Where To Get The Best Personal Loan In Singapore?
A personal loan refers to an unsecured money amount. It is unsecured as there is no collateral, such as a house. This means that your lender does not possess the right to seize your assets if you are not able to pay back the loan. For your convenience, we will talk about where to get personal loan in Singapore and how it functions.
The Function Of A Personal Loan In Singapore
When you get a personal loan in Singapore by borrowing from licensed money lender, you will initially get a lump sum amount. During the time of repayment, you will have to pay this amount with interest and other fees. The lender will specify the time period by which you have to make the repayment.
Several personal loans like personal instalment loans have fixed repayment periods and interest rates. You need to repay the amount based on instalment for a time period that can range from months to years. Personal loans help you prepare for your schedule of repayment.
Common Reasons To Take A Personal Loan In Singapore
- Vacations and weddings
You can get your personal loan in Singapore from the top licensed money lender Singapore. Having a personal loan will enable you to cover your wedding expenses and other planned vacations.
- Family and medical emergencies
We cannot always predict emergencies. Some of us save money, but during medical emergencies, it is best to take a personal loan.
- Education Expenses
Education costs can be a reason for the financial strain. For this reason, you can take a personal loan in Singapore to cover the expenses of tuition fees and textbooks.
- Debt payment for credit cards
You can take a personal loan to clear your credit card debt payment. But, it is not a viable option for the long term so keep that in mind.
- Consolidate debts
A personal loan like a Debt Consolidation Plan and balance transfer can consolidate your debt in a single account. These personal loans will help you pay a fixed amount of interest monthly at a reasonable price.
How Can You Choose The Best Personal Loan In Singapore?
You can ask the following questions while choosing to get the best personal loan in Singapore
- Do you need a long loan tenure that can extend up to seven years?
- Can you apply for a personal loan as a foreigner?
- Will it be suitable to pay a processing fee?
- How soon loan be disbursed?
- Is the lowest EIR or interest rate important to you?
- Do you want a loan with no or little early repayment fee?
What Do You Need To Apply For A Personal Loan In Singapore?
If you are living in Singapore, you need to be between twenty-one and sixty-five years old to get a personal loan. Besides, most banks will require a minimum annual income of S$30,000. Some banks lend around S$20,000 of the annual income. For foreigners, it can go as high as S$40,000 to S$60,000.
To get a loan approved, you need to provide the following documents to your lender.
- Proof of Income
Your latest Central Provident Fund (CPF) of twelve months or Latest Income Tax Notice of Assessment or a Computerised Payslip can be your Proof of Income.
- Proof of Address
Documents with your residential address, such as utility bills that contain your name and address, are your proof of address.
- Proof of Identity
It can be Singapore Employment Pass (EP) or Identification Card (IE) with Passport.
So, Where To Get The Best Personal Loan In Singapore?
If you need quick cash, you can get the best personal loan in Singapore from a licensed moneylender. You can find lenders that can approve your loan in minutes.
If you need a huge amount, you may take a loan from the bank.
Overall, when looking for convenience and quick disbursement, taking a personal loan from a licensed moneylender is ideal.
Conclusion
A personal loan in Singapore will help you get your cash quickly by eliminating hassle. You can take a personal loan for several instances, such as planning weddings and vacations clearing credit card debt. It covers emergency costs and educational expenses.
In case you require a personal loan, you need to carry all the necessary documents. The process of selecting a personal loan comprises knowing the tenure of the repayment of the loan and the rate of interest that you have to pay. Moreover, go through the list of personal loans available in Singapore to make your final choice.
