Education Loan for Singapore

Studying in Singapore is a matter of lacs because of the high tuition fees and living expenses of the country. Therefore, international students can avail of Student loans of upto Rs 1.5 Cr or even more from public and private banks in India to arrange funds for their higher education in Singapore. The two types of Student loans available are:

• Unsecured Education Loan
• Secured Education Loan

The following listed private banks and NBFCs offer unsecured loans of up to Rs 60 lacs to students going to Singapore for their higher studies:

• Axis Bank
• ICICI Bank
• IDFC Bank
• Incred
• Auxilo
• HDFC Credila
• Avanse

Note: An unsecured loan of up to Rs 7.5 lacs can be offered by public banks like State Bank of India, Bank of Baroda, etc., under the VidyaLoans scheme

Step 1: Call WeMakeScholars to talk to your financial officer or fill out the online loan application form.

Step 2: Discuss your loan requirements and personal information

Step 3: Following the examination of your loan profile, submit your papers via the WeMakeScholars document portal as per the document checklist that your financial officer has provided.

Step 4: At each stage of the loan application process, you will be updated about its status. If necessary, get in touch with your financial officer and can get in touch with your financial officer to get updates.

Step 5: After completing the relevant paperwork by the checklist within 2–6 days, pick up your loan sanction letter from the bank or lender.

Approaching the bank to get the student loan sanctioned may seem easy but actually, it is not that easy. Students face the following disadvantages of going through the banks directly to get their unsecured loan sanctioned;

• Lots of files and papers
• Unresponsive customer care support
• Higher interest rates
• Strict repayment policies
• More processing time

To avoid the hassle and complete your unsecured education loan process smoothly, choose WeMakeScholars as your loan processing partner

The Ministry of Electronics and Information Technology provides funds and supports WeMakeScholars as part of the "Digital India Campaign." We regularly help students who lack collateral, get unsecured student loans. You should apply for your unsecured student loan with WeMakeScholars for the following reasons:

Lesser Rate of Interest - If you process your loan with us, you'll receive a 0.5%–2% interest rate reduction off the real interest rate on your student loan.

Support for negotiations - Your financial officer will use his or her power to negotiate on your behalf to lower your effective rate of interest or relax the terms of the policies.

Faster processing - Your unsecured student loan will be approved with WeMakeScholars within 2–6 days after completing the required paperwork.

Free service - As a government-funded project, WeMakeScholars, offers all its education loan sanctioning services free of cost.

You will have to submit the following documents either in the bank or upload them on the WeMakeScholars documents portal to get your loan process started:

Education Loan Application form 

Loan application form in hardcopy, which was filled out on WeMakeScholars Website along with 2 passport-size photographs

Applicant, co-applicant, and if required guarantor’s documents

• Proofs of assets and liabilities, confirmed by the bank officials
• Address proof - Bank passbook front page copy, Passport, Electricity Bill, Aadhar card, Voter ID card, Telephone Bill (two different proofs will be required if current and permanent address are different)
• Last 6 months' salary and personal bank account statement of the salaried co-applicant. If self-employed, then the statement should reflect business transactions of the last 1 year
• Identity proof - PAN Card, Aadhar card, Passport of the applicant, Election Commission ID card, Ration card with photo, for the person whose photo is affixed

Academic documents of the applicant

• Admission proof from the university (mentioning the duration of the course)
• Scorecard of qualifying examinations like TOEFL, IELTS, etc (whichever is required)
• Certificates and mark sheets of class 10th, 12th, and degree certificates
• Fees details and payment deadlines as given by the college or university

Income documents of Co-applicant

If Salaried

• Office ID card
• Last 2 years' Income Tax Returns
• Form 16 details of last 2 years
• Last 3 month’s salary slip

If Self-employed

• Profit & loss statement and balance sheet of last 3 years
• Last 3 years' Income Tax Returns
• Proof of address of the business

Miscellaneous Documents

• Joint affidavit from co-applicant and applicant’s side in the legal format given by WeMakeScholars financial officer
• Consent letter from the co-applicants side stating that if there is any other expense, it will be borne by them

Additional docs (if required)

• Past 1 year’s loan account statement of the pending loan
• Receipts of payment (done in last 6 months)
• A Certificate of gap mentioning the reason for the break on Rs 100 stamp paper for students

You can submit your above-listed documents to the nearest branch of your chosen lender or you can upload your documents on the WeMakeScholars documents portal using the documents uploading link.

If you apply and get an unsecured student loan of Rs 40 lacs to study in a prestigious educational institute in Singapore at an 11.5% rate of interest and choose to repay it in 10 years, then your repayment schedule will be as follows:

Your loan repayment conditions may be different, according to your loan values and eligibility parameters. You can use the WeMakeScholars education loan EMI calculator to know your repayment statistics.

The public and private banks that offer secured education loans or education loans with collateral to students to study in Singapore are listed below:

• State Bank of India
• Karur Vysya Bank
• Bank of Baroda
• Union Bank of India
• Axis Bank
• IDFC Bank

Step 1 Ask for a callback from your financial officer at WeMakeScholar to start your loan process with WeMakeScholars

Step 2 Give your course information, collateral, and co-applicant details over the call to your financial officer

Step 3  After your loan profile analysis, your financial officer will connect you to all possible lenders 

Step 4 Submit your documents on the WeMakeScholars documents portal using the documents uploading link

Step 5 Visit the bank to sign the loan agreement and collect your loan sanction letter after 15-20 days of submitting your documents.

