According to almost all the philosophers who ever lived, education is the most important gift you can receive to see a brighter future. I believe you require education to be successful in this modern world. Although the government of Singapore is destined to affordable study costs, they are still increasing and considering that studying overseas is not cheap. Are you a university or college student in Singapore or a foreign country? Are you wondering how you will solve challenges brought about by the higher education costs? You may also be a parent or guardian who wants to apply for a personal loan to fund a student’s education. Worry no more. I am here to help you break these financial problems as a student for all, up to the unknown end of education. Taking a personal study loan in Singapore can help you out, especially studying abroad. When taking a study loan, do not worry because the government of Singapore protects borrowers and money lending businesses through the ministry of law.
So, you do not need scientific reasoning to find a study loan sunny enough in Singapore. We will analyze it here, and you can live up to your purpose as a student. To find an excellent personal study loan, you will follow the following considerations.
1. What is a personal study loan?
A study loan, student loan or education loan in Singapore are all the same. All those terms refer to loans taken by students of higher learning in Singaporean universities or overseas institutions. You can use the loan to pay for tuition fees or other academic use by the student. An example is paying for accommodation, buying academic materials and purchasing food. You are expected to repay this loan when through with your studies. In Singapore, interest-bearing loans have up to 20 years of repayment and up to 5 years for a free interest study loan. The repayment commences immediately after graduation.
2. Qualifications for a personal study loan in Singapore
If you are planning to apply for a study loan to fund your studies, you need to ascertain whether you qualify for the service or not. The minimum age to apply for a personal study loan is 21 years if applying on your own. Also, you will need a sponsor or guarantor to oversee this process. The guarantor should be aged from 21 to 60 years. The banks tend to be more lenient if your sponsor or guarantor is a family member. Banks usually have a minimum salary which you or your guarantor must meet. Your sponsors’ monthly income also determines how much you can borrow. The bank also allows two people to play this role if your guarantor does not have enough money.
3. The best study loans provider
Know the loan interest rates-when selecting a study loan that you are expected to repay in future, and you should be very careful. You will choose a loan depending on its interest rate. Go for a loan with a relatively fair interest rate.
Ascertain the amount you need before getting a loan, know how much you require. The study loan will help you know which loan to take and from which bank. You can do this by looking at tuition fees, accommodation, stationery and other costs you may be having.
Compare the available study loans-there are so many study loans in Singapore from different banks. Before selecting, research to get the most suitable loan according to your needs.
4. The loan amount, tenure and repayment schedule.
First, determine the minimum and maximum amount you can be allowed to borrow from the bank. It will help you to see if the study loan will be enough for your financial needs. Also, you will help to ascertain whether you will be able to pay the loan in future or not.
Then they find out the loan tenure. You need to know how it will take you to pay for the loan. You will come up with a budget to enable you to pay the loan accordingly in future. Loans have different windows between the time you graduate and loan repayment, depending on the flexibility of the loan repayment scheme.
Finally, it will be important to find out the study loan repayment schedule. Also, know how much you are expected to pay back. Have in mind the study loan interest rate.
Conclusion
To make your future sunny enough, you need education. Higher education can be challenging, especially if you don’t have enough funds. You or your kid may be a student here in Singapore or a foreign country. To overcome this burden, getting a study loan is the most preferred option. When on the lookout for the best loan, make sure to find the best loan provider in Singapore. Get the one offering the best interest rates, as well as the most flexible loan repayment scheme. I hope the information will be of great help to you.