Education Loan Singapore
Facilitating Lifelong Learning
Instant Education Loan
For Upskilling in Singaporeor
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What is an Education Loan?
An education loan in Singapore is designed to provide financial support to working adults who wish to upgrade their skills or pursue further education, such as a diploma or degree while maintaining employment. These loans cover various educational costs for local and overseas studies, including tuition fees, textbooks, and other related expenses.
Whether you want to advance your career through short courses or achieve a higher qualification, an education loan can offer the necessary financial assistance for your lifelong learning journey. These loans are tailored to make higher education more accessible by allowing you to spread the cost over a manageable period.
Moreover, with an education loan, you can repay your educational expenses in installments, easing the financial burden and making investing in your professional development feasible, even in Singapore's high education costs.
Best Education Loan in Singapore
To find the best education loan in Singapore, comparing options available from banks, government schemes, and licensed money lenders is crucial. Each option has unique features that cater to various financial needs and circumstances.
Bank Loan: Banks offer education or student loans with competitive interest rates and flexible repayment options. These loans typically allow borrowing up to 10 times your monthly income, making them suitable for covering substantial educational expenses.
CPF Education Loan Scheme: This government scheme allows you to use your CPF savings to pay for your education. However, only full-time subsidised diploma/degree courses at Approved Educational Institutions (AEIs) are covered under this loan scheme. The student would need to start repaying the principal amount withdrawn plus the accrued interest in cash, to your CPF account, one year after graduation or termination of studies, whichever is earlier.
Licensed Money Lenders: Licensed money lenders like Quick Loan offer a simplified and fast approval process with personalised customer service. We focus on providing flexible repayment options tailored for education expenses, making us a convenient alternative for fast and straightforward financing.
Flexible and Personalised
As a reputable licensed money lender in Singapore, licensed by the Registry of Moneylenders and compliant with the Moneylenders Act, we offer flexible repayment plans to fit your unique needs and circumstances. You’ll also get a dedicated loan officer who’ll support you throughout your loan process with us.
Affordable Repayment
Since our repayment plans are tailored based on your salary and needs, you can expect more affordable repayment. At the same time, we keep our interest rates low, making it easier for you to repay the loan without incurring excessive costs. This combination of personalised repayment plans and competitive interest rates makes our education loans a financially sound choice.
Effortless Application Process
Unlike banks, we offer instant education loan approval in just 20 minutes. We understand the urgency of your needs and aim to provide quick and efficient service, ensuring you get the funds you need without unnecessary delays. Our streamlined process is designed to make borrowing as straightforward and hassle-free as possible.
Clear and Transparent Services
We take the time to understand your unique needs and financial situation before recommending a loan. Our experienced staff will explain the loan terms and conditions clearly and straightforwardly, ensuring all your questions are answered.
30-minute
loan approvals
6X
your monthly salary
No guarantor
required
Cash
disbursed on the spot
Licensed
by Registry of Moneylenders
30-minute loan approvals
6X your montly salary
No guarantor required
Cash disbursed on the spot
Licensed by Registry of Moneylenders
Minimum Criteria
Here are the requirements for taking an education loan with us:
Minimum age:
18 years old
Minimum salary:
$1,800 for Singaporeans/PRs and foreigners
Singaporeans/PR
NRIC
Singpass
If renting, provide both:
- Your tenancy agreement
- Proof of address such as your phone bill or utility bill
Payslips for the last three months, if available
Bank Token
Foreigners
Foreigners need to present the following:
S Pass / Employment Pass / Work Permit with a minimum 6-month validity
Passport
Residence information in the form of both:
- Phone bill or utility bill
- Tenancy agreement
Payslips for the last three months, if available
Bank Token
Employment contract