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FRANK Education Loan

Unlock endless study opportunities with a lower interest rate of 4.5% per year

FRANK Education Loan provides financial support for degree & post graduate programmes at local private or overseas institutions (AU, NZ, US and UK).

The loan amount can be up to S$150,000 or 10X your monthly income (whichever is lower, minimum loan amount is S$1,000)

You decide how long you want to pay: over a period of up to 8 years (inclusive of study period)

1) Standard
2) Graduated
3) Graduated Plus

The interest rate of 4.5% per year is for a limited period only




Eligibility

  • Age 17 and above
  • Annual income S$24,000 and above (individual or with joint applicant)
  • Joint applicant must be student’s spouse, sibling or parent
  • Singaporeans and Singapore PRs
How to apply

3 repayment options to suit your needs

Standard


Pay your monthly instalments (principal and interest) once your loan is disbursed.

Graduated


Pay only interest for the loan disbursed till the end of your course. Monthly instalments will commence after graduation.

Graduated Plus


Pay only interest for the loan disbursed until 1 year after the end of your course. Monthly instalments will commence on the second year after your course ends.

Need help?


Call us and let us help you find a suitable scheme

6363 3333


Interest Rates

Loan
Tenure
Applied
interest rate
(yearly)1
Effective interest rate2
(for illustration only as EIR will
vary with loan amount and
tenure)
STANDARD GRADUATED GRADUATED
PLUS3
1 year 4.50% p.a. 10.72% - -
2 years 4.50% p.a. 7.45% - -
3 years 4.50% p.a. 6.43% 5.67% -
4 years 4.50% p.a. 5.92% 5.47% 5.33%
5 years 4.50% p.a. 5.63% 5.32% 5.22%
6 years 4.50% p.a. 5.43% 5.22% 5.14%
7 years 4.50% p.a. 5.29% 5.13% 5.07%
8 years 4.50% p.a. 5.18% 5.06% 5.02%


1Interest on the loan amount is calculated based on a monthly rest method and is subject to compounding if the
monthly interest charges are not paid in full.

2Effective Interest Rates (which comprises the applied interest rate and processing fee) will vary with the loan
amount and tenor.

 

Processing fee 2.5% of the approved loan amount with a minimum processing fee charge of S$100
Disbursement fee S$20 per cashier’s order or demand draft issue
Late repayment fee S$50
Cancellation fee 1% of the undisbursed loan amount
Full repayment fee 1% of loan prepaid


Interest Rates

Based on a 12-month study period

Loan
Tenure
Applied
interest rate
(yearly)1
Effective interest rate2
(for illustration only as EIR will
vary with loan amount and
tenure)
STANDARD GRADUATED GRADUATED
PLUS3
1 year 4.50% p.a. 10.72% - -
2 years 4.50% p.a. 7.45% - -
3 years 4.50% p.a. 6.43% 5.67% -
4 years 4.50% p.a. 5.92% 5.47% 5.33%
5 years 4.50% p.a. 5.63% 5.32% 5.22%
6 years 4.50% p.a. 5.43% 5.22% 5.14%
7 years 4.50% p.a. 5.29% 5.13% 5.07%
8 years 4.50% p.a. 5.18% 5.06% 5.02%

 

1Interest on the loan amount is calculated based on a monthly rest method and is subject to compounding if the
monthly interest charges are not paid in full.

2Effective Interest Rates (which comprises the applied interest rate and processing fee) will vary with the loan
amount and tenor.

3A 24-month course period is assumed in the calculation of the Effective Interest Rates for the Graduated and Graduated Plus repayment schemes.

 

Processing fee 2.5% of the approved loan amount with a minimum processing fee charge of S$100
Disbursement fee S$20 per cashier’s order or demand draft issue
Late repayment fee S$50
Cancellation fee 1% of the undisbursed loan amount
Full repayment fee 1% of loan prepaid


Interest Rates

Based on a 12-month study period

Loan
Tenure
Applied
interest rate
(yearly)1
Effective interest rate2
(for illustration only as EIR will
vary with loan amount and
tenure)
STANDARD GRADUATED GRADUATED
PLUS3
1 year 4.50% p.a. 10.72% - -
2 years 4.50% p.a. 7.45% - -
3 years 4.50% p.a. 6.43% 5.67% -
4 years 4.50% p.a. 5.92% 5.47% 5.33%
5 years 4.50% p.a. 5.63% 5.32% 5.22%
6 years 4.50% p.a. 5.43% 5.22% 5.14%
7 years 4.50% p.a. 5.29% 5.13% 5.07%
8 years 4.50% p.a. 5.18% 5.06% 5.02%


 

1Interest on the loan amount is calculated based on a monthly rest method and is subject to compounding if the
monthly interest charges are not paid in full.

2Effective Interest Rates (which comprises the applied interest rate and processing fee) will vary with the loan
amount and tenor.

3A 24-month course period is assumed in the calculation of the Effective Interest Rates for the Graduated and Graduated Plus repayment schemes.

 


Processing fee 2.5% of the approved loan amount with a minimum processing fee charge of S$100
Disbursement fee S$20 per cashier’s order or demand draft issue
Late repayment fee S$50
Cancellation fee 1% of the undisbursed loan amount
Full repayment fee 1% of loan prepaid



Application process

Download an additional loan disbursement form


2 ways to apply

At a branch

Please bring along:
1
NRIC

for Singaporeans and
Singapore PRs

2
Income documents
  • Pay slips from the last 6 months or;
  • CPF contribution history of last 6 months (12 months for self-employed and commission-based earners) or;
  • Latest income tax statement
3
Offer letter
  • Your acceptance letter and fee payment schedule from the institution

Find nearest branch to apply
Locate

By mail

 

Complete the form and mail it to us with copies of your:
1
NRIC

for Singaporeans and
Singapore PRs

2
Income documents
  • Pay slips from the last 6 months or;
  • CPF contribution history of last 6 months (12 months for self-employed and commission-based earners) or;
  • Latest income tax statement or;
  • Submit your CPF Statement online here
3
Offer letter
  • Your acceptance letter and fee payment schedule from the institution

Submit interest

Interested but need to find out more?

1. Submit your interest via online form

Submit interest via online form

 

 

2. Alternatively, SMS STUDY <space> EDL <space> NAME to 76062.