Maybank Education Loan: What You Need To Know
College costs are not getting any cheaper! Fortunately, there’s Maybank Education Loan. Here’s a guide about what you need to know about it.
As the city-state’s cost of living rises, you must secure your education. That is why banks offer various student loans here in Singapore. However, how would you know which student loan could fit you best?
Maybank Education Loan
Maybank offers an education loan both for local and overseas studies. It gives aspiring students the freedom to choose the education that can boost their careers.
However, you need to know if this is the best education loan to use.
Maybank Education Loan Eligibility
Maybank is offering its education loan for Singaporean and Permanent Residents who are at least 18 up to 65 years old. Meanwhile, guarantors must be between 21 years old and 65 upon the loan’s maturity.
If you are a student working as a part-time employee earning at least S$18,000, you must have a guarantor. Your guarantor has to make a minimum of $30,000 for local studies and at least $60,000 for overseas studies.
Credit: https://dollarsandsense.sg/what-you-need-to-know-before-applying-for-student-loans-in-singapore/
Facts about Maybank Education Loan
Education Loan Purpose
When applying for a loan, you need to find the one that fits your purpose. Maybank Education Loan is only for tuition fee settlement. You may not use it for any tuition fee reimbursement. If you have already paid your tuition fee, you better find another loan.
What if the institution has refunded the tuition fee you have paid with the Maybank Education Loan? No matter the reason for the refund, you will have to notify the bank about the refund. You will use any amount of the refund to prepay the loan. As you see, you can use no amount of the loan for any other purpose.
Loan Repayment Schemes
Interest Servicing Scheme
Pay the interest only in monthly instalments for up to 36 months, “Interest Repayment Period”. Of course, the term will still be subject to the bank’s approval. If you use this scheme, you’ll have to pay the interest charge while still studying.
The standard monthly instalments will start once the Interest Repayment Period has expired.
Partial Repayment Scheme
You can pay both the principal and interest in partial with the name itself. The amount will depend on the bank’s discretion. You can lower instalments while you are still at school. Then, you can pay the remaining balance and interest in a higher monthly instalment amount.
Standard Repayment Scheme
Pay your loan and interest charge every month once your funds have been disbursed. You can create a budget plan ahead of time. All because it’s a fixed monthly instalment.
Loan Application Process
Before you apply for the Maybank Education Loan, of course, you will need to know the process to save your time.
There are three ways to apply for the Maybank Education Loan. You can apply through SMS, online through Maybank’s website, and personally in one of its 22 branches across the city-state.
First, you have to prepare your acceptance letter from your school. It proves that you got accepted into the institution. In addition, your institution’s acceptance letter must state the type and duration of your course.
Aside from this, you also have to submit your duly accomplished application form, NRIC, income documents and your proof of relationship with your guarantor. Remember that your guarantor must be an immediate family member who is not currently a guarantor on another loan.
Wait for a loan approval letter from the Maybank. Then, submit the loan disbursement form. The Cashier’s Order(s) will be in the name of your institution as the sole purpose of this loan is to pay your tuition fees.
Fees to be Expected
For every request of funds that varies upon the loan tenure and agreement, you have to pay an administrative fee of S$200. Prepayment is also penalized.
Once you have accepted the Letter of Offer, you will be bound to pay a processing fee. If you opt to cancel, you need to pay a cancellation fee of 1%.
Alternative for Maybank Education Loan
As you can see, the purpose of the loan is not flexible. We all know that there are other things you have to spend on aside from the tuition fees.
Do you need a new laptop? Is there a need for additional allowance for your everyday needs? Then, you’ll need to get another option. Take the time to shop around to find the loan that best fits your needs.
Look for a licensed moneylender in Singapore. Cash Mart provides a leading low-interest personal loan. Use the instant cash loan for any of your school expenses. Be financially secured while finishing your studies.