Education Loan

Best Education Loan Options For Studying in Singapore

Best Education Loan Options For Studying in Singapore

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Explore GyanDhan's guide on education loan options for studying in Singapore in 2024. Learn about eligibility, loan amounts, required documents, secured and unsecured loans, and why Singapore is an excellent choice for international education.

Rohit Gidwani
Updated on:  09 Oct 2023  | Reviewed By: 
| 6.38K | 10  min read

According to an official report, approximately 17,000 Indian students were pursuing higher education in Singapore, which marks a whopping 87% increase compared to the previous year. This surge in numbers reflects the growing demand for new study-abroad destinations, with Singapore emerging as a prominent choice. While the cost of studying in Singapore is relatively lower than other popular study-abroad destinations such as the USA, UK, and Canada, it still necessitates a certain level of financial support when compared to the Indian subcontinent. In this blog, we will discuss strategies for managing the financial aspects of studying in Singapore.

Table of contents

  1. list items Cost to study in Singapore
  2. list items Education loan eligibility for Singapore
  3. list items Education loan documents required for Singapore
  4. list items Secured loan for Singapore
  5. list items Unsecured loan for Singapore
  6. list items Choosing the best lender
  7. list items How to apply for education loan?
  8. list items Why choose Singapore?
  9. list items Frequently asked questions

Cost to study in Singapore

Before we dive into the various lending options available, let's first examine the distinct costs associated with pursuing higher education in Singapore. The cost of studying in Singapore consists of two main elements: tuition fees and the cost of living. The tuition fees for different academic programs in Singapore can be found in the table provided below - 

Program  Tuition Fees per year

Bachelor’s Degree

25,000 SGD - 35,000 SGD

Master’s Degree

30,000 SGD - 45,000 SGD


45,000 SGD - 55,000 SGD


Check Your Education Loan Eligibility

The next component in the cost of studying in Singapore is the cost of living. An overview of monthly expenses that you may have to bear is showcased in the table below -

Expense Cost (Monthly)


1000 SGD - 2000 SGD


150 SGD - 170 SGD


80 SGD - 120 SGD


90 SGD - 120 SGD


150 SGD – 200 SGD


Want to know how you can lower your cost to study abroad? Click here!


Education loan eligibility for Singapore

Understanding the eligibility criteria is vital for students to ensure they meet all the requirements. While each lender may have its own set of eligibility criteria, here's a general outline - 

  • list items The applicant must be an Indian citizen and be a minimum of 18 years old.
  • list items The applicant must be enrolled in a full-time program at a reputable university in Singapore.
  • list items The applicant needs to have taken an English proficiency test.
  • list items In the case of an unsecured education loan, there should be a financial co-applicant and a solid career outlook.
  • list items For a secured education loan, the applicant must possess collateral equal to or greater in value than the required loan amount.

Education loan documents required for Singapore

To initiate your loan application for studying in Singapore, you will be required to provide a specific set of documents. The following documents may be necessary for your loan application:

  • list items Official acceptance letter from the university.
  • list items A filled-out loan application form.
  • list items Documentation outlining the expenses associated with your studies.
  • list items Proof of your identity.
  • list items Evidence of your place of residence.
  • list items PAN (Permanent Account Number) details of the applicant.
  • list items Bank statements for the guarantor, co-borrower, or the student.
  • list items Asset statements for the guarantor, co-borrower, or the student.
  • list items Proof of income for the guarantor, co-borrower, or the student.  

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Secured loan for Singapore

For students aiming to secure education loans for their studies in Singapore, there's a requirement to provide collateral or security. These types of loans are commonly known as education loans with collateral. Collateral can encompass assets like property (such as a house or land), fixed deposits (FDs), or insurance policies. Opting for such loans can bring several advantages, including lower interest rates, extended repayment durations, and the potential for higher loan approval amounts.

When considering lenders for these secured education loans, public sector banks are often preferred over private banks and non-banking financial companies (NBFCs) due to their attractive features. These features may include larger loan amounts, lower interest rates, and additional benefits. Below, you'll find a table that provides a comparison of various lenders and the offerings they provide for secured education loans.

Lender Name Maximum Loan Amount (in INR) Rate of Interest Margin Money


Up to 1.5 Cr

10.65% (for girls)

11.50% (for boys)



Up to 1 Cr

10.5% - 10.85%


(listed university)


(non-listed university)


Unsecured loan for Singapore

An unsecured education loan for studying in Singapore is known as an education loan without collateral since it does not demand any security or pledging of assets. However, due to its unsecured nature, the interest rates may be slightly higher compared to loans offered by public sector banks.

When considering education loans for Singapore, you have three types of lenders to choose from private banks, NBFCs, and international lenders. The table below illustrates the specific offerings provided by each type of lender.

