Personal Loans For Expats in Singapore

Guest Contributor

Guest Contributor

Last updated 19 December, 2022

Many personal loan options are available for foreigners in Singapore, but you’ll need to navigate some restrictions.

Personal loans are unsecured, meaning they’re not backed by collateral like a home or car. You can use personal loans for many purposes, from consolidating debt to financing a large purchase. An expat may need a personal loan in Singapore for various reasons. Perhaps you need to consolidate high-interest debt, finance a home renovation or cover an unexpected expense. Personal loans can be a great way to get the funds you need without putting your assets at risk.



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How is a foreigner loan different from a non-foreigner loan?

The main difference between a foreigner loan and a non-foreigner loan in Singapore is the eligibility criteria. You do not need to be a Singapore citizen or permanent resident for a foreigner loan to qualify. This makes foreigner loans in Singapore much more accessible than other types of loans.

Another difference is the interest rate. Foreigner loans usually have a higher interest rate than non-foreigner loans. This is because the risk of default is higher for foreigner loans.

Best personal loans for foreigners in Singapore

There are a few options for personal loans for foreigners living and working in Singapore. However, these loans differ from regular personal loans in key ways. They typically have a higher minimum income requirement and may require that applicants have a certain type of employment pass or permit.

Additionally, processing fees are often higher for foreign applicants. But despite these challenges, there are still a few banks that offer competitive loan products for foreigners in Singapore. Here are four of the best options accessible right now, along with their loan amount, interest rate, and processing charge:

  1. Standard Chartered CashOne Personal Loan
  2. HSBC Personal Loan
  3. OCBC ExtraCash Loan
  4. Citibank Quick Cash (for new loan customers)

Other moneylenders who provide loans to foreigners include:

  • Unilink Credit
  • Moneylender Pro/LG Credit
  • Trillion Credit
Banks Annual Interest Rate Effective Interest Rate Foreigners’ minimum annual income Loanable amount Processing Fee
Standard Chartered CashOne Personal Loan 3.48% Begins from 6.95% Minimum yearly earnings of S$60,000 Up to four times your monthly salary. 0
HSBC Personal Loan 2.92% Begins from 5.5 % Minimum yearly earnings of S$40,000 Up to eight times your monthly income 0
OCBC ExtraCash Loan 3.57% p.a. Begins from 7.51% Minimum yearly earnings of S$45,000 Up to six times your monthly income S$200
Citibank Quick Cash (new loan customers) 3.45% p.a. Begins from 6.50% Minimum yearly earnings of S$42,000 Up to four times your monthly income 0
Unilink Credit Unclear Unclear To determine eligibility, submit an online application Up to six times your monthly income 0
Trillion Credit Unclear Unclear To determine eligibility, submit an online application Up to six times your monthly income 0

How to find the best personal loan as a foreigner in Singapore

Personal loans for foreigners in Singapore can be difficult if you don't know where to look. There are many options available, and it can be hard to compare all of the different personal loan products on the market. However, there are a few things that you can keep in mind when searching for the best personal loan for foreigners for your needs.

One of the most important things to consider when taking out a personal loan is the interest rate. The interest rate will have a big impact on how much you ultimately pay for the loan, so it's important to compare rates from different lenders before you decide. It's also important to remember that personal loans usually come with higher interest rates than other types of loans, so it's important to factor that into your decision.

Another thing to consider when taking out a personal loan is the repayment terms. Make sure you understand how long you'll have to repay the loan and the consequences if you miss a payment. Some personal loans come with very high interest rates and short repayment terms, so it's important to make sure you can afford the monthly payments before you sign on the dotted line.

Finally, make sure you understand the fees associated with personal loans before agreeing to one. Some personal loans come with origination fees, late payment fees, or prepayment penalties. These fees can add up quickly, so it's important to understand all of the terms and conditions before you agree to a personal loan.


What types of foreigner loans are available in Singapore?

There are a few personal loan options available for foreigners in Singapore. You can apply for a bank loan, moneylender loan, personal instalment loan, or even a personal line of credit. Each option has its own set of pros and cons that you should consider before deciding.

Bank Loans: Applying for a bank loan is one of the most common personal loan options for foreigners in Singapore. Banks usually offer lower interest rates and have a more extended repayment period. However, the application process can be quite lengthy, and you will need to have a good credit score to be eligible.

Moneylender Loans: Moneylenders are another popular personal loan option for foreigners in Singapore. They usually offer higher interest rates and have a shorter repayment period. However, the application process is usually much shorter, and you may not need a good credit score to be eligible.

Personal Instalment Loans: Personal instalment loans usually come with fixed interest rates and monthly payments. However, the application process can be quite lengthy, and you will need to have a good credit score to be eligible. However, the repayment period is usually shorter than other personal loan options.

Personal Line of Credit: Personal lines of credit are another personal loan option for foreigners. They usually have variable interest rates, and you can withdraw money as you need it. However, the repayment period is often shorter than other personal loan options, and you may need to have a good credit score to be eligible.

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What documents do you need to obtain a personal loan?

Applying for a loan for foreigners in Singapore can be a daunting experience, as the eligibility criteria is usually stricter than for Singaporeans. To apply for a loan, foreigners will typically need to provide an employment pass with at least one year of validity and three months' worth of pay slips to show an annual income of between S$40,000 and S$60,000.

By comparison, Singaporeans usually only need to show proof of annual income of at least S$20,000 to S$30,000 to be eligible for a loan. Additionally, fewer banks provide loans for foreigners, and those that do often require additional documentation such as proof of identity (passport), proof of address, and income and employment.

What is the process of obtaining a foreigner loan?

You should bear a few things in mind while taking out a loan as a foreigner in Singapore. To begin with, banks will normally request proof of employment in Singapore for at least one year. In addition, depending on the type of loan, you may be required to offer a guarantee.

One of the most crucial factors that banks would evaluate is your desire and capacity to stay in Singapore for the duration of your loan. So, if you want to stay in Singapore for the long term, getting a loan shouldn't be an issue. However, if you are unsure about your plans, it may be wise to postpone them.

Foreigner restrictions

Even if you locate a lender who deals with foreigners, you may be subject to some restrictions. As a foreigner, you may encounter the following difficulties:

If you lack a regular credit history, you may be asked to apply with a guarantor.

If you are a foreigner visiting Singapore for a brief period, getting a loan may be difficult.

If you don't have a large income, you might not be able to fulfil most lenders' qualifying standards.

Whether you’re looking for the lowest interest rates or want to know more about the different types of loans available, we’ve got you covered. Compare the best personal loans to select one for your needs today.

Read these next:

Understanding Personal Loans: Why And When Should You Use It?

Best Personal Loan Promotions In Singapore 2022

4 Times In Life You Should Consider Getting a Personal Loan

All The Legal Loan Limits You Need To Know About In Singapore

What Really Happens If You Skip Credit Card Bills, Loan & BNPL Payments


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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