How to Get a Singapore Study Loan as a Foreign Student
Many students around the world move to Singapore annually to obtain a better education. Are you one of them or would you want to study in any of the universities in Singapore? You will obtain that quality education you have been dreaming of and after that, manage to secure yourself a fitting career in the country after completion. However, the cost of education in many countries is very high, including in Singapore. But thanks to the government for coming up with ways to ensure students complete their education up to the level they desire.
It has established a loan system that helps eligible students to get access to money to cater for their educational costs. These loans assist students who cannot afford to pay their fees as well as cover other educational needs where applicable. What if you are an international student? Can you qualify for such loans? Yes, you can.
Have a look at some of the things you should know to get a study loan in Singapore;
You must be eligible for the credit (s)
As compared to citizens, international students may find it hard to obtain an investment in the country, but yet still, it is possible to be loaned. You should follow an eligibility criterion to see if you qualify. A primary requirement is the age factor. You can only obtain a loan if you’ve reached a certain age. The government has set rules to be followed by banks and universities in offering loans to international students. What therefore makes you eligible include the following;
- You must be age 21 years and above. This age limit applies to all students in Singapore. You will never qualify for a loan as a foreigner if you don’t meet this requirement.
- You need two sponsors to be given a loan. You can either be the sponsor or someone else like a close relative or family member can stand in for you. However, for one to be a sponsor, he must meet the following next requirement of loan allocation;
- He must have a per capita income of between $12000-30000. This is the range for the income, so expect different banks and universities to present their own needed income within the range. If you stand in as the sponsor, you should also have a per capita income falling within the same scope.
- Since loans are not gifts and instead need to be paid, a lender will only give you credit on the condition that you provide a guarantor to be contacted during the loan repayment period if you fail to repay. The minimum annual income to qualify your guarantor must be $30000.
- You must not be bankrupt, and there is a need to provide proof that you are a foreigner and is taking a loan for educational purposes. For banks, these may include academic documents, residential address and university admission letters.
Know the lenders
Of importance for international students applying for study loans in Singapore is to know the approved lenders they can look up to for these loans. It is estimated that for you to complete a 4-year degree course, you need $80000 or more. As an international student, it might be difficult to not only get but also know where you can get the loans. Therefore, to help you, this article provides you with the names of banks that will give you the loans. These banks include; POSB, DBS, OCBC, CIMB banks, and May Bank. These banks provide different loans for students. Check with them the kind of loans you want.
In addition to banks, there are also very many universities that provide loans to students. Some of these universities include; NTU that offers tuition fees and study loans, NUS, SIT offering living allowances, loans for tuition fees and other investments, and SMU also giving study loans, tuition fee loans and central provident fund (CPF) loans. The national education institute (NIE) is also mandated to provide loans to students, especially those undertaking courses in teaching. To check the eligibility requirements, types of loans and more information regarding loans provided by these universities, visit their websites.
What types of loans can you obtain?
As a foreign student in Singapore, you have a variety of choices of loans to acquire depending on what your needs are. So have a look at some of the loans as indicated below;
- Monthly mortgage- this is a loan without any fixed interest. Instead, the rates of interest are determined every month according to the available balance that remains after each loan repayment. The lenders choose the rates and standards they want to impose.
- Flat rate loans- as suggested by their names, they are loans with fixed interest rates. The lenders determine the rates at the start depending on the total loan amount.
- Long term loan- only full-time students are eligible for this loan. It is a loan that is used to cover your student tuition fee. You can only get this loan upon the provision of a guarantor.
- Loans without interests- you don’t pay these loans with any interest after your education. They are cheap to obtain and are provided with some of the universities through arrangements with some banks. You should check if the university admitting you offers such loans.
- Emergency loans- they are very short term and are used to cover unexpected expenses such as trips you need to undertake, daily expenses of living and even monthly fees. They vary from one institution to another. Check if your university offers such loans.
Therefore, all the loans mentioned above will help you as a student in Singapore. Make good use of them, and you will indeed pull through your education in the country. You can click here for other better deals. So, if you are a foreign student studying in Singapore or would consider coming, is there any cause for worry about your school fees and other educational expenses? There is no need to worry. This article has helped you see that you can get a study loan in Singapore and what you need to do to achieve that. Now make a move and do not shy away from completing your education because of funds. Singapore has you all covered!