Singapore is considered as one of the best places to study. Students who have a dream of studying abroad seek Singapore as the best destination for the purpose. People need to check the fees of different institutes and the cost of living in the country. If they are unable to afford the cost, they can go for an education loan.
Eligibility for education loan
Students need to know about the eligibility criteria if they want to have an education loan in the country. They also have to choose a moneylender that can help them in getting the loan. One such moneylender is CRAWFORT. Eligibility criteria vary from one financial institution to another but there are some common factors which students need to take care of and these are mentioned below.
- The student should have got the admission in an educational institution for a professional course. He has to show the documents regarding the admission to get a loan.
- The students should have the document to show the citizenship of his home country.
- The loan should be applied by the student who is 18 years old or above. If a student under the age of 18 wants to apply for a loan, he has to apply for it jointly with his parents.
- Banks in Singapore give loans only if the student has taken admission in a recognized university.
Factors to be considered before taking admission
Students who are taking admission in an institute in Singapore need to check about various factors and these are as follows.
- Tuition fees
- Medical insurance
- Visa application
- Personal expenses
How to apply for the education loan?
Applying for the education loan in the country is very easy. This is due to the development of technology. Students and their families need to check about various factors regarding education before applying for the loan. After seeking these factors, the next thing is to select as a licensed moneylender and one of them is CRAWFORT. Students who are going to the country for the first time need to have contacts with other students in the country.
When a student gets admission, he has to check the amount which he can arrange and the amount that he has to take as a loan. They should also check various schemes regarding the loan. Some factors related to the loan are as follows.
- Rate of interest that a bank or a moneylender will charge
- The processing fee of the loan application that the student has to bear
- Expenses which will be covered on the loan
- Time to be taken for the processing the application
- Time and duration of repayment
After selecting a moneylender, students have to seek a proper channel to apply for the loan.
Expenses that are covered under the loan
Expenses to be covered under the loan include; tuition fees, accommodation, along with study tour, project, travels, and many more. Besides this, students also need to purchase books, stationery, laptops another expense related to their course.
Formalities of the bank
The next thing that a student has to check is the formalities that he has to proceed with the bank or the moneylender. The documents needed by the moneylender are as follows.
- Academic documents of the education taken in previous institutes
- Proof of admission in the university
- Residence proof of the guarantor
- Borrower’s bank account statements
- A guarantee about the loan amount
Guidelines for applying for education loans in banks
Here are the guidelines which people have to follow to apply for an education loan.
- Students from other countries who have secured admission to an institute in the country can apply for an education loan in Singapore.
- The minimum loan amount which students can apply for id 20,000 Singapore dollars. The maximum amount can go to 100% expensed for the full programmer.
- The grace period for payment of the loan is six months and after that, students have to start the repayment of the loan amount. Students are not required to repay the loan during their tenure of course.
- After the completion of the grace period, students are given the time of one year to five years to make payment of the loan. The payment term will not be increased beyond five years.
- The interest on the loan depends on the type of moneylender which they have selected.
Benefits of education loan
Here are some of the benefits which people will get for taking an education loan.
- The rate of interest in education loans is low in Singapore.
- Getting an education loan is easy provided that the student has proven his eligibility.
- Payment terms are also good, as students have to start paying after the completion of their education.
These are the things that students need to consider while applying for a student loan in Singapore. People will avail many benefits like low-interest rate, good payment terms, and many others.