A personal loan for studies – and everything else!

Why would you need a personal loan for studies?

An overseas education is the squad goal for teens wanting to cut the apron strings. Even more so around graduation season when it seems ‘university’ is the talk of the town. While our fearless fledgelings paint their dreams, their holy grail can feel more like a nightmare for many parents. That’s especially the case in these uncertain times, when income isn’t guaranteed, and savings begin to look shaky against inflation. Parents foresee their retirement funds taking a beating – perhaps even a home needing to be sold to pay for the cost of a private education abroad. There are also hidden costs, so it’s difficult to calculate exactly how much you’ll spend by the time the graduation mortar and gown are paid for. Getting a loan in Singapore might help manage your outflows.

How HSBC Personal Loan can help

HSBC Personal Loan makes it possible for anyone to pursue higher education, or indeed put it to any other use. Whether you’re a teenager eyeing an Ivy League degree or a parent wanting to send children to an international school in Singapore,  a personal loan for studies can help manage the outflows.

You can also use the loan to further career goals by studying for a diploma or master’s degree, or even a vocational skills ticket.

Send your children for overseas studies

HSBC Personal Loan offers up to eight times your monthly salary.

Sending your children to a university abroad is never easy. You not only worry for their safety and wellbeing, but the financial issues mentioned earlier can be a cause for concern: “Is this actually something we can afford?”

Aside from the tuition fees, the cost of living should be closely investigated, including factors such as rent (and rent increases!), transportation, and food and entertainment. Other living costs parents regularly overlook are phone and internet bills, health and travel insurance. They can also face airfare costs for travelling home for holidays, and surprise administration and supplementary insurance fees levied by universities for the use of facilities.

There’s more, too. A heavy workload and lack of time means that instead of the cheaper option of home cooking, there’s the added expense of eating out or ordering in. Sometimes due to stress and mental health issues, a student may have to take a break from study to recalibrate. The books may be off the table during this time, but the bills will keep coming.

The cost of an overseas degree itself depends largely on the degree, the university and its location. Adjunct programmes can open avenues for international exchanges – further study and scholarships that allow students to unleash their full potential.

Estimated annual cost of an overseas bachelor degree programme

*These estimates are for reference only. Readers are encouraged to perform their own due diligence.

Even if you’re a whizz with a calculator and have a handle on the figures, unknowns can break the bank. Financing a course may well require a large-sum loan with competitive rates that enable you to pay off the loan comfortably.

To support parents as they finance an overseas degree, HSBC Personal Loan offers a loan amount of up to eight times your monthly salary.

Expat parents can pay Singapore international school fees

HSBC’s flexible loan plan offers competitive rates and loan tenor of up to seven years to help you smooth out cashflow.

International schools in Singapore aren’t cheap, and they’re not subsidised for expatriates. Add to this the rising cost of living in one of the most expensive cities in the world, and you have a big financial commitment to face.

Depending on where you might be resettling from, your child has many choices for continuing education. There’s a huge number of international schools to choose from in Singapore. Many offer the International Baccalaureate (IB) and IGCSE programmes, along with other internationally-recognised curricula and approaches. (A comprehensive list of schools for expat children can be found here.)

HSBC’s flexible loan plan with fixed monthly repayments offers one of the lowest interest rates in Singapore at 3.2% per annum (EIR 6.0% per annum).

Singaporeans can pursue higher education

HSBC Personal Loan in Singapore for studies offers competitive interest rates to support your upskilling journey.

Singaporeans who are freshly hatched into the workforce might find their salary has limited purchasing power. This is especially the case for further studies that aren’t subsidised by the government.

Maybe you’re stable in your job with the right qualifications under your belt just now, while still young. But how can you up your game to face the challenges of an increasingly flat and homogenous landscape of foreign talent and competition?

A faster way up the career ladder is to pursue study: from work-skill accreditations to diplomas and master’s degrees. Higher education can be achieved through courses in Singapore or abroad. And HSBC’s low interest rates offer a pathway to help you achieve your career ambitions.

Why HSBC Personal Loan?

• With HSBC Personal Loan, you can get extra cash of up to eight times your salary to achieve what matters most to you. Enjoy low interest rates from 3.2% per annum (EIR 6.0% per annum), one-minute in-principle approval and fixed monthly repayment tenor of up to seven years.
• If you already have a Personal Line of Credit with HSBC (PLOC customers), you will not need proof of income or present any other document for loan approval. For example, if you plan to use it to upgrade your home, you won’t be required to show a quotation or contract.
• From now till 31 December 2022, get rewarded with up to S$ 3,100 cashback upon approval when applying for HSBC Personal Loan online.

Find out how you can fund your family’s education needs with HSBC Personal Loan.