Approaching the banks directly to get your secured education loan sanctioned for Singapore, might land you in a loan process with the following disadvantages:

• Longer processing time
• Producing not mandatory documents
• False legal and valuation reports
• Unnecessary charges added to processing fees
• Incomplete loan product details

WeMakeScholars is the leading student loan partner of more than 14 public and private banks in India. We help students arrange funds to pursue their higher education by offering them student loan sanctioning process support. While processing your secured education loan with WeMakeScholars you will also enjoy the following benefits: 

Tax saving strategies - To assist you to save more, your financial officer will inform you about the numerous income tax advantage programs under sections 80E and 80C as well as the tax collected at source.

Online application procedure - You may not only apply for a student loan online, but you can also finish the loan sanctioning procedure online, which will save you time.

Documents checklist - Your financial officer will provide you with an appropriate documents checklist that is carefully tailored to suit your loan profile, which will ease your stress of gathering and submitting a variety of documents to the bank.

Cashback - When your loan is disbursed, you may get up to $3,000 in cashback from our end.

You will get all the above-mentioned benefits and many more when you process your student loan with WeMakeScholars. Request a callback or fill out the common application form to start your loan process with WeMakeScholars FREE of COST.  

You will need to submit the above-mentioned unsecured education loan documents along with the following collateral documents to apply for a secured education loan:

• Original registration receipt of the above agreement
• Copy of municipality-approved building plan or plot layout
• Registered sale agreement / Gift Deed
• Property allotment letter by municipality corporation or authorized government authority like DDA, MHADA, HUDA, CIDCO, etc
• Latest property tax receipts and electricity bills bearing the same address
• Property title deed
• The previous chain of sale deed of the last 30 years is necessary

If applying for a secured student loan you will be given a documents checklist by your financial officer after your loan profile analysis, according to which you can upload your documents online on the WeMakeScholars documents portal.

If you have taken a secured education loan as per the following conditions:

• Loan amount - Rs 50 lacs
• Rate of Interest - 10%
• Repayment duration - 12 years

Then your repayment schedule for a secured education loan will look like the following:

Your repayment schedule may be different as it depends on other parameters of the loan profile. You can use the WeMakeScholars student loan EMI calculator to know your repayment schedule as per your loan conditions.

For more information about your education loan repayment process, get in touch with your financial officer at WeMakeScholars

Singapore education loan will include the following expenses

• Course fees or tuition expenses
• Cost of hotel, accommodation, or stay
• Traveling expenses
• Insurance premiums
• Mess and food expenses
• Cost of library or laboratory equipment
• Laptop purchasing cost
• Cost of study tours, thesis, or project works
• Airfares

All other expenses, which are considered necessary to complete the studies will also be considered, and an student loan will cover all those expenses too.

Education loan for Master in Singapore

Students get student loans of up to Rs 1.5 Cr or even higher to pursue their master's from Singapore. In master's, students can pursue STEM courses or management programs that have good employment opportunities in the future.

Education loan for Bachelors in Singapore

Pursuing a bachelor's degree in a STEM course like accountancy, business, humanities, engineering, etc. from Singapore is of interest to many international students from around the world. 

Education loan for MBA in Singapore

An student loan for MBA courses in sales, marketing, supply chain, etc. is also offered to students to study in Singapore at interest rates starting from 8.50% for secured student loans and 10.50% for unsecured student loans.

Education loan for PG Diploma in Singapore

Students can avail of student loans to pursue PG Diploma courses from Singapore, in subjects like computer applications, data science, risk management, animation, design, etc., which have high employability chances in the future.

Students planning to study in Singapore have the following scholarship opportunities to raise funds for themselves:

1. Education Future International Scholarship - USA & Non-USA 2022
2. NUS Research Scholarship, 2022
3. FORTÉ MBA FELLOWSHIPS
4. ETS TOEFL Scholarships
5. Lee Kuan Yew Scholarship
6. UICC Technical Fellowships 2022
7. National Air Transportation Association (NATA) Pioneers Of Flight Scholarship 2022
8. British Council IELTS Award 2022
9. UICC Technical Fellowships 2022
10. IWMF Howard G. Buffett Fund, 2022

Visit the WeMakeScholars scholarship portal to look for more scholarships for Singapore, for which you might be eligible. Search and apply for your preferred scholarship from the never-ending list of partially and fully funded scholarships available on the WeMakeScholars website.

Singapore is one of the most popular study destinations among other south-east Asian countries, due to the presence of the following prestigious universities:

1. National University of Singapore 
2. The Nanyang Technical University
3. Singapore University of Technology and Design 
4. Management Development Institute of Singapore (MDIS)

If your University is not mentioned above, speak to your financial officer at WeMakeScholars to know which your preferred university falls in the prime university list of which bank.

HSBC Education Loan Singapore

HSBC helps people who want to pursue their higher education in Singapore by offering special loans for those who have HSBC accounts. Whether you want to study in India or in another country, HSBC can assist you. They have different types of loans for education. For example, if you want to study in another country, they have loans just for that. And if you want to study in India, they also offer personal loans for education. These loans have competitive interest rates, starting at 9.54% per year. 

Citibank Education Loan Singapore 

Citibank provides a range of personal loan options for individuals seeking to finance their higher education in Singapore. These loans are available in both secured and unsecured forms, offering flexibility to borrowers. Under their secured loan category, you have the potential to secure a loan amount, with a maximum limit of 5 crores. The interest rates for these secured loans start at an interest rate of 11.55%.

DBS Bank Singapore Education loan

DBS provides education loans that cater to the financial needs of individuals aspiring to pursue their higher education in Singapore. These loans can amount to a maximum of 20 lakhs. 
The interest rates offered by DBS for education loans vary depending on whether you provide collateral or not. If you have collateral to offer, the interest rates could range from 9% to 11%, On the other hand, for loans without collateral, the interest rates can range between 12% to 14%. This variety in interest rates accommodates a range of financial situations, making education financing accessible to a broader spectrum of students.