How much interest would I save if I start my education loan repayment early?
Based on a principal amount of $12,000, interest per month is $25 (based on 2.5% p.a1). If you were to repay the education loan upon graduation or leaving your course of study instead of over 10 years, you would have saved $4,010.
1Interest is calculated monthly and compounded (i.e. added to principal amount and accrued interest) on a yearly basis, pegged at the prevailing CPF Ordinary Account interest rate of 2.5%.
Please inform us of your intention to start early repayment of your education loan through this form and we will process your request accordingly.
This information is sourced from CPF
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