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Education Loan

Align your dreams and ambitions away from financial worries. With RHB Edu Loan, your dreams can now be rotated in your favour. No matter how you turn, you can enjoy affordable financing package for higher learning. Achieve your dreams and ambitions with RHB Edu Loan.

Benefits
• Low interest rates of 4.78% p.a.1 for Local Studies and 4.88% p.a.2 for Overseas Studies
• High loan amount of up to 6 times your monthly  income or S$100,000, whichever is lower
• Easy repayment period of up to 10 years
• Free personal accident insurance coverage of up to 10 years


Repayment Options
3 flexible repayment options for you to choose:

  1. Standard Repayment – basic scheme where you pay your monthly installments (principal and interest) once your loan is disbursed.

  2. Graduated Repayment – pay only interest for the loan disbursed until completion of your study, monthly installments will commence thereafter.

  3. Deferred Repayment (for full time local study only) – pay your monthly installments only after completion of your study, no payment is required during your study period.

Illustration on Flexible Repayment Options
Below are estimated illustrations of the repayment options you can choose from your RHB Edu Loan.  This illustration assumes you have chosen to disburse the total loan amount upfront and the interest rate remains unchanged during your loan tenure.

 
  Total loan amount S$12,000  
  Interest rate 4.88% p.a. for Overseas Studies  
  Loan tenure 36 months  
  Processing fee 2% of loan amount payable upfront  
 

Option A – Standard Repayment.
Your monthly installment for the next 36 months will be S$359 upon loan disbursement.

Option B – Graduated Repayment
During your study period of 2 years, your monthly interest payment will be S$49 upon loan disbursement.  Your monthly installment of S$359 will commence upon completion of your study for the next 36 months.

Option C – Deferred Repayment (for full time local study only)
During your study period of 2 years, no payment will be required upon loan disbursement.  Your monthly installment of S$396 will commence upon completion of your study for the next 36 months.

 Effective Interest Rates
 The Effective Interest Rates# for the different repayment schemes, based on the Applied Interest Rate of  4.88% p.a. for Overseas Studies, are as follows:

Tenure
Standard
Graduated^
Deferred^
During Study Period
After Study Period
During Study Period
After Study Period
1 year
8.50%
5.55%
6.09%
0.46%
5.98%
  2 years
6.73%
5.38%
5.81%
0.45%
5.72%
3 years
6.11%
5.28%
5.62%
0.44%
5.55%
  4 years
5.80%
5.21%
5.49%
0.43%
5.44%
5 years
5.60%
5.17%
5.40%
0.43%
5.35%
  6 years
5.48%
5.13%
5.33%
0.43%
5.29%
7 years
5.39%
5.10%
5.27%
0.42%
5.24%
  8 years
5.32%
5.08%
5.23%
0.42%
5.20%
9 years
5.26%
5.06%
5.19%
0.42%
5.16%
  10 years
5.22%
5.05%
5.16%
0.42%
5.14%

# Effective Interest Rates are calculated on a monthly rest method, and includes an upfront processing fee of 2% of the approved loan amount.

^ A 24 months study period is assumed in the calculation of the Effective Interest Rates for the Graduated and Deferred repayment schemes.

Eligibility
• Singapore Citizen or Singapore Permanent Resident
• Age between 21 and 62 (as at end of loan tenure)
• Earning a minimum annual income of S$12,000 or S$30,000 (for guarantor)
• Earning a minimum income of S$20,000 for study loan and S$36,000 for preferred credit

Documents Required
• Photocopy of NRIC (both sides) of all applicants/guarantor
• Proof of Income:
          •   Salaried Employee: 
              1)    Latest Computerized Payslip OR 
              2)    CPF Contribution Statement for past 12 months OR 
              3)    Latest Income Tax Notice of Assessment (NOA)
          •   Variable Income/Commission Based Earner: 
              1)    Latest 6 months Computerized Payslip OR 
              2)    CPF Contribution Statement for past 12 months OR 
              3)    Latest Income Tax Notice of Assessment (NOA)
          •   Self-Employed:
              1)    Income Tax Notices of Assessment (NOA) for past 2 years
• Original or certified true copy of Letter of Acceptance from Education Institution stating type and   duration    of course
• Invoice or course fee payment schedule

 Important Information
Fees and Charges
http://www.rhbbank.com.sg/images/home/spacer.gifProcessing Fee 2% of the approved loan amount
Disbursement Fee   Free cashiers’ orders for disbursement to local education institutions   Various charges will be levied for demand drafts / telegraphic transfers to   Foreign education institutions
Late Payment Fee 5% above Prime Lending Rate (currently at 5.70%) on any overdue instalment
Cancellation Fee 1% on the undrawn loan amount cancelled
Full Repayment Fee 1% on the outstanding loan amount
Partial Prepayment Fee 1% on the prepaid amount


For more information, call 1800 323 0100 or 9821 0100, email us or visit our branches.

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FAQ
Education Loan Calculator


1 Based on RHB Prime Lending Rate minus 0.92% p.a. Prime Lending Rate at time of print is 5.70% p.a. Rate is
   subject to change.
2 Based on RHB Prime Lending Rate minus 0.82% p.a. Rate is subject to change.

Other terms and conditions apply.

 
 
   
   
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