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Personal Loans

Even after the incentives you receive from the government, having children in Singapore can cost thousands of dollars. Delivery fees alone start at S$3,500 at a public hospital, and you can only claim up to S$1,650 on MediSave.

It's not uncommon for new parents to fall short on cash even after saving money for delivery and newborn costs. If this happens, a personal loan can help cover expenses. Unlike a credit card cash advance, which charges an interest rate of 25% p.a., personal loans only have an interest of 8% p.a. New bank customers can sometimes get interest rates as low as 4% p.a. These lower interest rates mean lower monthly repayments, which give more room in your budget for your growing family.

Depending on your credit history and the bank's policies, you can borrow up to 4 times your monthly salary. In general, you must have an annual income of at least S$30,000 to qualify for a personal loan. So if this is your salary, you can borrow around S$10,000.
You need to be at least 21 years old, and earning a minimum annual income of S$30,000 to get a personal loan in Singapore. Salaried employees and commission-based employees must send a scanned copy of your NRIC (front and back), latest 12 months' CPF Contribution History statement, Latest Income Tax Notice of Assessment or latest computerised payslip.

It depends on what preparations you need to make for the arrival of your child. If you have to set up a nursery for your newborn, it would be ideal to apply for your loan early in the pregnancy. This way, you can allow yourself enough time to do the renovation works, and to buy the baby's cot and other necessary equipment. This, in turn, will help allow you to better focus on the arrival of your baby.

Even if you do not have a pressing need for the money, it is a good idea to apply for the loan in advance of the expected birth date. With all the excitement of having a baby, the last thing you want to worry about is whether your loan will be granted!

By getting the loan before the newest member of your family arrives, you can further ensure that you have the necessary funds to pay for essentials such as formula, bottles, baby clothes and diapers. This also helps you afford post-natal care for mummy, such as massages, and tonics.

A couple undergoing Assisted Conception Procedures may withdraw up to S$15,000 from their Medisave account to help pay for the treatments. Should you find yourself reaching this limit, consider taking up a personal loan to help defray the costs.

You can use the loan not only to pay for continued treatments and doctor consultations, but also to offset the cost of health supplements and tonics to aid your efforts. A personal loan can also help you to pad your bank account and prevent it from getting dangerously low. This way, you can more fully focus on getting pregnant, without having to stress out over large payments interfering with your ability to make ends meet.

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