fee, accommodation, books and stationery etc.

Security for the international education loan.

Usually, banks do not ask for collateral security for loans which include less amount. However, for a high amount of education loans, most of the banks demand collateral in the form of a satisfactory third party guarantee. 


Secured education loans for Singapore are easily obtainable. These loans will also charge low-interest rates. The chances of approval of these loans are high. It is hard to get international education loans to study in Singapore without collateral security.

Instruments used as collateral or security: 

  • Land/building. For example houses, commercial places.
  • Government Securities and public sector bonds
  • LIC policy, gold, shares, debentures,
  • Fixed deposits in the name of the borrower, parent or guardian.

There are some important things money lending institution examine before granting loan:

  • The repayment capacity of the student's parents/family/Sponsor.
  • The representative of the institution will verify your property given as collateral and prepare a report to decide whether it can be accepted or not.
  • Additionally, the value of Collateral Security is calculated. Money lending institutions usually get the valuation of the collateral done from an expert Valuator.

Repayment of Education Loan to Study in Singapore

The loans taken to study in Singapore are to be paid in instalments, as decided in the loan agreement. Ensure to pay the instalments on time agreed. The loan can be repaid within 10 -20 years after taking the loan.


Once the Moratorium Period is over students, you should start paying the instalment The repayment period starts from around 4- 12 months after the end of the course. Moratorium period varies with different loan options and institutions. 

You should also read these articles:

Work permit and stay back option in Singapore after studies
How To Apply For MBA In Singapore?
Top Reasons to Study in Singapore

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