How to Get Student Loan to Study in Singapore? Here’s the Process!

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Home » Education Loan » How to Get Student Loan to Study in Singapore? Here’s the Process!

To apply for a student loan Singapore, an individual above 18 years of age can apply for secured and unsecured loans. These study-abroad students can apply for education loans at nationalised banks of India, private banks, private lenders, and non-banking financial companies (NBFCs). All the loan providers follow a due loan application procedure to approve and disburse study abroad loans to eligible students. Each financial institution has its own eligibility requirements and loan repayment terms, suited for a majority of students. 

How to Get Student Loan Singapore?

Applying for and availing of student loan Singapore is a cumbersome and long process. To avoid unnecessary hassle and tedious paperwork, study in Singapore students can always opt for a one-stop study abroad loan platform Fly Finance. Students can follow the following steps to apply for education loans and seek guidance from 

  • Visit the official website of Fly Finance 
  • Go to the ‘Education Loan’ option from the drop-down menu or home page of the website
  • Select the ‘Apply Loan’ option
  • Students can calculate their EMIs using the Fly Finance EMI calculator
  • Students can then request a Call Back to proceed with the abroad studies loan application process.
  • Fly Finance experts will instantly call the interested student and help them procure loans from their partners like ICICI Bank, Axis Bank, Prodigy Finance, MPOWER Financing, etc

Advantages of Applying for Student Loan with Fly Finance 

Some of the key advantages of applying for a student loan Singapore with Fly Finance are as follows:

  • Their experts help students avail up to 100% loan for their tuition fees and cost of living
  • The user-friendly loan application platform of the financial wing of Leverage Edu helps students cut long queues at banks and apply for loans digitally.
  • Students can access lower-interest education loans with Leverage Edu student loan experts
  • Study-abroad students get flexible loan repayment options
  • Students submit a common loan application form for all lenders and experts take care of the entire process

Also Read: Benefits of Education Loans

Eligibility Criteria to Apply for Student Loan Singapore

Indian students applying for student loan Singapore must meet the following criteria:

  • The candidate must have secured admission to a recognised university or college in Singapore. She/they/he must have proof of admission for the same.
  • The potential beneficiary must ensure that they/she/he has enrolled in a university recognised by loan providers.
  • The applicant must be a citizen of India
  • The borrower must be an adult who is above 18 years of age
  • The student must apply for the student loan co-jointly with their guardians or parents

Best Student Loan Singapore

Indian students have the choice of Secured and Unsecured Student Loans to study in Singapore. Secured student loans or education loans with collateral are available at nationalised banks of India, private banks, and NBFCs. To avail of these loans borrowers must produce a collateral security in exchange for financial aid. Assets or mortgages submitted as collateral serves as security for loan providers if applicants fail to repay loans.

Whereas, unsecured loans refer to loans that do not require collateral as a security against financial aid. These loans are usually preferred by applicants who do not possess any movable or immovable assets which can be produced as collateral. These loans are usually disbursed by certain private banks and NBFCs in India. 

Also Read: Maximum Education Loan Available for Study Abroad

Secured Student Loans for Singapore

Tabulated below are different secured student loan Singapore

PropertiesNationalised BanksNBFCsPrivate Banks
LendersBank of Baroda; State Bank of IndiaHDFC Credila, Incred, AvanseICICI Bank, Axis Bank
Maximum Loan AmountUp to INR 1.5 croreUp to INR 40 lakhUp to INR 60 lakh
Processing Charge/FeeINR 11,800 + Charges on Property Evaluation1 per cent to 2 per cent of the total loan amount1 per cent to 2 per cent of the principal loan amount
Interest Rate8% to 9%12% to 14%11% to 13%
Processing Period15 days to 20 days8 days to 10 days10 days to 12 days
Payment during Course DurationNilSimple InterestSimple Interest
Repayment Time15 years10 years20 years

Unsecured Student Loans for Singapore

Given below are some of the unsecured education loans for studying in Singapore:

PropertiesNBFCsPrivate Banks
LendersIncred, Avanse, HDFC CredilaICICI Bank, Axis Bank
Maximum Loan AmountUp to INR 40 lakhUp to INR 40 lakh
Processing Charge/Fee1 per cent to 2 per cent of the loan amountINR 750 on every 1 lakh over INR 20 lakh
Interest Rate12% to 14%11.5% to 13%
Processing Period4 days to 5 days5 days to 7 days
Income of Co-applicantMust be greater than INR 35kMust be greater than INR 35k
Repayment Time10 years20 years

Also Read: Top Private Student Loans for Abroad Education

Documents Required

Each student loan Singapore lender has different document requirements. However, each loan provider asks for the following set of documents mandatorily:

  • KYC documents such as Voter ID, Passport, PAN Card, Aadhaar Card, or Driving Licence of the applicant as well as the co-signer
  • Proof of residence of the borrower and co-borrower
  • Proof of the citizenship of the applicant and co-applicant
  • Academic transcripts of the study in Singapore student
  • Proof of admission from a recognised University of Singapore
  • Fee structure of the course 
  • Bank statement of the co-borrower
  • Form 16 or ITR (Income Tax Return) of the co-applicant

Also Read: Student Loan Tax Deduction: Calculator, Income Limit, Section 80E


Which NBFCs provide loans to study in Singapore?

Students who have secured admission to Singapore universities can apply for loans at HDFC Credila, Incred, and Avanse.

Which banks offer student loans to study in Singapore?

State Bank of India (SBI), Bank of Baroda (BOB), and Union Bank of India provide study abroad loans to Indian students going for higher education in a foreign country.

Can I get unsecured student loan to study in Singapore?

Yes. Indian students can get unsecured loans from NBFCs and private banks to study in approved colleges and universities of Singapore.

To avail of study abroad loans and make international money transfers stay in tune with Fly Finance. To get end-to-end assistance in these processes connect with our experts at 1800 572 126.

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