Education Loan for Singapore

✓Avail a loan amount upto 1.5 Cr.

✓ At interest rate as low as 8.50% P.A.

Speak with a Financial officer

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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

Unsecured Education Loan


Loan Parameters


Loan Limit

Upto Rs 60 lacs

A higher amount can also be offered based on the student's loan profile and co-applicants income

Expenses covered

    • Course fees and tuition charges
    • Library and laboratory fees
    • Premiums of the insurance
    • Hostel and accommodation fees
    • Food and mess charges
    • Laptop purchasing cost
    • Project costs, assignments, and thesis 
    • Study equipment cost, instruments and uniform purchasing cost

  Eligible courses

    • Bachelors in engineering and other undergraduate programs
    • Masters of Business Administration
    • PG Diploma courses

You can take student loans for other courses as well

Interest rate

Starts from 10.50%

Interest rates can be negotiated and brought down further 

Moratorium Period

Course duration + maximum upto 1 year

Repayment Duration

Maximum upto 10 years

Repayment policies

    • Partial or full simple interest may be charged to students during their moratorium period
    • EMIs may start immediately after the disbursement

Eligibility Criteria

    • Co-applicant’s income should be at least Rs 4.5 lacs 
    • The student should be an Indian national
    • Students must have been admitted to their preferred course of study in their college in Singapore


Banks that offer unsecured loans for Singapore

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

How to get an unsecured education loan for Singapore?

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.

Disadvantages of going directly through banks for an Unsecured Education Loan

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

Why Choose WeMakeScholars for an Unsecured Education Loan?

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.

Need a hassle-free education loan for studying abroad? Let us help you.

Documents required for a loan without collateral for Singapore

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.

The repayment plan for unsecured loans in Singapore

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:

Repayment Cycle


Interest portion

Principal portion

Loan Outstanding

Start of loan EMI





End of year 1





End of Year 2





End of Year 3





End of Year 4





End of Year 5





End of Year 6





End of Year 7





End of Year 8





End of Year 9





End of Year 10






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.

We provide personalized education loan solutions, tailored to your needs.

Secured or with the collateral loan for Singapore

Loan Parameters


  Loan Limit

Upto Rs 1.5 Cr

According to the eligibility criteria of students, a higher loan amount can also be offered

Expenses covered

    • Tuition fees
    • Living Expenses
    • Insurance premiums
    • Traveling expenses (airfare)

  Eligible courses

    • Bachelors in engineering, fine arts, and management study programs
    • Masters in business and management studies
    • Doctoral Programs
    • PhD Programs
    • Industrial Training programs
    • Masters in computer application, journalism, animation and design

  Interest rate

Starts from 8.50%

Moratorium Period

Course duration + maximum upto 1 year

Repayment Duration

Maximum upto 15 years

  Repayment policies

    • Interest during the moratorium period is also charged and required to be paid
    • Students can opt to add their payable interest amount during the moratorium period, with the total loan amount and pay later with EMIs

  Eligibility Criteria

    • Indian nationals are eligible to apply for a loan to study in Singapore
    • Admission of the student must be confirmed in the college or university in Singapore

  Types of Collateral

    • Immovable properties - Flat, House, non-agricultural land, commercial properties
    • Liquid Securities - LIC Policies, Fixed deposit, Government Bonds

  Value of collateral

    • A minimum value of liquid security as collateral should be at least equal to the value of the asked loan amount
    • A minimum value of the immovable property as collateral should be at least equal to the value of the asked loan amount


Banks that offer secured loans for Singapore

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

How to get a Secured loan for Singapore?

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.

Disadvantages of going directly through banks for a Secured Education Loan

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

Why Choose WeMakeScholars for a Secured Education Loan?

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.  

Our services are designed to provide you with the best education loan, no matter what your financial situation is

Documents required for a loan with collateral for Singapore

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.

The repayment plan for Secured Education loans in Singapore

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:

Repayment Cycle


Interest portion

Principal portion

Loan Outstanding

Start of loan EMI





End of year 1





End of Year 2





End of Year 3





End of Year 4





End of Year 5





End of Year 6





End of Year 7





End of Year 8





End of Year 9





End of Year 10





End of Year 11





End of Year 12






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

We understand the challenges of getting an education loan. Let us help you for free

Expenses covered for education loans in Singapore

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.

Special education loan schemes in Singapore

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.

Our education loan service is designed to make education loan for studying abroad stress-free for you.

Scholarships for studying in Singapore

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

Education Future International Scholarship - USA & Non-USA 2022
NUS Research Scholarship, 2022
ETS TOEFL Scholarships
Lee Kuan Yew Scholarship
UICC Technical Fellowships 2022
National Air Transportation Association (NATA) Pioneers Of Flight Scholarship 2022
British Council IELTS Award 2022
UICC Technical Fellowships 2022
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.

