What is an Overseas Education Loan in Singapore?
Studying overseas is an exciting opportunity. It allows your child to experience life beyond Singapore, build global exposure, and receive education from recognised international institutions.
However, the cost of overseas education can be substantial. Tuition fees, accommodation, and living expenses often run into the six-figure range, making it difficult for many families to pay upfront.
An Overseas Education Loan in Singapore helps ease this financial burden by allowing you to spread the cost of your child’s overseas studies over a manageable repayment period. The loan can be used to cover tuition fees, living expenses, and other education-related costs.
At Lending Bee®, our overseas education loans are regulated by the Ministry of Law, ensuring transparent and responsible lending practices. With a straightforward application process and personalised financing options, you can plan your child’s overseas education with greater confidence and peace of mind.
Benefits of an Overseas Education Loan with Lending Bee®
Our overseas education loan stands out as we provide our borrowers with a wide range of unique benefits.
Better and improved
credit scores
Flexible
loan tenures
Ease of application
and approval
Increased
convenience
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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 Overseas Education Loans
Frequently Asked Questions
How does an overseas education loan work?
An overseas education loan functions in about the same way as an education / study loan would.
The difference is that an overseas education loan is specifically tailored to cater for any spends that might occur during your time overseas.
These include your tuition fees and living expenses (food, accommodation, utilities, travel, etc.).
With so much to account for and being in a foreign land, an overseas education loan can help you take care of your overseas living and studying costs, while you better assimilate into life overseas.
What are some uses of an overseas education loan?
With a local education loan, you will be able to cover for the following, but not limited to:
- Tuition fees
- Accommodation
- Food
- Transport
- Travel
- Airline fares
- Computer / laptop
- Textbooks
- Software licences
- Special courses and training opportunities
How does your overseas education loan differ from those from banks?
The three main differentiating factors between our overseas education loan compared to banks are:
- Speed
- Ease of application
- Service rendered
We believe in providing you with a personal 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 overseas education loan package for your needs and provide professional advice. This is so that you’ll be able to fulfil your dreams of studying overseas and living independently.
What are the tuition fees like for universities in Australia?
This is the top destination for Singaporean students going to study overseas due to its proximity to Singapore and large Asian culture.
Undergraduate education generally starts at $30,000 a year for international students.
This number will generally be higher for technical courses relating to science, medicine or law.
Below is a table depicting the average cost of a Bachelor Of Arts degree in the more popular Australian Universities:
*Tuition fees and currency exchange are as of 12 January 2021
What are the tuition fees like for universities in the United Kingdom?
This is another preferred destination for people looking for an overseas degree because of its high-ranking Universities and how it acts as the gateway to Europe.
Below is the cost of the average annual tuition fees you can expect to pay as an international student:
*Tuition fees and currency exchange are as of 12 January 2021
What are the tuition fees like for universities in the United States?
This is another preferred destination for people looking for an overseas degree because of its high-ranking Universities and how it acts as the gateway to Europe.
Below is the cost of the average annual tuition fees you can expect to pay as an international student:
*Tuition fees and currency exchange are as of 12 January 2021
Who is eligible for an overseas education loan?
To qualify for an overseas education loan for your child 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 an overseas 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 an overseas education loan like?
At Lending Bee®, all applications for our overseas education 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, it is possible. However, do note that the loan will be subjected to approval, and it cannot be used to refinance your current loan(s).
I have a poor credit score. Can I still apply for an overseas education loan?
Yes, you can still apply for an overseas 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 Overseas Education Loans
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