Study Loan

Study Loan

Study Loans

AutoMoneyBack connects you directly to banks in Singapore providing education loans with the lowest interest rates (and benefits). We simplify your process by getting an education loan specialist from the top bank to contact you.

 

How do I qualify for an Education Loan?

You need to be Singaporean or a Singaporean PR, aged between 21 to 62 years, with a minimum income of $12,000 p.a. to qualify. If you are not working during your studies, your parents / sponsor can apply for the loan for you & they would have to meet the minimum criteria above. It can also be a joint application by 2 sponsors. If there is a guarantor, the minimum income of the guarantor must be $30,000.

If I have an existing education loan, can I still apply?

No. You cannot have any existing education loan with other banks or financial institutes for the current course of study.

What is the loan amount I can get for my education ?

The bank may extend a minimum loan amount of $3,000 up to 6 times the combined applicants’ monthly income, with a maximum loan of $100,000 (whichever is lower).

What is the loan tenure for my education loan?

The duration can be set between 1 to 10 years.

Are there any fees and/or charges if I get an education loan through AutoMoneyBack?

Our service to you is 100% free because we are paid by the banks separately. In fact, we give you rewards back for using our services.

Are there any extra charges from the bank?

Once your loan application gets approved, the banks will usually charge a processing fee of 2.0% of loan amount that will be deducted upfront from loan amount upon the first disbursement. Depending on the bank, other charges you may incur are:

  • Full Prepayment penalty of 1% on the original loan amount
  • Partial Prepayment penalty of 1% on the prepaid amount if loan is prepaid within the loan tenure.
  • Cancellation fee of 1% on the original loan amount is payable if there is cancellation after acceptance of the Letter of Offer
  • Disbursement Fee: Commission waiver only for Cashier’s Orders.
What are the documents required for education loan application?
  • Photocopy of NRIC (both sides)
  • For salaried employee: Latest computerized payslip and CPF statement for the past 6 months or latest Income Tax Notice of Assessment
  • For self-employed: Latest Income Tax Notice of Assessment or CPF statement for the past 2 years
  • Letter of Acceptance from the education institution stating the type, duration of course and total course fee
  • Completed application form duly signed by applicant(s)

 
Click to Begin
     BEGIN