Universities recognized for Education Loans in Singapore

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

National University of Singapore 
The Nanyang Technical University
Singapore University of Technology and Design 
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.

Best Banks for Education Loan in Singapore

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.

Education Loan FAQs

  • Can I get a loan to study in Singapore?

    Yes, you can get both secured and unsecured education loans from public and private banks in India, to study in Singapore. To get the best education loan deal as per your eligibility, process your loan with WeMakeScholars.

  • Which Bank is best for student loans in Singapore?

    To study in Singapore public banks in India offer education loans of upto Rs 1.5 Cr at interest rates starting from 8.50%. Public banks also have longer repayment duration of upto 15 years which makes it more convenient for students to repay their loans. To find the best public lender to take an education loan, apply for an education loan on WeMakeScholars.

  • How much study loan can I get in Singapore?

    You can get a secured education loan of upto Rs 1.5 Cr and an unsecured education loan of upto Rs 75 lacs to pursue your preferred degree course in Singapore. If your loan requirement is higher than this, approach WeMakeScholars, as we can negotiate with lenders for higher loan amounts depending on your loan profile

  • Can I get a 100% student loan?

    Yes, you can get an education loan that covers 100% of your tuition fees, living expenses, travel expenses, insurance premiums, etc, to study in Singapore. To know the best loan deal process your loan with WeMakeScholars.

  • How do I repay my student loan?

    To repay student loans, generally, the borrower will have to pay a monthly EMI after the moratorium period. If an education loan is taken from a private bank, students will have to pay a partial simple interest during the moratorium period, or in some cases, direct EMIs will start immediately after the disbursement of the loan. To find the best education loan with easy repayment plans, visit WeMakeScholars.

  • Can foreigners get an education loan in Singapore?

    Yes, foreign students who have secured admission in Singapore can apply to get an education loan in Singapore. But Indian students should take education loans from Indian lenders as here they will get interest rate subsidies, tax benefits, lesser processing fees, and many other advantages. Moreover, though the interest rates may look cheap numerically due to currency exchange rates parity, the interest amount will be higher for foreign lenders. To find the best lender in India suiting your profile, visit WeMakeScholars

  • What are the preferred study programs in Singapore?

    Students go to Singapore to pursue their bachelor's, master's, diploma courses, and doctoral degrees. Singapore has some of the best educational institutions in the world and is therefore preferred as an international study hub.


Singapore Sees Surge in Interest from Indian Nurses Amidst Manpower Crisis

Singapore is facing a nursing shortage and is actively recruiting foreign nurses, with a significant increase in interest from Indian nurses. The country plans to add 4,000 nurses to its workforce by year-end, with two-thirds coming from overseas. One recruitment agency, Dynamic Health Staff, reported a fourfold increase in foreign candidates, primarily from India, compared to January.

The appeal of Singapore for Indian nurses lies in better pay, benefits, and a robust healthcare system. Safety, advanced medical technology, and an improved quality of life also attract nurses to the city-state.

Nurses relocating to Singapore can expect housing allowances, gratuity, and joining bonuses. Demand for foreign nurses is high, with healthcare institutions such as the National Kidney Foundation and nursing homes seeking foreign talent.

However, Singapore's Health Minister emphasized that while foreign recruitment is increasing, the majority of the nursing workforce will continue to be local. Singapore aims for a balanced approach, ensuring that local talent from nursing schools and mid-career training programs remains a significant part of the healthcare sector.

India and Singapore Join Collaboration to Shape Future-Ready Education and Workforce

Union Education Minister Dharmendra Pradhan, expressed strong potential for collaboration between India and Singapore in preparing a workforce for the global stage during the conclusion of the Singapore-India Hackathon. Organized jointly by the All India Council for Technical Education (AICTE) and Nanyang Technological University, Singapore, this event aims to build a robust skilling ecosystem in India.

Pradhan lauded Singapore's philosophy of inclusive skill development, leaving no one behind in preparing for quality jobs. He highlighted the importance of knowledge exchange and skill development in enhancing bilateral strategic partnerships, not only benefiting India but also other countries in the global south.

Singapore's Deputy Prime Minister Lawrence Wong commended the event for uniting young minds to tackle global challenges. Initiated by Prime Minister Narendra Modi in 2018, the hackathon has become a significant platform for fostering innovation and cooperation. PM Modi emphasized the shared future vision, aligning with the ancient Indian concept of "Vasudhaiva Kutumbakam," which means the world is one family.

During the hackathon, a student team developed a tool to detect insider trading suspects, earning the top student prize, while Haqdarshak was recognized for enabling millions of Indians to access government welfare services. Over 600 participants from both countries presented solutions for various challenges, from financial fraud detection to boosting trade connectivity.

Last updated - 09/08/2023