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OCBC FRANK Education Loan Review: Are OCBC's Study Loans the Best Available?

OCBC offers very competitive rates for all types of education loans.

OCBC FRANK Education Loan Review: Are OCBC's Study Loans the Best Available?

OCBC offers very competitive rates for all types of education loans.


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  • One of the cheapest education loans for local studies
  • Cheap oversea education loans
  • Interest servicing loans available
  • Pay only Interest while studying + 1 year after graduation


  • Not the largest maximum loan amounts available

OCBC is an excellent option for students that require financing to make their educational dreams a reality. With an interest rate of 4.5%, it offers one of the most competitive education loans for local studies and interest-servicing education loans. The bank also offers the cheapest loans for studying at universities overseas.

Summary of FRANK by OCBC Education Loans
Lowest Interest Rates: 4.5%
Processing Fee: 2.5%
Flexible Loan Size: S$1,000 - S$150,000 or 10x monthly income
Tenure: 1 - 8 years

Table of Contents

What Makes FRANK by OCBC Stand Out to Borrowers

In terms of total cost, which includes interest payments and a processing fee, OCBC offers some of the cheapest local and overseas study loans available in Singapore. In terms of interest, OCBC charges 4.5% for all of its education loans, the lowest in the market. It also charges a 2.5% processing fee, which is slightly higher than the fees of other banks. Aside from the special rates Maybank and POSB to students that attend their preferred institutions, OCBC is the cheapest option for all types of education loans.

Total Cost of OCBC's Education Loans - Standard Payment Structure

TenureProcessing FeeInterest RateMonthly PaymentTotal Cost
5 Years2.5%4.5%S$466S$3,590
6 Years2.5%4.5%$397S$4,198
7 Years2.5%4.5%S$348S$4,815
8 Years2.5%4.5%S$311S$5,441
Assuming loan of S$25,000, total cost includes impact of fees

Additionally, OCBC is the cheapest option for Singaporean students that plan to study overseas. Unlike other lenders that charge higher interest rates for international studies, OCBC charges the the same rate of 4.5%, which is the lowest interest rate for international studies. One disadvantage of OCBC's international education loans is that they do not offer the largest loan amounts in Singapore. Still, at a maximum of S$150,000 or 10 times the applicant's monthly income, OCBC is offering very sizable loans.

Total Cost of a 6 Year, S$25,000 Education Loan for International Studies

OCBC also offers the cheapest interest-only study loans, which allow students to pay only the interest cost during their studies and begin repaying their principal once their studies conclude. These loans are particularly useful for students that are unable to meet the monthly payment requirements of standard payment education loans. However, these loans are more expensive than standard payment loans in terms of total cost.

Total Cost of OCBC's Education Loans - Graduated Payment Structure

TenureProcessing FeeInterest RateMonthly Payment During StudiesMonthly Payment After StudiesTotal Cost
5 Years2.5%4.5%S$94S$2,134S$5,739
6 Years2.5%4.5%S$94$1,091S$6,314
7 Years2.5%4.5%S$94S$744S$6,897
8 Years2.5%4.5%S$94S$570S$7,489
Assuming loan of S$25,000, 4 years interest-only, total cost includes impact of fees

Who Can Apply: Eligibility Criteria

Consider this if you require any type of student loan
  • Early Repayment Fee
    • 1% of loan prepaid
    • Late Payment Fee
      • S$50
      • Age
        • 17 & Above

        To be eligible for OCBC's education loans, students must be at least 17 years old Singaporeans or Permanent Residents. Applicants that are below 21 years old must also apply with a co-applicant who must be at least 21 years old and not older than 65 years upon loan maturity. Primary applicants must either earn at least S$24,000 annually, apply with a co-applicant that earns S$24,000 annually, or earn at least SS$12,000 annually and apply with a co-applicant that also earns S$12,000 annually. Additionally, students can apply for loans of S$1,000 to S$150,000 or 10 times their own or their co-applicant's monthly income, whichever is lower. Successful applicants can use these funds to study at a wide range of local and international universities, which are listed on OCBC's website.

        Other Charges and Fees

        In addition to its 2.5% processing fee, OCBC charges borrowers for early and late repayments, loan cancellations and cashier orders. While these are standard, we recommend that borrowers stick to their payment plan in order to avoid unnecessary costs that will drive up the cost of their loan.

        Cancellation Fee1% of the undisbursed loan amount
        Processing Fee2.5%
        Early Prepayment Fee1% of loan prepaid
        Late Payment Fee$50
        Cashier OrderS$20

        How to Apply: Application Process

        Individuals interested in OCBC's education loans can apply by submitting an application form, NRIC photocopy, offer letter and proof of income. For proof of income, salaried individuals must provide their latest computerised payslip and latest Income Tax Notice of Assessment or their last 6 months' CPF contribution history. All other types of employees must submit their last 12 months CPF contribution history statement or latest Income Tax Notice of Assessment. All of the income-related documents can be accessed at OCBC branches if applicants bring a valid SINGPASS ID.

        Other Required Documents:

        • NRIC (photocopy front & back)
        • Recent telephone bill or original bank statement (if mailing address differs from NRIC)
        • Acceptance letter from institution stating type and course duration
        • Schedule of payment for course

        Read Also:

        Stephen Lee

        Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.