Maybank Education Loan Singapore: Interest Rate, Eligibility, Benefits

The Maybank Education Loan Singapore offers financial assistance to students pursuing higher education. Prospective applicants can conveniently apply online through the official website. Required documents, such as proof of admission and financial information, must be submitted for evaluation. Maybank provides competitive interest rates and flexible repayment options on student loans. Once the application is approved, students can focus on their studies while managing educational expenses effectively with the support of Maybank’s financial assistance.

Also Read: Why Choose Indian Banks Over Foreign Banks For Education Loans To Study Abroad? 

How to Apply for Maybank Education Loan Singapore?

To apply for a Maybank Education Loan in Singapore, visit their official website, complete the online application form, and submit the required documents like proof of admission and financial details. Await approval and follow up if needed.

Here is a step-by-step guide to completing the student loan application process: 

Step 1: Go to the official website of Maybank2u

Step 2: Click on the ‘Personal’ option on the top menu

Step 3: Select the ‘Education Loan’ option from the drop-down menu

Step 4: Fill out the Maybank Education Financing Application Form by clicking on the ‘Download Form’ button on the education loan page

Step 5: Submit the completed loan application form and upload the required documents by clicking on the ‘Email Now’ button

With this, the application process is complete.

Also Read: How To Get Student Loan To Study In Singapore? Here’s The Process!

Documents Required

Here are some of the essential documents required to complete the education loan application.

• Proof of admission/enrolment in a recognized university
• Fee invoice
• Schedule payment of a fee 
• Academic transcripts

Also Read: How To Get Student Loans For Living Expenses And Ways To Use Them!

Eligibility

Maybank Education Loan Singapore eligibility criteria typically include citizenship, age, and course of the applicant. In addition, proof of income of the co-signer/guarantor is required in cases where the student is unemployed. Meeting the below criteria is therefore essential for the loan approval.

• The applicant must be a Permanent Resident or a citizen of Singapore
• The potential beneficiary should be an adult i.e. not less than 18 years. She/they/he must not be more than 65 years of age upon loan maturity
• The co-applicant or guarantor must not be below 21 years. She/they/he must not be above 65 years when the loan matures.
• Employed students and part-time study students must have a minimum annual income of SGD 30,000
• Co-applicants and guarantors of unemployed students must earn at least SGD 30,000 each year
• Co-borrowers/guarantors of students going to study outside Singapore must have a minimum annual income of SGD 60,000

Also Read: Is It Possible To Change Your University Abroad After An Education Loan Sanction? 

Benefits

Maybank2u Singapore offers tailored student loans to eligible students. Owing to this reason, they can realize their dreams and build successful careers. For potential borrowers, we have enlisted key advantages of Maybank Education Loan Singapore, which include:

• Low-interest rates
• Students can apply for an education loan of up to 8X of the monthly income of the applicant or co-applicant or SGD 200,000, whichever amount is lower.
• Eligible candidates can apply for loans to pursue higher education in Singapore universities or outside the country.
• The loan repayment period is 10 years.
• Beneficiaries have access to additional financial assistance for education-related expenditures like books, accommodation fees, and computer equipment.

Also Read: Benefits of Education Loans

Fees and Charges

Several fees and charges are attached to Maybank Education Loan Singapore. Applicants need to pay charges for loan processing, cancellation, and prepayment. The table below shows different fees and charges associated with this loan:

Fee/Charge Type	Fee/Charge	Payment Time/Condition
Processing Fee	SGD 300 or 2.25% of the education loan amount, whichever is higher	After the bank accepts the Letter of Offer
Administrative Fee for Loan Restructure	SGD 200	During loan tenure
Cancellation Charge	2.50% of the canceled or undrawn loan amount	After the bank accepts the Letter of Offer
Full Redemption or Prepayment Fee	2.50% of the redeemed or prepaid amount during the education loan tenure	A notice period of at least 1 month or prior interest payment is required

Also Read: Terms And Conditions For Education Loan For Students

Repayment Schemes

Beneficiaries of Maybank Education Loan Singapore have flexible loan repayment options. The bank offers three options: Standard Repayment Scheme, Partial Repayment Scheme, and Interest Servicing Scheme.

Standard Repayment Scheme

You need to make monthly payments that cover both the principal and interest and the duration of these payments will be decided by the Bank. The calculation of these payments depends on the Loan’s agreed tenure and the disbursed amount.

Also Read: What Are The Pros And Cons Of Paying Off Student Loans Early?

Partial Repayment Scheme

You are required to make monthly payments that cover both the principal and interest, lasting up to a maximum of 36 months or a period determined by the Bank. These payments are calculated based on the Loan’s agreed-upon tenure and disbursed amount. During this Partial Repayment Period, the Bank may allow occasional adjustments to the calculated installment amount. After this period, the monthly installment might change based on the remaining amount and the agreed tenure.

Also Read: How To Pay Student Loans With A Credit Card?

Interest Servicing Scheme

You need to pay monthly installments that include only the interest. This will continue for a maximum of 36 months or as per the Bank’s decision. The installments are calculated based on the Loan’s tenure and the amount disbursed. After the Interest Repayment Period, the monthly installment might change based on the remaining amount and the agreed-upon tenure.

FAQs

For any Student Loan, Bank Account or Money related queries, contact Fly.Finance Team.