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Thread: Bank loan for overseas studies

  1. #1
    Senior Member redstone's Avatar
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    Default Bank loan for overseas studies

    I'm planning to go overseas to study for a year. What's stopping me is lack of money. 0% loans are not available for overseas unis. Could anyone advise on how I could get a loan with low interest rate. Student loan if possible.

  2. #2
    Senior Member bonrya's Avatar
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    Default Re: Bank loan for overseas studies

    took one from ntuc. not bad. you can try to ask them if they have something for you.

    also, better if you use CPF to pay. then you don't have to be in debt.. much.

    good luck!
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  3. #3
    Senior Member redstone's Avatar
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    Default Re: Bank loan for overseas studies

    Quote Originally Posted by bonrya View Post
    took one from ntuc. not bad. you can try to ask them if they have something for you.

    also, better if you use CPF to pay. then you don't have to be in debt.. much.

    good luck!
    Thanks for the heads up

    http://www.ntucthrift.com.sg/product.asp?id=6

    Interest Rates
    5.350% p.a. on monthly rest basis.
    What does "on monthly rest basis" mean?

  4. #4

    Default Re: Bank loan for overseas studies

    Quote Originally Posted by redstone View Post
    What does "on monthly rest basis" mean?
    Taken from CPF Website here

    "Monthly-Rest (also known as monthly-reducing)
    When you pay an instalment, the amount comprises:
    a payment for the interest charge, and
    a payment towards the principal (the loan amount).
    Monthly-rest means that the principal amount you pay every month is deducted when calculating the interest rate for the following months. Interest is thus computed on the principal outstanding at the start of each month."


    So, if you (depending on the loan agreement with the lender) make pre-payment to reduce the principal amount (i.e. when you receive bonus), you could pay less interest and shorten the loan repayment duration. But of course lenders will have lock-in periods stated in the loan agreement and will charge you a certain amount/percentage if you fully settle / make pre-payments before a certain number of months/years.

    Cheers,
    Andrew
    Last edited by chewraisins; 17th June 2011 at 10:56 AM. Reason: to add quotes

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