Education Loan for Studying in Singapore: Everything You Need to Know
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Singapore is one of the safest and most expensive countries to study abroad. While it's a top-tier destination for education, the cost of living and tuition fees can be costly. Many Indian students borrow education loans to finance their dream of studying in Singapore. This financial aid helps you to cover everything from tuition and accommodation to living expenses and textbooks. Because of this, you can easily focus on your studies without worrying about finances.
Today, Singapore is a popular study destination not because of high-quality education but ample job opportunities. In this article, we will discuss how to borrow education loan for studying in Singapore, their eligibility, application process and the list of documents required for the student loan.
Top Universities in Singapore
Here is the list of universities in Singapore, where most of the international students are enrolled:
- National University of Singapore
- Singapore University of Technology and Design
- SIM University
- Singapore Management University
- Nanyang Technological University
Eligibility For Education Loan to Study in Singapore
It is important for students to understand the eligibility guidelines and qualify the same, to be able to apply to their preferred money lending institution/bank for the Education Loan. The Education Loan eligibility criteria vary for different banks. However, some common factors that are taken into account by all money-lending institutions include:
- The student should have successfully secured admission to a professional course from a recognized Institution/University abroad with documents to prove the same.
- The student (borrower) is required to be an Indian Citizen.
- The applicant should be above 18 years of age to be able to apply for an Education Loan. Students below 18 are required to apply for the loan co-jointly with their parents.
- The applicant should always check that the university/college is recognized by the concerned authorities. Banks grant a loan for recognized educational institutions.
Also read: SBI Education Loan for Study Abroad
Understanding the Cost of Studying in Singapore
Once a student decides to study abroad, there would be a lot of factors that would start looking important and cost money. Broadly, the cost of studying in Singapore would include:
- Tuition Fees
- Food and Accommodation
- Books and Stationery
- Medical Insurance
- Transport
- Telecommunications
- Visa Application
- Utilities
- Personal Expenses
How to Apply for an Education Loan?
With the latest technological innovation, applying for an Education Loan has come a long way. However, there are various factors that students and their families (borrowers) should carefully comprehend before selecting their preferred loan institution. First-time students are advised to be closely in touch with their student coordinators abroad to be able to get an actual figure that they would require for the entire duration of stay in Singapore. After receiving the admission, students should estimate the amount they would self-finance and the amount they would borrow as a loan. With Banking and Non-Banking Intuitions introducing lucrative schemes, all year round, borrowers should do thorough research of the market before settling in on their choice. Factors that should determine their preferred loan institution are:
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- The interest rate offered by the Bank
- The processing fee that would be levied
- Expenses covered under the Education Loan
- Time taken to process the loan
- Repayment terms and duration
Once the borrower has decided on a bank, he would have to apply through the appropriate channel for his loan to be sanctioned.
List of Documents Required for Education Loan
The bank is your next hurdle and they would require a number of documents from you to sanction the loan amount whether in part or full. The documents primarily include but not limited to:
- Academic documents of the student
- Proof of University admission
- Proof of residence of the student (borrower) and guarantor
- Statement of borrowers' Bank accounts
- A legit guarantee against the loan amount
Shiksha has partnered with India’s topmost and trusted loan providers who will assist you in getting an education loan. Find out more!
Also Read:
Types of Expenses Covered in Singapore Education Loan
Apart from tuition and accommodation fees, the loan would extend to costs incurred on travel, study tours, and project work during the entire duration of the academic year in Singapore. Apart from this, it would also include the purchase of books, laptop, stationery and other reasonable expenses that would be required to successfully complete the course.
Note: In case you're finding it difficult to apply for an education loan, you may also apply for loan through Shiksha website.
Loan Application Guidelines Applicable to Most Nationalized Banks
- Students from India who have secured admission to selected educational institutions for higher studies in Singapore are eligible to apply for Education Loan.
- The minimum loan amount students can apply is SGD 20,000 and the maximum is up to 100% of the student’s (borrowers) tuition fees.
- The Moratorium Period (defined as the grace period after the completion of the course) is 6 months before students are required to start repaying the loan amount. The student under no circumstance is required to repay the amount during the tenure of the course.
- Once the Moratorium Period is over students are given a minimum of 1 year and a maximum of 5 years to repay the loan. However, under no circumstances should the loan term exceed 10 years.
- The Student / Education Loan Interest Rate varies for different banks.
Note: The above guidelines are only relevant to SBI. Kindly go through the rules and regulations of your Bank carefully before applying for the loan.
Q: Â Is Singapore Management University hard to get into?
According to various sources, Singapore Management University has an acceptance rate of around 45% which makes it moderately selective for international student admissions. Some of the general admission requirements at the university are given as follows:
- Academic Transcripts
- International Qualifications that are equivalent
- Standardized Test Scores
- Proof of English Language Proficiency
After the student receives an offer letter, they are required to give the admission interview to be enrolled.
Q: Â How can I apply for NUS Singapore from India?
