If you are having low income, you still can have an education loan from OCBC with flexible repayment options and with loan amount up to 8 times of your salary.
Pursue your dreams toward higher education without the additional financial strain. With flexible repayment options, the Education Loan offers competitive interest rates and offers one of the highest loan tenors.
BENEFITS
- Easier to getTo apply, all you need is:- A personal monthly income of S$2,000 and above OR- A combined monthly income of S$2,000 and above with a family member
- No worries about feesWith up to 8 times the monthly income or S$150,000, whichever is lower, your fees are pretty much taken care of. What you do with your pocket money is up to you
- Pay over a longer timeWe give you up to 8 years to repay your loan which means all you have to do is focus on studying instead of worrying about repayments.
- Flexible repaymentsStudent life should be fun and worry-free. That's why our Education Loan comes in three delicious flavours to suit your tastes.
FLEXIBLE REPAYMENT
You don't have to be tied down by rigid repayment schemes. Here are 3 easy options that will suit your needs:
The effective interest rates for the different repayment schemes are as follows:
| Loan Tenor | Interest Rate | Effective Interest Rate~ | ||
| Standard | Graduated# | Graduated Plus# | ||
| 1 Year | 6.5% p.a | 10.99% p.a. | ||
| 2 Years | 6.5% p.a | 8.72% p.a. | 8.01% p.a. | |
| 3 Years | 6.5% p.a | 7.97% p.a. | 7.62% p.a. | 7.41% p.a. |
| 4 Years | 6.5% p.a | 7.59% p.a. | 7.39% p.a. | 7.25% p.a. |
| 5 Years | 6.5% p.a | 7.36% p.a. | 7.24% p.a. | 7.14% p.a. |
| 6 Years | 6.5% p.a | 7.21% p.a. | 7.12% p.a. | 7.06% p.a. |
| 7 Years | 6.5% p.a | 7.10% p.a. | 7.04% p.a. | 6.99% p.a. |
| 8 Years | 6.5% p.a | 7.02% p.a. | 6.68% p.a. | 6.94% p.a. |
~ Effective Interest Rates are calculated based on a monthly rest method and includes a processing fee of 2% of the approved loan amount.
# A 12 month course period is assumed in the calculation of the Effective Interest Rates for the Graduated and Graduated Plus repayment schemes.
IT'S AS EASY AS 123 TO APPLY!
Give yourself the edge in this competitive world by applying for the OCBC Education Loan. It's as easy as 1, 2, 3.1. Select your school and course
2. Decide on loan amount, tenure, and repayment option
3. Complete application form and mail it back to us with the necessary supporting documents.
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Source: OCBC Education Loan
