Singapore is one of the most popular nations in the south East Asia and if you are living in Singapore and need a personal loan then don’t worry. Here is everything you need to know about loans in Singapore and get the best advice to apply for personal loan in Singapore. There are many options lined up for you to grab the best personal loan deal in Singapore with lot of ease. There are many nationalized and international banks in Singapore that provide personal loans at the competitive rates.
Apart from this there are also located many private financial institutes and licensed financial services that provide personal loans. The rates for personal loan in Singapore vary from bank to bank, but the norms and procedures are more or less same. Singapore reserved bank has defined the eligibility criteria for individuals to apply for the personal loans. The basic criteria with the eligibility of the loan include the age, occupation, monthly income, current employment and credit score. Though there are few banks that have some relaxation in the credit scores on the basis of the applicant’s monthly income and present loan status.
The average loan rate for personal loan is around 6% to 9% flat pa and the loan amount can be applied for that is 4 times the salary up to $200,000. Though in some cases, the loan limited is restricted up to $100,000 for some individuals on some circumstances.
Discloser of your loan requirements:
If you are seeking for a personal loan in the Singapore than you likely have to submit the reason for the requirement of loan. In some cases this is not mandatory to exactly disclose the purpose of loan. As far as the repayment of the loan is concerned, the banks offer minimum of 9 months to 36 months and 48 months repayment period and the money is been paid through monthly installments.
Though, here are some tips for the applicant if they are applying for the personal loan in Singapore. First and foremost, before applying for the loan, do compare the current loan rates of various banks. Remember, if you enjoy good credit score then you can bargain for the rates and perhaps you may get some flat discounts in the processing fee and other frills including the fore closure penalty and transaction fee. Ensure that you read all the terms before finalizing your deal with the bank for personal loan. Just follow this and enjoy best loan deals in Singapore!