How To Obtain Student Loans In Singapore As An International Student

Singapore is one of the places in asia gaining a lot of attention in the global community due to a lot of reasons, the architecture and space designs , night life and cusines are some of the things which attract both tourists and students to this area.

There are concerns that living in singapore might be expensive due to the ever increase of tourists, however studying as a student has so many benefits especially in learning at a place where the government encourages education by introducing many scholarships and grants to high achieving students.

When Is A Student Loan Necessary?

DUe to the cost of living in singapore being expensive, you might need additional money to sort out other expenses which may come in form of;

  • Travel expenses
  • Insurance
  • Cost of books/laboratory fee
  • Library/Examination fee
  • Buying a new laptop
  • Student field trips e.t.c

These unforseen expenses might put a strain on your financial budget and if you do not have an alternate source of income in form of busaries, scholarships, or part-time jobs then you may have to apply for a loan.

How Does Student Loan Work In Singapore?

You could either decide to approach the student affairs division of the following university to discuss loan options if you are already enrolled in their institution;

  • Nanyang Technology University
  • Singaopore Institute of Technology
  • National University of Singapore
  • National Institute of Education
  • Singapore Management University

The other option would be to visit financial institutions to discuss the terms and conditions before applying for a loan. The loan could either be;

  • Monthly rest loans where intrest rates are not fixed but rather varies depending on how much balance is left to be paid
  • Flat rate loans which come with fixed intrest rates
  • Long term loans are also like flat rate loans with fixed intrest rates, but have a longer repayment period

What Would I Need To Obtain A Loan?

Requirements for student loans depend largely on which bank you are obtaining your loan from. The general requirements include;

  • Admission letter
  • Transcripts and Test results (IELTS, TOFEL)
  • Should be between above 21 years
  • Valid ID card
  • Salary slip of guarantor ($30000 annually)
  • Statement of accounts (3-6months)
  •  Completed application form with signature
  • Passport size photographs
  • Valid Visa and Passport (for international students )

Is there a Minimum Amount?

The minimum or maximum amount that you may be entitiled to depends on your the university that you are attending or the bank that you approach.

Repayment periods could last up to 20 years with repayment starting from the sixth month or a year after you have completed your education and sucessfully gotten a job. The minimum amount you can repay monthly is $100 with penalities intrest of 1% per month of your installment if you fail to repay during the stipulated time.


Before applying for a loan, I would suggest that you discuss various funding opportunities with your supervisor or university before leaving your home country. You could also be on the look out for schorlaship opportunities either from your home country or in your university.


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