How Much You Can Borrow with a Personal Loan in Singapore?

Personal loan Singapore is a golden opportunity for the individual to solve their present financial crisis without stress and tension. A personal loan is a type of loan which is given by digital tenders for the benefit of their customers.

As the personal loan is an unsecured loan in which the interest rate charges are incurring high than the secured loans. Hence, it is always preferred to choose Personal Loan only for emergency needs and expenses and not for personal expenses.

However, it is advisable to choose a personal loan for emergency purposes. As the documentation and verification process is less in the Personal loan process and the cash is disbursed to the applicant account in a matter of minutes.

Debt-Income Ratio

For a Personal loan applicant, the moneylenders will come up with their debt-to-income ratio for credit consideration. Based on the credit score, credit history, income ratio, and profile, the best money lender in Singapore will allocate loan amounts and interest rates to the applicant.

The debt-to-income ratio is the most considered amount of income that one spent on debt repayments. Based on the ration and income statement, the moneylender estimates and evaluate the amount and start to process for disbursing.

Credit Score and Re-payment history

According to Singapore government norms, there are various factors to be considered for determining the credit score. Some of them include Credit score, repayment history, credit mix, annual income, the stability of the job, length of the credit history, the utilisation ratio of the credit, etc.

Based on this credit mix, the Singapore Government takes about 35% of the total credit score and sanction loan according to the type of the loan. This credit mix helps the lenders and creditors to come in mutual understanding about the loan amount and it legal issues based on government norms.

How much Personal loan you can borrow in Singapore?

For Singaporeans:

If the annual income of a Singaporean is less than $20,000, the customer is eligible for a loan of up to $3,000.

If the annual income is at least $20,000, then the customer is eligible to avail 6 times your monthly income.

 

For foreigners:

If the average annual income of a foreigner who lives in Singapore earns about $10,000 to $20,000 then he is eligible for a loan of up to $3,000.

If the annual income of a foreigner is from $10,000 to $20,000 then he is eligible for a loan up to $3,000.

Suppose, if the customer has an existing loan like housing loan, car loan or any other loan, then the personal loan will be processed to them as per the bank and government norms.

The multiple loan options and repayment options are available for a convenient cash re-payment schedule. Debt Consolidation is also available for the convenience of the applicant.

How to apply for a personal loan?

The moneylender understands the need of the customer and thus Personal loan will be processed to the customer in a matter of minutes. The applicant must do the following three steps to avail of loans in minutes.

Apply through online: Just log in to the Sign Pass account and the application form will be pre-filled automatically in the app for the loan process.

 

Check the results: After the pre-filling of the application form, the results will be sent to the registered mobile number and e-mail id within ten minutes.

 

Collect the Loan: Once the confirmation message is received, visit the lender directly to validate the details and collect the cash in your bank account.

What documents to be submitted for loan application?

Personal loans are easy to get. This helps to solve our emergency needs like funeral expenses, medical expenses to save a life, educational fees, overwhelmed bills, this Personal loan helps the applicant to save the life and to get away from the major financial crisis.

The following are the list of documents needs to be submitted for loan application in Singapore

For employed:  The documents required are NRIC, Singpass & 2FA and 3 months official computerised pay slip are needed.

For self-employed: The required documents are NRIC, Sing pass & 2FA are needed.

Grab/Taxi driver: NRIC, Grab statements, or taxi licenses are enough for the personal loan.

The interest rate for the personal loan

 

The personal loan will be sanctioned to the customer based on his credit history, re-payment history, and credit score. Personal loan Singapore is an unsecured loan, where the individual no need to pledge any collateral or assets for the loan?

Nominal interest rates will be charged for the personal loan. When compared to the secured loan, the interest rates are slightly higher for this personal loan.

 

Remember that in personal loans there is an extra charge and extra interest for late payments. So better avoid late payments for better credit history. Discover the best place to get personal loan here.

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