Benefits of Student Bank Loans

Posted by Oscar Rosario on December 21st, 2016

For educational loans in Singapore, banks are the best financial institutions as they offer a wide range of benefits and the best loan schemes.

1. Use the loan for overseas education

Many banks in Singapore offer student loans that are applicable not only locally but also overseas. This way, students are given more options and more freedom to pursue an education abroad.

2. Choose a flexible repayment period

Typically, banks in Singapore offer a repayment period of up to 8 years for local studies, and up to 10 years for overseas studies.

3. Choose from several convenient repayment options

Student loans from banks may be paid through a standard repayment scheme, wherein the principal and the interest are paid each month; a partial repayment scheme, wherein partial monthly instalments are paid for a specified period; or an interest servicing scheme, wherein only interest fees are paid up to a specified period.

4. Get hold of discounts and take part in promotions

Banks in Singapore also offer promotions and discounts for their study loans. For instance, some banks offer a 50% discount on the loan’s processing fee. Others have campaigns, wherein a certain amount of money is donated to low-income families for every education loan applied with the bank.

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