A Comprehensive Guide to Personal Loans in Singapore

1. A Comprehensive Guide to Personal Loans in Singapore A personal loan is an unsecured loan, which means that you don’t need to put up collateral for getting a loan. Personals loan given by banks and financial institutions are typically based on your credit score. Once the loan is approved, you receive the amount in lump sum which you have to repay in instalments at a fixed rate of interest. There are several alternatives to obtaining a personal loan in Singapore, such as a mortgage, a payday loan and even a fast cash loan in Singapore. But before making the decision you should have complete knowledge on the various aspects of the loan type you are selecting. Here’s a look at what all you should think about when opting for a personal loan: What personal loans do you qualify for? Most moneylenders will look at your annual income alongside your credit history to determine if you will be able to repay the loan. The requirements may vary from one bank to another as well as your residency status. Personal loan requirements for Singaporeans and permanent residents Singaporeans and permanent residents need to fulfil certain requirements before qualifying for a personal loan. If you are employed, meet the annual income requirement, and have a good credit rating, it will not be difficult for you to get personal loan. List of requirements: - Age should be between 21 to 65 years. - Should have a minimum gross annual income of $20000. - Photocopy of your NRIC - Statement of last 12 months CPF contribution history - Latest income tax notice of assessment. - Latest computerised payslip. Personal loan requirement for foreigners Below are some of the requirements which need to be fulfilled by the foreigners to get a personal loan Singapore. Foreigners need employment pass holders to qualify for a bank personal loan. It is recommended to call the bank of your choice and ask about the eligibility criteria as it varies from one bank or financial institution from others. - Minimum gross annual income of $ 42000. - Employment pass with validity of 6 months.

2. - Latest computerised payslip or salary crediting to your bank account in Singapore dollars. What is a personal loan used for? These can be the most misunderstood financial product in Singapore. Loans are not always negative or a burden, they can in fact, improve your lives if used in a responsible manner. You can take a personal loan if the repayment costs you less than 30% of your monthly income. Unlike personal loan which would take time for application and approval process, a fast cash loan in Singapore is quickest way to receive money in your account. They are processed within few hours giving instant access to funds. They are best for any emergencies. Search web for more information and suggestions on choosing a personal loan in Singapore.