Personal loans in Singapore are all-purpose loans, and you are free to take one to make an investment. Ideally, if you're planning to get returns on a regular basis, you can use what you've gained to fund your monthly payments. If you are taking a loan for a long-term approach to investing, make sure you are able to afford the monthly payments until the tenor is over. This is an important thing to consider especially if you a mortgage or other financial commitments. Speak to a qualified financial advisor or wealth manager before making such a move.
Personal loans in Singapore usually let you borrow up to four times your monthly salary. Depending on your profile and the lender's policies, some banks may lend up to six times your monthly salary. Do take note that you must borrow at least S$1,000 to qualify for a personal loan.
In general, you should try to find a personal loan with the lowest interest rate. Not only will you save money on interest repayments; you increase the chance of making a profit should your investment prove to yield high returns. Paying back the loan within two to three years also minimises the amount you pay on interest. You can compare interest rates and other personal loan features at SingSaver.com.sg.
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We compare loans that can be paid back over terms of between 12 months and 60 months. The effective interest rate (EIR) you will be charged depends on your personal circumstances, and will be between 8.5% p.a. and 14.94% p.a.
This is a representative example of what it may cost: a loan of S$10,000 over 36 months at 4.8% p.a. nominal interest would equate to monthly repayments of S$317.77 and the total cost of the loan that you pay back would be S$11,440.
The effective interest rate (EIR) you will be charged depends on your personal circumstances. Typically the lowest EIR charged by bank ranges between 5.0% p.a. to 20.0% p.a. depending on the choice of banks and products.