TCC special education loan with higher savings interest rate

Education Loan

Realise your dreams with TCC. The youths are our future and we want to do our part to offer affordable study loans.

With the sudden onset of COVID-19 which affected many jobs and industries, more people realised the importance of lifelong learning and saving for rainy days.

It’s never too early or too late to start cultivating a savings habit, and the objective of this upgraded Education Loan is to encourage the students to do so.

  • NEW! Higher Savings Interest

    0.3%* p.a compounded monthly during loan tenure

  • NEW! Option to save up to $30 monthly

    Starting from $10

  • Maximum Loan Amount

    Up to 100% of course fees, to be disbursed on a semester basis

  • Repayment Period

    Remaining course duration + 24 months

  • Interest Rate

    Local Education: 2.2% flat p.a.^
    Overseas Education: 4.5% flat p.a^

If Alice decides to take up $30,000 study loan for a 3-year local course, with 5-year repayment:
Approved Loan Amount$30,000
Processing Fee2%
Total Loan Amount Disbursed$30,000
Total Interest Payable$3,366
Monthly Payable$556.10
Higher-interest Savings AccountAlice will be saving $30/month at higher interest of 0.3%p.a
At the end of 5 years, Alice would have saved:Approximately $150 from processing fees

Approximately $110 from total interest payable

$1,813.34 in her higher interest savings account

In total, Alice would have saved $2,073.34 besides fully paid her Education Loan

Please take note that the numbers in the above table are for illustration purposes only.

What our Members say

“I would like to express my gratitude for TCC in helping me to achieve my academic dreams. I have graduated and cleared my education loan.

Thank you for everything. I will strongly recommend TCC for people who need genuine help and good service.”


“The low interest rate of the student loan is such a relief to patrons like us. The staff who attended to my application has been very helpful and has carried out all procedures effectively and efficiently. Thank you once again.”


Eligibility Criteria

Main and Joint Applicant:

  • Singapore Citizen or Singapore Permanent Resident
  • Age between 21 and 60 years old
  • Must be a TCC member, membership is free
  • Earning a minimum monthly basic salary of $1,200
  • Should not be existing surety for any other loans from TCC

Surety/ Sureties:

  • Singapore Citizen
  • Age between 21 and 55 years old
  • Must be a TCC member, membership is free
  • Earning a minimum monthly basic salary of $2,000
  • Should not be an existing surety for any other loans from TCC

*0.3% interest only during education loan tenure, after which will be reverted back to 0.125%.
^Additional 0.5% p.a for every 12 months extension, subjected to approval.
This special education loan is only valid from now till March 2022.

The Complete Guide to Education Loans in Singapore

Who can apply for an Education Loan?

a. Can part-time students apply for an Education Loan? – In Singapore, there are banks that offer loans for both local and foreign students; of course terms and conditions do apply for various banks. However at TCC, we only offer loans to local students for both full time and part time courses.

b. Can foreign students apply for Education Loans?

c. What schools do you need to attend? – For most banks, it is any school. As long they are able to show proof that they are studying based on their contract with them. Similarly for TCC, schools that are Edu Trust certified will be eligible for the Education Loans but they must show proof of their PEI contract from the schools that they are studying in.

d. Are there conditions of revenues for the parents? As long as the parents are working with a minimal salary, they are able to apply with TCC as the main applicant. More details can be found on our website.

What costs can the Education Loan cover?

For TCC, 100% of the course fees. The amount will be disbursed on a semester basis.

What documents are needed to apply for an Education Loan?

1. NRIC Copy (front and back)
2. Latest pay slip
3. Latest 15 months CPF Contribution History
4. Latest income tax notice of assessment
5. CBS Report
6. Copy of Marriage Certificate
7. Copy of PEI Contract (Original of which to be provided upon signing of the loan agreement)
8. Letter of Acceptance from the Education Institute (Original of which to be provided upon signing of the loan agreement)

How long is the application process?

Once all the documents are received by us, it will take 3 to 5 working days after initial assessment of documents.

Is there a processing fee?

The processing fee at TCC Credit Co-operative is 2%.

How is an Education Loan repaid?

Repayment at TCC will be during the course duration but we will also provide another extra 24 months to repay back.

What are the fees and interest rate for an Education Loan?

2.2% flat rate per annum at TCC; which is one of the lowest in Singapore as compared to banks which can be up to 4%.

What is the next step if I want to apply?

Please email us at