What Is a Local Education Student Loan in Singapore?
Planning to further your studies in Singapore? A bachelor’s degree, master’s, or PhD can help you gain valuable skills, qualifications, and career opportunities.
However, the cost of higher education in Singapore can be significant. Tuition fees alone may place financial strain on students and families, especially when savings are limited.
A Local Education Student Loan in Singapore is designed to help cover tuition fees throughout your course of study. Whether you are enrolling in a private institution or an autonomous university in Singapore, an education loan can support your academic journey.
By easing the financial burden of tuition costs, a local education loan allows you to focus on your studies and long-term career goals with greater peace of mind.
Let Lending Bee®’s Local Education Loan help bring you one step closer to achieving your educational goals in Singapore.
Benefits of a Local Student Loan with Lending Bee®
Our local education loan stands out as we provide our borrowers with a wide range of unique benefits.
Upgrade yourself without
monetary stress
Flexible
loan tenures
Ease of application
and approval
Increased
convenience
How To Receive Your Loan In 3 Simple Steps
Apply securely using Singpass and receive your loan quickly with a simple and transparent process.
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Visit any of our branches for identity verification and contract signing, then receive your loan disbursement promptly.
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FAQ on Lending Bee's Student Loans
Frequently Asked Questions
How does a local education student loan work?
A student loan’s sole purpose is to help you fund your education costs and ease your financial burden in the process.
This way, you will be better able to focus on your studies and upgrade yourself.
What are some uses of this student loan?
With a local education loan, you will be able to cover for the following, but not limited to:
- Tuition fees
- Computer / laptop
- Textbooks
- Software licences
- Special courses and training opportunities
How does your local education loan differ from those from banks?
The three main differentiating factors between our local education loan compared to banks are:
- Speed
- Ease of application
- Service rendered
We believe in providing you with a local education loan in the shortest time possible.
This is why we have streamlined our borrowing process into 3 simple steps.
Moreover, we do not go through rigorous credit checks and also do not require much paperwork.
Ultimately, our experienced loan officers will be there to guide you on the best personal loan package for your needs and provide professional advice so that you’ll be able to upgrade yourself and increase your hiring opportunities.
What is the average cost of tuition fees across public universities in Singapore?
Below is a list of the public Universities in Singapore and an estimate of the tuition fees of some courses:
1. National University of Singapore (NUS)
The average cost for a 3-year degree course is $27,000.
2. Nanyang Technological University (NTU)
The average cost for a 3-year degree course is $27,000.
3. Singapore Management University (SMU)
The average cost for a 3-year degree course is $34,200.
4. Singapore University of Social Sciences (SUSS)
The average cost for a 3-year degree course is $32,000.
5. Singapore Institute of Technology (SIT)
The average cost for a 3-year degree course is $26,000.
6. Singapore University of Technology and Design (SUTD)
Their fees for all courses cost $13,200 per year, which works out to $36,600 for a 3-year course.
What is the average cost of tuition fees across private universities in Singapore?
In general, you can expect to pay between $20,000 to $59,000 in tuition fees for private universities.
That said, the cost you incur will naturally be in line with the course that you choose.
An important thing to note about private universities is that the government does not provide much financial support in terms of tuition fee grants.
Who is eligible for a local education loan?
To qualify for a local education loan with Lending Bee®, you’ll simply have to:
- Be a Singapore Citizen, Permanent Resident or a Foreigner with a valid work permit
- Be at least 21 years old
- Be permanently employed for at least 3 months
What documents are required to obtain a local education loan?
For Singaporeans / PRs:
- Proof of identity (NRIC, passport)
- Proof of income (CPF / bank statements)
For Foreigners
- Work Permit / S Pass / E Pass
- Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
- Payslips / bank statements
What is the application process for a local education loan like?
At Lending Bee®, all applications for our lifestage financing loans are kept fast and simple.
- Step 1: Submit your application via our online application form.
- Step 2: We will drop you a call regarding your loan application status within the hour.
- Step 3: Head down to your selected Lending Bee® branch, do a face-to-face verification, sign the contract and receive your loan.
How fast can I receive my loan?
We will disburse the funds to you immediately after you have accepted and signed our loan contract at any of our branches.
I have existing loans with other licensed moneylenders / Lending Bee. Am I still eligible for a loan?
Yes, you are still welcome to apply for a loan with us!
Lending Bee® aims to help as many borrowers as possible and provide them with one of the best loan packages in the market.
We are here to serve your needs.
I have a poor credit score. Can I still apply for a local education loan?
Yes, you can still apply for a local education loan with us. We aim to help our borrowers regardless of their credit scores.
This is why we do not have specific restrictions with regard to credit scores.
Will I be charged if I make early repayments?
No, we do not charge any fees for early loan repayments.
Outstanding interests, if any, will also be nullified once you have finished repaying your loan earlier than the date stipulated in your loan contract.
Will my loan documents and information be mailed to my home?
No, we do not mail any of your loan information to your home.
All loan details will be kept digital, and private with us, unless a physical copy is requested.
Additional Resources on Local Education Loans
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