Personal Loan Singapore
What can I use personal loan for?
Personal loan is an unsecured loan pay by installment that you can use it for whatever you want. You can use it for a family holiday, emergency medical financing, or even a new mobile phone that you’ve been eyeing. There are also specialized loan for renovation like renovation loan and even education loan.
Individuals who requires a personal loan must fulfill these qualifying criteria:
- Singaporean/PR or foreigners may apply for a personal loan
- Age between 21-65
- Singaporean/PR must be earning at least $20,000 per annum and foreigners must be earning at least $40,000 per annum.
Typically, you can borrow 2-6X your monthly income up to a cap of $200,000 under the personal loan scheme. The tenures for personal loan ranges from 1 to 7 years. However, the longer the instalment tenure are, the higher your interests are for personal loan.
Please also prepare the following documents if you intent to secure a personal loan:
These are the documents you will need to submit:
- Photocopy of your NRIC (both sides)
- If you are a salaried employee, you’ll need your latest e-statement, or your CPF contribution history statement for the last 12 months, or your latest Income Tax Notice of Assessment
- If you are self-employed, you’ll need your latest 2 years of Income Tax Notice of Assessment
Banks and Moneylenders revised their personal loan rates from time to time. Personal loan rates usually range from 6% to 10% per annum. Call us today to find out about prevailing best personal loan interests rate.
Contact us now -:
License No.: 96/2016
Reg No: 201010579C
Tel: +65 6635 8888
Block 131 Jurong Gateway Road # 01-261