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Personal Loans in Singapore

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.
Yes. As with other forms of unsecured debt, personal loans are included when calculating your Total Debt Servicing Ratio (TDSR). It is important to keep track of your TDSR if you are planning to buy a residential property. This is because borrowers are limited to 60% TDSR when calculating your monthly mortgage. Hence, in borrowing for investment purposes, take care that you do not inadvertently affect your mortgage limit.
The risk of using a personal loan for investment is directly tied to the type of investment you use it for. If your investment performs well and gives you returns that are higher than the interest on your loan, your personal loan will pay for itself. You may even end up making a bit of money in the process. However, if your investment performs poorly, you run the risk of incurring additional debt. This will add to your burdens, as not only will you have to keep up with the monthly installment payments on your personal loan, you will still have to deal with the losses you incurred from investing. Hence, before taking a personal loan for investment purposes, review your investment's risk level. You should always consult a qualified finance professional before making any investments.

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