What is the Study Assist Loan?
The POSB Study Assist Loan is a specialized line of credit designed to make quality education accessible. It supports students who need resources to cover tuition fees, study materials, books, equipment, or even accommodation expenses.
This line of credit offers a competitive interest rate starting at 4.38% per annum and allows you to borrow up to 10 times your monthly income, with a maximum limit of S$160,000. The repayment tenure can extend up to 10 years, providing the flexibility to adjust installments according to your budget.
Moreover, POSB—one of Singapore’s most trusted financial institutions—ensures a transparent and straightforward process, allowing you to focus on what truly matters: your studies.
Who can apply for this Loan?
✔ Be a Singapore citizen or permanent resident
✔ Hold a valid long-term pass (for foreigners)
✔ Be at least 17 years old at the time of application
✔ Be enrolled in a recognized educational institution
✔ Provide proof of stable income (for non-dependent students).
What documents are required to apply?
✔ Identification document (NRIC for citizens/residents or passport for foreigners)
✔ Enrollment or acceptance letter from the educational institution
✔ Recent proof of income (such as a payslip or bank statement)
✔ Bank statements from the past three months (to verify financial stability)
✔ Other documents that may be requested during the application review.
What fees are charged?
✔ Processing Fee: 2.5% of the total loan amount, deducted upon approval
✔ Annual Interest Rate: 4.38%, one of the lowest for educational loans in Singapore
✔ Zero Early Repayment Fee: You can repay the loan ahead of schedule without additional costs.
A tip for you!
The Study Assist Loan is a powerful tool to finance your education, but it’s important to use it wisely. Before applying, evaluate your actual needs and consider how the installments will fit into your long-term budget.
The loan process is simple and transparent: you select the required amount (up to 10 times your monthly income or S$160,000) and choose a repayment tenure of up to 10 years. Installments consist of both principal and interest, providing predictable costs.
Consider the financial impact of the installments on your daily life. This loan is an ideal solution for those pursuing quality education, but it should be used thoughtfully and responsibly. Always explore alternatives like scholarships or government aid to minimize overall costs.
Maintaining good financial health during your studies is crucial to enjoying academic benefits without excessive worries about debt.
Apply for the POSB Study Assist Loan now!
Don’t let financial concerns hold you back from achieving a quality education. The POSB Study Assist Loan offers accessible terms and a simplified process to help you reach your academic goals.
Click the button below to visit the bank’s official website and start your application today. With the right support, you can transform your educational future and achieve the success you deserve.