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Personal Loans in Singapore

A personal instalment loan is a one-time unsecured loan from a bank which is repaid through fixed monthly instalments. “Unsecured” means it’s not tied to material assets like your car or home, in case you default on your payment (and which banks can repossess). Personal loan interest rates range from 3.7% p.a. to 10.8% p.a. Most banks offer loans with a tenure of 12 to 84 months. The minimum loan amount is $1,000.
Personal instalment loans are useful for needs that other loan types cannot cover. These include paying for weddings, renovations, travel and medical costs not covered by insurance. For other purposes such as cars, education and housing, it’s more affordable to use specific loans. Sometimes, a personal loan is not a bad idea as the interest rates can be lower than some other loan types. The rates go even lower when banks offer promotional interest rates. It’s best to compare personal loan interest rates before deciding which is the right one for you.
Applicants must be Singapore or Permanent Residents aged 21 and above and must have an annual income of at least $30,000 for most banks. There are, however, exceptions such as POSB Loan Assist which has a minimum annual income of $20,000. Foreigners can apply but some requirements like minimum income, may be higher. Be sure to compare the different personal loans and the interest rates before applying.
You must produce a copy of your NRIC/Passport/Employment Pass (front and back).

For salaried employees, they must provide proof of any of the following: latest computerised payslip or latest income tax notice of assessment or latest 6-month CPF contribution history.

Those who are self-employed must provide copy of latest income tax notice of assessment (must be in business for a minimum of two years).

For commission earners, he or she must provide any of the following: latest three months’ payslip and latest income tax notice of assessment, latest 6-month CPF contribution history statement, latest three months’ payslip or copy of latest income tax notice of assessment (for 100% commission earners).
Your personal loan application probably wasn’t approved due to a bad credit history. One way to improve your credit history is to apply for a smaller personal loan. Once approved, be sure to not miss any payments and be prompt with all repayments. You might have to borrow and repay a small loan a few times which gradually builds up your credit score. When your credit score improves, banks are more likely to grant you a bigger personal loan.

Restructuring all your outstanding debts is another possibility. If your credit score is really bad, you will not get any loans from any bank. So, settle all your outstanding debts first. A new option to consider is called a Debt Consolidation Plan (DCP) and it’s offered by most banks. Your preferred bank will pay off all your outstanding debts with other banks and consolidate them into one new loan. You’ll be charged a lower personal loan interest rate than usual. The DCP needs to be repaid in fixed monthly instalments over a period of up to 10 years. The minimum amount that can be consolidated under the DCP is 12 times your monthly salary.

Non-bank financial institutions such as Hong Leong Finance and Singapura Finance also offer personal loans. While they consider your credit score too, they sometimes have different risk appetites and packages. For example, their personal loan interest rate package may be higher compared to the banks. Your last resort can be licensed moneylenders, which is not advisable. Their rates for personal loans are much higher than those offered by banks.

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