We all know studying can be very expensive. Most students need a loan to get to college. Unless your parents use their CPF to help you out, you must find a good student loan in a bank. Find out how flexible the POSB Education Loan for you is?
Of course, you have to check if you are qualified to apply for this loan. POSB Education Loan only offers its study loan to students 17 to 50 years old. This may be good news for those who want to continue studying later in life.
However, if you are a full time student under 20 years old, you need to have a guarantor. Part-time students ages 21 to 50 are not required to have a guarantor if they can meet the required minimum income, which is $18,000 annual gross income.
As said earlier, applicants who are 17-50 years old and couldn’t meet the minimum income requirement has to present a guarantor.
Your guarantor has to be between 21 and 55 years old with an annual gross income of at least $24,000. You can’t just choose anybody to be your guarantor just because he or she is a Singapore Citizen/Permanent Resident. Your guarantor should be a family member who is not an existing applicant or guarantor for this student assist loan. This means he/she must be your parents, sibling, spouse or child.
If you are younger than 21 years old, you will need a guarantor, a full-time student earning less than $18,000 per annum, or requesting a loan amount higher than your eligible credit limit.
Just like most bank loans, you’ll be charged a processing fee. POSB Education Loan charges 3% of the amount of the loan. You need to make sure that you have enough funds on your account to avoid a late payment fee of $30 per month.
The loan process is within seven days, provided that you can present complete document requirements. After loan approval, it will take three (3) to five (5) working days for the cashier’s order to be mailed out.
Take the cashier’s order or demand draft to your institution within 30 days from the issue date.
Need to make an immediate payment for school needs? Get a loan from Cash Mart. Cash Mart offers multi-purpose personal loans with flexible repayment terms. Visit cash Mart’s office at Balestier Road, or give them a call at +65 6397 4111 to learn more.