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1. What are the eligibility criteria for a student to apply for a Maybank Education Loan?
2. Are Joint Applicants required?
3. Are Guarantors required?
4. What are the eligibility criteria for the Guarantor(s)?
5. What is the minimum and maximum loan amount?
6. Are there any processing or application fees?
7. What are the minimum and maximum loan tenures?
8. How do I apply for the loan?
9. What supporting documents do I need for the loan application?

1. What are the eligibility criteria for a student to apply for a Maybank Education Loan?

   For local studies:

   • Minimum 18 years of age and above, student will be the Main Applicant
   • For ages below 18 years, an immediate family member of the student will apply as the Main Applicant
   • Singapore Citizen or Singapore Permanent Resident
   • Minimum income of S$18,000 p.a. (for part-time studies only) is required, no minimum income is required for full time studies

   For overseas studies:

   • Strictly 18 years of age and above, student will be the Main Applicant
   • Singapore Citizen or Singapore Permanent Resident
   • No minimum income is required

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2. Are Joint Applicants required?

   Joint Applicants are not required.

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3. Are Guarantors required?

   Full-time studies (local/overseas):

   • Guarantor(s) are required at all times, a maximum of 2 Guarantors are allowed for deriving loan amount

   Part-time studies (local studies only):

   • Guarantors are required only when the student’s income is less than S$18,000p.a., up to 2 guarantors may be provided to determine the loan quantum.

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4. What are the eligibility criteria for the Guarantor(s)?

   Your Guarantor(s) must satisfy the following criteria:

   • 21 years of age and above
   • Singapore Citizen or Singapore Permanent Resident
   • Minimum income of S$30,000 p.a. (local education loan) and S$84,000p.a. (overseas education loan)
   • One of the guarantor(s) must be closely related to the student (spouse, parent, parent-in-law, sibling, legal guardian)

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5. What is the minimum and maximum loan amount?

   The minimum loan amount is S$5,000 (local studies) and $15,000 (overseas studies).

   The maximum loan amount is the lower of:

   • Part-time studies (Local): up to 6 times the monthly income of the Main Applicant PLUS up to 8 times the monthly income of Guarantor(s); maximum 2 Guarantors are allowed for deriving the loan quantum, or
   • Full-time studies (Local/ Overseas): up to 8 times the monthly income of the Guarantor(s), maximum 2 Guarantors are allowed for deriving the loan quantum
   • Tuition fee, or
   • S$150,000.

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6. Are there any processing or application fees?

   Yes, there is a processing fee of 2% on the approved loan amount upon acceptance of our letter of offer.

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7. What are the minimum and maximum loan tenures?

   The minimum loan tenure is 1 year for local studies and 3 years for overseas studies. The maximum loan tenure is 8 years for local studies and 10 years for overseas studies, subject to age 65 years (of the oldest applicant/ guarantor) at loan maturity.

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8. How do I apply for the loan?

   You may visit our website at www.maybank2u.com.sg to download the Education Loan Application Form (PDF).

   Please fax the completed application form and supporting documents to 6338-5664 (Attn : Direct Banking Channel), or mail them to

   Direct Banking Channel
   420 North Bridge Road
   #02-36
   North Bridge Center
   Singapore 188727
   
   Alternatively, you may wish to visit any of our 22 branches in Singapore to apply.

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9. What supporting documents do I need for the loan application?

   The following documents are required:

   • NRIC (front and back) of Main Applicant/Guarantor(s)/Student
   • Income documents of Main Applicant/Guarantor(s)
     For salaried applicants
     • Latest computerised payslip, or
     • Latest Income Tax Notice of Assessment, or
     • Past 6 months' CPF Statement of Account
     For self-employed/ commission-based earners
     • Last 2 years' Income Tax Notice of Assessment
   • Acceptance letter from school stating type and duration of course
   • Proof of relationship between Main and Joint Applicant/Guarantor
   • Document satisfactory to the bank as proof of enrolment

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