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Features & Benefits

Interest Servicing Scheme Low Processing Fee Attractive Interest Rates Additional Features
Interest Servicing Scheme
Low Processing Fee
Attractive Interest Rates
Additional Features

Interest Servicing Repayment

Repay only the interest during your course of study ("Interest Servicing Period") and the principal and interest of the loan thereafter.

 

The Interest Servicing Period will be determined by the duration of your course, provided that the Interest Servicing Period shall not exceed 4 years. The Interest Servicing Period will be rounded up to the next 6-month mark, e.g. if the course is 3 years and 7 months, the Interest Servicing Period will be 4 years.

Repayment of Principal + Interest will start at the end of the Interest Servicing Period.

Loan Tenure (Years) Monthly Rest Interest Rate Processing Fee Effective Interest Rate³ Monthly Instalment Amount²
- Course of study
First 4 years: CIMB Prime Rate + 0.49% p.a.¹		 2% of the approved loan amount (deducted upon loan disbursement)
 - S$100
5 Thereafter: CIMB Prime Rate - 0.11% p.a.¹ 6.44% S$1,716
6 6.34% S$881
7 6.27% S$603
8 6.21% S$465
9 6.15% S$382
10 6.11% S$326

 

Click here for the Education Loan Calculator (Interest Servicing Repayment)

 

Standard Repayment

Here is an example of the interest and monthly instalments you will pay upon drawdown, based on a S$20,000 loan.

Loan Tenure (Years) Monthly Rest Interest Rate Processing Fee Effective Interest Rate³ Monthly Instalment Amount²
1 CIMB Prime Rate - 0.72% p.a.¹ 2% of the approved loan amount (deducted upon loan disbursement)
 8.57% S$1,711
2 6.77% S$876
3 6.13% S$598
4 5.81% S$459
5 5.61% S$376
6 5.48% S$321
7 5.39% S$281
8 5.32% S$252
9 5.26% S$229
10 5.22% S$210

 

Click here for the Education Loan Calculator (Standard Repayment)

Eligibility

Singaporeans and Singapore Permanent Residents only

Guarantor Requirement

  • If the applicant is below 21 years old
  • If the applicant does not qualify the minimum income criteria of S$2,000 per month
  • If the loan requested is more than 8x of the applicant’s monthly income
  • If the applicant is taking up the Interest Servicing scheme
  • If the applicant is about to pursue full-time studies

 

Fees & Charges

CIMB Education Loan Fees & Charges

Requirements

Documents Required (Non-returnable)

  • Photocopy of NRIC (front and back) of Principal Applicant and Guarantor (if applicable)
  • Completed application form duly signed by Principal Applicant and Guarantor (if applicable)
  • Letter of Acceptance from the educational institution stating the type of course, duration of course and total course fee (if applicable) 
  • Proof of Relationship between Principal Applicant and Guarantor (marriage certificate OR birth certificates)

Income Documents for Salaried Employees

  • Latest 3 months computerised/electronic payslip OR
  • Last 12 months CPF contribution history statement OR
  • Latest Income Tax Notice of Assessment

Income Documents for Commission-based / Variable Income Earners

  • Latest 2 years computerised/electronic employer’s commission statements OR
  • Last 2 years Income Tax Notice of Assessment

Income Documents for Self-Employed Applicants (applicant must be in their current business for 2 years):

Last 2 years Income Tax Notice of Assessment

Terms & Conditions

1 Interest rates are subjected to change without prior notice. CIMB Prime Rate is currently at 5.5% p.a.  

 

2 The above monthly instalment amounts have been simplified for illustration purposes.

 

3 Effective Interest Rate (EIR) is calculated taking into consideration the applicable processing fee and based on approved loan amount of S$20,000. The EIR may differ depending on the applicable monthly rest interest rate and actual loan tenure.

CIMB Education Loan Terms & Conditions

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*Best rate is as of 1 July 2021. T&Cs apply. SGD deposits are insured up to S$75k by SDIC.