Bank education loans come with conditions most people only discover after the rejection. Your institution has to be on their approved list. Your CBS credit score has to clear their threshold. A guarantor may be required. If any one of those conditions fails, the answer is no — and the school’s payment deadline does not care.
Swift Credit is a MinLaw licensed moneylender at Bugis. There is no restriction on the institution or the type of course. We assess your current income and your MLCB standing. Apply via Singpass MyInfo in 2 minutes. We will contact you within the hour. Cash disbursed the same day you visit us.
Bank education loans are real products, but they are built for a narrow set of circumstances. The institution must appear on the bank’s approved list. The programme is typically full-time. Your CBS credit score is the primary filter. If your score carries old debt or defaults, the application does not move forward regardless of your current income.
Most private institutions, part-time programmes, professional certifications, and overseas study arrangements are not on any bank’s approved list. If you are funding that kind of course, the bank’s product does not apply to you at all.
We do not use your CBS credit score as the primary factor. Banks do. We check your MLCB record, which tracks your current outstanding balance across all licensed moneylenders in Singapore. We look at your current income and whether the repayment fits your capacity today.
A low CBS grade from old bank debt does not automatically close the door here.
There is no approved institution list. There is no restriction on course type, programme duration, or whether the study is local or overseas. Whether you are funding your own education or a dependent’s fees, the loan is assessed against your own income and repayment capacity. The course details do not affect eligibility.
MDIS, SIM, Kaplan, PSB Academy, and other private providers that fall outside bank-approved lists.
SUSS, SIM-UOL, and other working-adult degree pathways that most bank education loans do not cover.
ACCA, CFA, PMP, AWS, Google certifications, and equivalent programmes with fixed exam and registration deadlines.
Tuition balances not covered by your existing grant or bursary arrangement.
First semester fees, accommodation deposits, and programme registration that must be paid months before you travel.
Courses that exceed your SkillsFuture Credit balance and cannot wait for the next top-up cycle.
A parent applying on behalf of a child, or a spouse covering a partner's course fees. The loan is assessed against your own income.
Certification exam fees, professional body registration, and re-sit fees with fixed submission deadlines.
Your borrowing limit is set by MinLaw based on your annual income and residency status. This is your total unsecured limit across all licensed moneylenders in Singapore combined.
Source: Ministry of Law, Guide to Borrowing from Licensed Moneylenders
If you are borrowing to fund a dependant’s education, the limit is assessed against your own income, not the student’s. If you currently hold an outstanding moneylender loan, your available headroom is the gap between your income-based cap and your current outstanding balance.
Every licensed moneylender in Singapore operates under the same fee caps set by MinLaw. These are legal maximums. No licensed lender can charge above them.
A worked example on a SGD 5,000 education loan over 12 months.
Interest is calculated on the remaining balance after each repayment. Every payment you make directly reduces what the next month’s interest is calculated on.
Start your application via Singpass MyInfo or call us directly. We review your application and contact you within the hour during office hours.
Foreigners do not need a local guarantor at Swift Credit. Your application is assessed on your own income and employment status. Swift Credit will never ask for your Singpass password.
Join over 10,000 clients who have experienced the Swift difference in Bugis.
Takes 2 minutes. Your identity and income data are retrieved automatically from government records. No manual form filling needed.
Our team reviews your application and contacts you during office hours. We confirm what you qualify for before you travel to us. If you do not qualify, we tell you at this stage. You do not make a wasted trip.
Come to 192 Waterloo St, #02-06 Skyline Building. MinLaw requires all loan contracts to be signed in person at our registered office. We walk through every term with you before you sign. You can walk away at any point at no cost. Funds are disbursed the same day after signing.
Start your application now using Singpass MyInfo, or contact us directly for assistance.
We call you within the hour during office hours to confirm your assessment.
Yes. As the borrower, the loan is assessed against your own income and repayment capacity. There is no restriction on using the funds for a dependant’s education costs. Your child does not need to be involved in the application or the contract signing.
No. There is no approved institution list. Whether your course is at a government university, a private education provider, or an overseas institution, the application is assessed on your income and MLCB standing. The institution’s status does not affect your eligibility.
Yes. Bank rejections are based on your CBS credit score and the bank’s own credit policy. We assess your current income and your MLCB outstanding balance. These are two separate systems. A bank rejection does not close the door here. If your income supports repayment and you are within your MinLaw borrowing limit, you may still qualify.
No. Licensed moneylender loans are recorded in the MLCB system, which is entirely separate from CBS. Banks and HDB cannot see your MLCB record. Borrowing from Swift Credit does not appear on your CBS report and does not affect your HDB application.
If you apply and visit us during office hours on the same day, you can have your cash the same day. Submit your application via Singpass MyInfo. We contact you within the hour to confirm what you qualify for. Come to our Bugis office, sign your contract, and funds are disbursed immediately. The in-person signing is required by MinLaw. It is fast once your application is reviewed.
It depends on your remaining borrowing headroom. MinLaw caps your total outstanding balance across all licensed moneylenders. If you have an existing loan, the additional amount you can borrow is the gap between your income-based cap and your current outstanding balance. Our team will tell you exactly where you stand when we review your application.
Salaried employees: NRIC (front and back), latest 3 months payslips.
Self-employed applicants: NRIC, latest IRAS Notice of Assessment, 3 months bank statements.
Foreigners: add your valid work pass, passport, latest 3 months income document and proof of Singapore residential address.
Applying via Singpass MyInfo retrieves most of this automatically at the application stage.
Yes. No penalties apply. You receive an interest rebate on the remaining months. Paying early reduces your total cost.
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