Applications to all the courses offered by NUS are done via online application portals of the university. Check out the steps below to see how to fill undergraduate and postgraduate applications on dedicated portals:
Undergraduate Applicants:
International applicants need to follow these steps to apply to an undergraduate programme at NUS:
Step 1: Visit myaces.nus.edu.sg/uasonline2/catD/catDapplform.do and sign up to apply.
Step 2: Enter personal details and contact information.
Step 3: Enter details of academic qualifications.
Step 4: Enter information on university/tertiary education.
Step 5: Enter the information on all outstanding achievements.
Step 6: Insert the programme details and paste the application material in the boxes provided.
Step 7: In this step, input the following:
- Next-of-kin information
- Personal identification number
- Application fee
- Financial aid
- Other information
- Tuition grant
Step 8: Read the declaration carefully.
Step 9: Press the ‘Continue’ button to complete the application.
Graduate Applicants
International applicants need to follow these steps to apply to a graduate programme at NUS:
Step 1: Sign up on the university’s application portal at inetapps.nus.edu.sg/gda2/Applicant.aspx/Account/SignUp.
Step 2: Click on ‘Create New Application’ and choose the following:
- Programme type
- Faculty
- Programme
- Department
- Specialisation (area of study)
- Source of finance
- Specify in case of ‘other source of finance’
- Academic load
Step 3: Read the instructions from the faculty/department/school carefully.
Step 4: Fill up the information as stepping through the application process.
Step 5: The system will perform an application completeness check for the selected programme.
Step 6: Once the above steps are completed, fill up the declaration section.
Step 7: Click on the 'Submit' button in the declaration page to complete the submission.
Step 8: To make an online payment for the application/acceptance fee and view details of your application (e.g. application status and admission status), click ‘View Application/Make Payment/Submit Reply on Offer of Admission’ at the menu on the left.
Step 9: To make changes to basic programme information for an application, click ‘Edit’.
Step 10: To apply to multiple programmes within the same application cycle and to change the order of preference, please click on the ‘Up’ and ‘Down’ links as required.
Q: Â Is NTU Singapore expensive?
The NTU tuition fees is S$36,336.45 for international students. Apart from this, students also need to pay University-level miscellaneous fees The tuition fee for undergraduate courses for Nanyang Technological University is similar to NUS. First of all, students need to pay a non-refundable application fee of S$21.40. After accepting the offer, international students need to pay S$5,000 as non-refundable fee. This deposit fee can be used to offset the first tuition fee payment.
Q: Â What is the population of MBA students and faculty at INSEAD Singapore?
There are around 20,000+ students and 5,500+ faculty at INSEAD Singapore.
However, it is difficult to be sure about the same because of new admissions taking place.
The INSEAD website states that there are over 145 full-time faculty from more than 30 countries.
The exact numbers may vary depending on the year and the source.
Q: Â Does INSEAD - Singapore accept Indian students?
Certainly yes, INSEAD - Singapore accepts admission applications from all across the globe including India as well. Indian students applying at INSEAD - Singapore are required to meet the eligibility criteria for the respective choice of course along with a qualifying score in the English language proficiency test like IELTS.
Q: Â How can an Indian student get admission to INSEAD - Singapore?
As an Indian student, complete the following steps to be admitted to INSEAD in Singapore:
- Academic Qualifications: Ascertain that you have a solid academic background and a bachelor's degree or its equivalent from a reputable institution.
- Work Experience: INSEAD favors individuals with relevant professional backgrounds.
- GMAT/GRE: Get ready for and take the GMAT or GRE because admissions officers frequently want these scores.
- English proficiency: You'll probably need to provide test results as confirmation of your English competence if English isn't your first language
Q: Â What is the JCU Singapore cost of living for international students?
James Cook University Singapore does not offer on-campus accommodation for their students. However, students can find various types of housing options nearby for accommodation purposes. Listed below is the JCU Singapore cost of living for international students:
Facilities | Cost of Living (per month) | Cost in INR |
|---|---|---|
Accommodation | SGD 550 - 2,000 | INR 33K - 1.2L |
Meals | SGD 450 - 600 | INR 27K - 37K |
Public transportation | SGD 100 - 150 | INR 6K - 9K |
Telecom | SGD 30 - 50 | INR 1.8K - 3K |
Personal Expenses | SGD 100 - 400 | INR 6K - 24K |
Train fare (Daily Average) | SGD 0.92 - 2.17 (per trip) | INR 50 - 150 |
Taxi fare (Daily Average) | SGD 3.20 to 3.90 (per trip) | INR 200 - 250 |
Bus fare (Daily Average) | SGD 0.92 - 2.17 per trip | INR 50 - 150 |
TOTAL | SGD 1230 - 3200 | INR 73.8K - 3.86L |
Conversion Used: 1 SGD (Singapore Dollar) = INR 61.69
Q: Â Which are the popular courses at Singapore Management University?
- Business and Management.
- Banking and finance.
- IT and Computing.
- Engineering.
- Tourism and Hospitality.
- Architecture.
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