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STUDENT LOANS

Education Loan

Don't just dream it. Learn it.

With the FRANK Education Loan, you have options to pursue your education and dream goals, whether you're studying at a local private institution or overseas institution.

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Unlock endless learning opportunities

BENEFITS

Why FRANK Education Loan

Enjoy a low interest rate of 4.5% per year (EIR is 5.17% per year*)
Loan up to 10x your monthly income or S$150,000 (whichever is lower)
Choose from three flexible repayment options with up to 8 years tenure

*Effective Interest Rate (EIR) is assumed on a 2-year course with repayment period of 8 years and Standard Repayment Method. The EIR comprises of 4.5% per year interest rate which is calculated on a monthly rest basis and 2.5% of processing fee of the approved loan amount that is applicable upon disbursement of loan.

3 repayment options to suit your needs

Principal & Interest

Standard

  • Pay your monthly instalments (principal + interest) once your loan is disbursed.
  • Effective Interest Rate: 5.17% per year
Interest first

Graduated

  • Pay only Interest while studying
  • Start paying principal + interest after graduation
  • Effective Interest Rate: 5.06% per year

Interest first + 1 year

Graduated plus

  • Pay only Interest while studying + 1 year after graduation.
  • Pay principal + interest from third year onwards.
  • Effective Interest Rate: 5.01% per year

NOTE: For Graduated and Graduated Plus, the loan tenure includes the period of study.

Click here to view loan term and interest rate

HOW IT WORKS

Apply and Wait for Approval

Visit us, mail us or leave your details. Upon successful application, you will receive an approval letter from us in about 7 working days.

Get your loan disbursed to pay your school fees

Sign the disbursement authorisation form and send it to us before your school fee payment is due. This is to issue your loan disbursement per your payment schedule whether it is one time or every semester.

You will receive a cashier’s order from us. Submit it to your school to pay your school fees.

Note: Send in your form early to receive the cashier's order on time.

Monitor your repayment

Monitor how your loan is being repaid through your statement or Internet Banking.

Before you apply

Am I Eligible?

For Main Applicant
Student as main applicant
  • Aged 17 years old and above
  • Singaporean / Singapore PR
For Joint Applicant
Singaporean / Singapore PR
  • Required for main applicant below 21 years old
  • Required for overseas education
Aged 21 years and above
  • Maximum 65 years upon loan maturity
Total Annual Income
At least S$24,000 per annum
  • Main (no income)
  • Joint (at least S$24,000 per annum)

OR

  • Main (at least S$12,000 per annum)
  • Joint (at least S$12,000 per annum)
Limited-time promotions

Sign Up Rewards

Promo

Education Loan + FRANK Visa Debit Card Benefits

Enjoy perks while you push ahead in your studies. Choose from 120 designs. Annual FRANK Debit Card fee waiver for life. Withdraw cash locally and overseas.

How to get your loan

I need more details

Interested but need to find out more? Submit your interest below and our friendly staff will contact you shortly.

Apply at our branches

Head down to our OCBC Branches with your joint applicant to submit your application form.

Application and submission of loan documents will only be available at the campus FRANK Stores on the following days:

• SMU – Mondays (temporarily closed until further notice)
• NTU – Tuesdays
• NUS – Wednesdays

Application forms

Complete the form and mail it to us with copies of your NRIC, income documents, and offer letter.

What do I need to prepare:

Applicant:
  • NRIC
  • Recent original telephone bill or original bank statement (if mailing address differs from NRIC)
  • Certified true copy of acceptance letter from institution stating type and course duration
  • Certified true copy of schedule of payment for course if not stated in acceptance letter
Income documents:

Salaried Employees

If salary is not credited to an OCBC account, submit any of the 2 combinations below:

  1. Latest CPF statement with full contribution history (at least 3 months)
    AND
    Latest Income Tax Notice of Assessment
  2. Latest computerised/soft copy payslip
    AND
    Latest bank statement showing employer’s name for salary crediting
    OR
    Latest CPF statement with full contribution history (at least 3 months)
    OR
    Latest Income Tax Notice of Assessment


Self-Employed, commissioned or variable income earners customer

  1. Last 12 months’ CPF contribution history statement
    OR
    Latest Income Tax Notice of Assessment