Student Smiling

You have graduated from college, obtained a degree, and now, you’re working on your dream job. However, it is undeniable that sooner or later, everyone will need to upskill themselves, either through further training or new certification.

The fact is, even if you want to take up an education loan to fulfill those certification and qualification requirements, the cost of studying again can deter you from doing so. When that happens, it is important for you to take on a study loan in Singapore to support your endeavors.

As such, one question remains, are there any loans for a student loan Singapore that is applicable for postgraduate studies? In this article, we will guide you on how to obtain the best education loans. Singapore readers, read on!

5 Best Study Loans in Singapore

1. POSB Further Study Assist

POSB Further Study Assist is one of the choices that you have if you want to get a post-study education loan. Singapore POSB Further Stud Assist provides a 4.38% interest rate per year complimented with a low processing fee of 2.5%, deducted from the loan amount that was approved to you. The POSB Further Study Assist also guarantees a loan amount up to 10 times the monthly income of the borrower and their guarantor, with a maximum amount of S$160,000.

If your tuition fees fall under that amount, this loan is a good choice. There are no cancellation fees and full payment fees, so you have no worries if you decided to cancel the loan or want to repay it early if you got the money to do so. Lastly, POSB Further Study Assist only imposes a $30 late payment fee.

Combine all of the perks mentioned above with their flexible repayment period up to 10 years that best suit your needs.

2. DBS Study Loan

DBS Study loan is an education loan that you can get if you are studying from a polytechnic college or university. This loan features coverage of up 20% of your subsidized tuition fee, and also comes with an annual living allowance capped at S$3,600. The loan does not earn interest during the period in which you are studying, however, it does have a minimum of $100 in monthly repayments, which is very much affordable for those with a lower monthly income.

DBS features a lengthy loan tenure, with up to 20 years duration for loans with interest, and 5 years for loans without interest. The payment period will start after the completion of your course, so this loan is a good fit for people who have already started their careers. This is because people like that already have a job and do not need to worry about the repayment starting immediately after the completion of their course.

Take note that this loan only covers 20% coverage of your tuition fees, so you may need to take up other loans for the remaining tuition fees. However, if you only require that percentage and can take care of the rest of the tuition yourself, then this education loan is a good choice.

student studying at the library

3. CIMB Education Loan

CIMB Education Loan is a loan with an attractive interest rate, low processing fee, and transparency when it comes to all the fees and charges. CIMB bank charges the lowest processing fee in their loan at just 2%, and similar to DBS Study Loan above, CIMB Education Loan’s interest rate only starts to accrue once your studies are completed.

CIMB Education Loan offers a maximum loan amount of up to 8 times your monthly income, with a cap of S$200,000. You can also choose the loan duration for as low as 1 year or as high as 10 years, which is good news for people who wants to take care of a brief or long loan duration. A quick loan duration is perfect for people with high paying jobs since they will be provided with the opportunity to pay the loan in the shortest amount of time possible. Meanwhile, a longer loan tenure will allow people with lower monthly income or more financial responsibilities to stretch out their repayment period.

Are there any other options available apart from these loans?

It is hard to get funds for your education without getting a study loan. Singapore citizens, however, can utilize some of the funding solutions below as an alternative to loans.

scholarship and money

1. Scholarships

Scholarships are one of the most common alternatives to student loans. Scholarships can be used alongside with loans. You can take advantage of a scholarship to take a reduced loan amount so that you will not accumulate much in student debts. Scholarships can be provided by the school itself, by the government, a company, or an organization. It can also come from the company that you are currently working for, which will be discussed next.

2. Employer scholarship

Since you are already working and only wants to return to school to get more qualification for your field, this can be a lucrative alternative to student loans. Getting your employer to pay for your studies is also a good way to quickly go up the corporate ladder since your company will much likely promote you after funding your studies.

3. Crowdfunding

Crowdfunding is when you raise funds for a specific expense, usually from a social media platform. Crowdfunding involves a lot of people donating small amounts, which can quickly add up if enough people donate. Crowdfunding is recommended if you have a lot of following on your social media accounts. It is recommended that you verify your crowdfunding with Singapore’s Commissioner of Charities (COC) to avoid troubles later on.

4. Grants

Grants are very similar to scholarships, however, they are not that demanding when it comes to requirements. With scholarships, you will be required to maintain excellent grades or be a school athlete, and scholarships are harder to get if you are not studying a full course.

On the other hand, grants are not based on your academic or athletic performance, but on your needs. Grants only require you to have a financial need, be enrolled in an eligible course and/or school, and other specific requirements.

student graduating

Are the loans mentioned above worth getting?

If the loans mentioned above suits your loan requirements such as sufficient loan amount to cover your tuition fee, preferred term duration, affordable monthly repayment loan amount and reasonable interest rate, they are worth getting. The most important factor when getting a student loan is their relevance when it comes to your specific demands for a loan.

If the loans mentioned above failed to get your interest, you can always opt for a personal loan. You can use the best personal loans for practically any expense that you need to settle, and that includes postgraduate studies.


Do you need to get an urgent personal loan in Raffles, Singapore? We got covered up with the leading licensed money lender in Raffles Place, Raffles Credit. With Raffles Credit, you will not have to worry about hidden charges that will surprise you after you have signed the loan. All the charges are stated upfront in the form that you sign visit them today, or give them a call at 6235 1788.