Get to know more about Maybank Education Loan
Continuing education is one of the notable dreams one can achieve. However, the lack of funds hinders students from pursuing higher education.
Typically, taking up an MBA qualification costs over the top. What more if you plan to study further overseas?
Saving up for your life-long goal is beneficial but not practical. It might take you years and years of saving up money, yet still not enough. By the time you have funds, your passion for learning might wean.
Thankfully, Maybank in Singapore offers education loans for eligible applicants. It prevents you from withdrawing from your dreams. Achieve your long-term goal by completing the degree.
Read this article and find out how to apply for Maybank Education Loan.
Advantages Of Applying For Maybank Education Loan
Maybank Education Loan is the topmost applied loan by aspiring students abroad. Even those who want to continue further studies look forward to it. Here are the reasons why:
Get Affordable Promotional Rates
Maybank education loan in Singapore is convenient for nearly all university students. Regardless of the loan tenure, the processing fee is only 2%.
Also, it has a fixed interest rate of 4.45% per annum. Students don’t need to worry about any sudden change or increase in the rate.
Offer the Largest Education Loan
Another asset of the Maybank Education Loan is its approved loan amount. Students who want to attend high-tuition universities can apply.
The principal amount an applicant can receive can be up to $200,000 or up to 8x your monthly income. It depends on which amount is lower.
Extended Repayment Period
Paying off the loan amount is up to 10 years. Be wise enough to choose which tenure you plan to finish your financial obligation.
Also, the Maybank Monthly Rest Education Loan offers a flexible repayment plan. Choose which one is suitable for your financial needs.
Get a chance to Study at Universities abroad.
Pursuing a higher level of studies outside Singapore is very expensive. Typically, banks do not cater to this kind of study loan.
Maybank Education Loan offers it nonetheless. Don’t fret. You’ll reach the Master’s Degree you’ve dreamed of ever since.
Part-Time Students Convenience
Aside from students continuing to higher education, the Maybank Education Loan is the best for part-time students.
Maybank Singapore accepts students with only $18,000 as annual income. It is the lowest income requirement for part-time studies.
Maybank Education Loan offers great assistance a student can receive. Take note that they thoroughly assess the financial capability of applicants. So it’s better to know whether you qualify for the loan first.
Eligibility And Requirements For Maybank Monthly Rest Education Loan
Set your path right by preparing ahead. Here is a list of requirements applicants must check for a Maybank monthly rest education loan approval.
- Citizenship: An individual must be a Singapore citizen. A Permanent Resident can apply as well.
- Age Limit: The youngest education loan applicant must be at least 18 years of age. Meanwhile, the minimum age for guarantors is 21 years old. Note that both the applicant and the guarantor must not be older than 65 by the end of the loan.
- Annual Income Requirement: The minimum annual income for part-time students is $18,000. It also applies to students who do not have a guarantor. Meanwhile, a guarantor for full-time students must earn at least $30,000 annually.
- Mandatory Documents to Submit: When applying for Maybank Education Loan, ensure you have all the relevant documents.
- Proof Of Identity: It is the basic yet most important of all. Present your identification as a student or an applicant. Prepare a guarantor’s ID, too, if there’s any. Be mindful that a guarantor must be an immediate family member. He or she must not be a current guarantor of another loan.
- Proof Of Income: An applicant and a guarantor must ready the following income documents. Salaried employees must present the latest computerized payslip, CPF Account Statement (for the past 6 months), and the Income Tax Notice of Assessment (latest). Commissioned or self-employed must only prepare their Income Tax Notice of Assessment. The said document should be at least two years.
- Proof Of Course Fee: For the bank’s assurance that the applicant will utilize the loan for studies, a course fee invoice is necessary. Or you may present a schedule of payment for faster loan approval.
- Proof Of Enrollment: An acceptance letter from the university or educational institution is essential. It must indicate information like course type and duration of studies. Assess yourself if you have what it takes to apply for Maybank Education Loan.
Maybank Education Loan Rates and Fees
In the market, the Maybank Education Loan is popular. Its reasonable rates and fees justify it.
- Processing Fee: The lowest processing fee in education loans is 2%. Maybank offers the same rate as well.
- Cancellation Fee: Loan cancellation typically costs 1% of the undrawn amount.
- Early Prepayment Fee: Never forget that Maybank charges for early prepayment. The cost is 1% of the prepaid loan amount.
- Late Payment Fee: Neglecting a financial responsibility in Maybank costs 3.00% above the prescribed rate. Typically, the minimum fee is $30.
- Cashier Order: There is an existing fee for cashier orders. However, there is no specific amount or rate it costs.
Maybank does not charge higher fees. But it is strongly suggested to stick with the repayment plans. It helps minimize the total payment for an education loan.
You now know the different charges inclusive of your study loan. Find out how to apply for Maybank Education Loan.
Maybank Education Loan Application Process
There are three ways when applying for Maybank Education Loan is easy.
Apply quickly online.
Apply through Maybanks’ official website without hassle by clicking the “Apply Now” button. Complete the application form and provide accurate information.
Get an appointment via SMS.
Make an Appointment Now with Maybank—key in STU <Name> <Contact Number>. Then, send it to 79898.
Visit Maybank’s Office Branch
Apply at any of the 22 branches personally. The location is across the city-state.
For faster and seamless loan approval, abide by the instructions given in each method of application.
Maybank Education Loan Calculator
Maybank Education Loan Calculator helps determine how much to repay monthly. But first, pick a scheme based on your financial situation and capacity.
Standard Repayment Scheme
Repay the principal and interest rate monthly.
Partial Repayment Scheme
Make a partial instalment while studying. Then, pay the standard monthly instalment afterwards.
Interest Servicing Scheme
Pay off interest only during the study period. Standard instalments will be initiated after that.
You can determine how much you need to repay monthly based on the chosen repayment scheme. It comes in handy when utilizing the Maybank Education Loan Calculator.
Maybank Education Loan truly stands out. Nevertheless, applicants must always shop around for better choices. See to it that your lender understands your current financial dilemma.
Cash Mart Singapore: Your Best Alternative
Cash Mart Singapore has a Payday loan that lets you receive cash upfront, thus making any day a payday.
Also, Cash Mart does offer Business loans to SMEs—an excellent choice for the better cash flow of your business venture.
The most popular financial assistance of Cash Mart Singapore is their low-interest Personal Loan. It is leading in lending instant cash loans for anything at any time. Apply for this loan, whatever money problem you are facing.
If you need support for your studies, take out this loan. Get approved within 30 minutes. Plus, a guarantor is not necessary.
Fulfilling your financial obligations will leave you with a clean record. Cash Mart will grant you a higher loan amount without fuss.
Cash Mart Singapore is famous for a reason. Take your chance now. Grab the degree you’ve always wanted.