Lender Name Maximum Loan Amount  Rate of Interest Margin Money

Axis Bank

Up to 50 Lakhs INR

11% - 13.50%



Up to 50 Lakhs INR

10.85% - 12.50%

0 - 15%


Up to 35 Lakhs INR 

11.75% - 13.25% 


HDFC Credila 

Up to 20 Lakhs INR (Only STEM Courses)

12% - 13%



Up to 20 Lakhs INR (Only STEM Courses)

12.75% - 13.25%


Prodigy Finance

Up to 100,000 USD

12% - 14%



Choosing the best lender

We understand that having a multitude of options can make the process of selecting the right lender more complex. However, do not worry! We've compiled a list of factors to assist you in comparing lenders and identifying the one that best suits your requirements. These factors will aid you in assessing and choosing the ideal lender for your needs:
Choosing The Best Lender

In addition to these variables for comparing lenders, here are some additional points to consider before finalizing your lender:

  • list items Secured education loans offer a higher loan amount limit and lower interest rates, ensuring that most of your expenses are covered, thereby reducing your financial burden.
  • list items Unsecured education loans are often favored by students due to their ease of application and approval. Private banks like Axis Bank and ICICI Bank tend to offer more favorable terms and conditions. NBFCs come next in line if, for any reason, you are unable to secure an education loan from private banks.
  • list items In cases where you lack a financial co-applicant to support your loan application, you may need to explore options with international lenders.

Calculate your Education Loan EMI


How to apply for education loan?

Securing an education loan for Singapore is a straightforward process. However, dealing with multiple lenders individually can be overwhelming. To simplify this, GyanDhan offers streamlined assistance in obtaining education loans for Singapore through the following steps:

  • list items Check your eligibility on GyanDhan's platform.
  • list items Connect with a dedicated loan expert for personalized assistance and lender recommendations.
  • list items Receive a tailored document checklist for convenient organization.
  • list items Submit the necessary documents following the lender's guidelines.
  • list items Await verification (typically 7 to 15 days). Once approved, sign the agreement and track progress using GyanDhan's user dashboard.
  • list items Initiate the loan disbursement following the lender's procedures, with funds either directly deposited into your account or disbursed to the university by international lenders.

Why choose Singapore?

Here are some reasons that can help answer the question, "Why study in Singapore?"

  • list items Affordability - Compared to other study-abroad destinations like the USA, the UK, Canada, and more, Singapore offers more economic tuition fees and a lower cost of living. International students can come here and complete their studies easily.
  • list items Safe and secure environment - According to the Global Peace Index 2022, Singapore ranks as the 9th safest country in the world. This ensures that international students can reside safely in the country.
  • list items No language barrier - Students willing to study in Singapore won't face any language barriers because most people in Singapore speak English, a globally spoken language. Singapore recognizes four languages as its official languages: Malay, Mandarin, Tamil, and English, thanks to its multi-racial environment.


Based on the information provided earlier, it's clear that Singapore is destined to become a popular destination for Indian students pursuing international education in the years ahead. At GyanDhan, the education financing expert, we are committed to simplifying your journey. Check your loan eligibility with us to discover the most suitable lender and obtain a customized document checklist, all at zero cost. With our assistance, embark on an exceptional educational journey in Singapore, transforming your aspirations into a reality. Don't miss this chance to study in Singapore with GyanDhan as your guiding partner!

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Frequently asked questions

Which bank is best for education loan to study in Singapore?

Public sector banks (SBI and UBI) are best when it comes to education loans to study abroad due to the lower interest rates and higher loan amounts being offered. In any case, if public sector banks are not able to clear your loan then you can go for private sector banks (Axis, ICICI, and IDFC) or NBFCs (HDFC Credila, Avanse, and more).

What is the eligibility for an education loan to study in Singapore?

Applicants must be Indian citizens, at least 18 years old, and enrolled in a full-time program at a recognized Singaporean university. They should also demonstrate proficiency in English through a language test. In the case of unsecured education loans, a strong financial co-applicant and promising career prospects are essential. For secured loans, applicants must provide collateral equivalent to or exceeding the loan amount.

What is the average cost in INR to study in Singapore?

The cost of study is divided into 2 components: the tuition fees and the cost of living. The average annual tuition fee for a university/college in Singapore is around 30 Lakh INR and the cost of living per month can range between 25,000 INR - 55,000 INR.

Is IELTS required to study in Singapore?

In the context of undergraduate programs, a minimum IELTS score of 6.5 is considered acceptable, while for postgraduate courses, a minimum score of 7 is required. Therefore, IELTS is a mandatory requirement for studying in Singapore.

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