Best Personal Loans in Singapore [2024]
Short on Cash? Benefit From a Personal Finance Loan and Plan A Brighter Future.
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If you yourself in short supply of money but are hesitant to turn to relatives and friends for assistance because everybody is feeling the pinch right now, then a personal loan may be the solution to your newfound financial troubles. Whether they are the result of an unforeseen emergency, bad cash flow management or just simply bad luck, there is a solution to hand.
Usually when taking out a Personal Loan you will need to meet certain age requirements, have a minimum yearly income and sometimes there is also a need for a history of good credit and a Landline number. Some loans may be paid out in as quickly as 24 hours, depending on the loan amount.
If you know how to take advantage of promotional interest rates and deals that banks run from time to time, you may utilise personal loans to your benefit. Taking into account the Effective Interest Rate (EIR), is a more realistic reflection of the total cost of borrowing since it considers items like processing costs, payment frequency and the loan payback plan. This is why the EIR for flat rate loans, such as personal loans, is sometimes greater than the quoted interest rate. Take a look at these super Personal Loan offers available from leading providers in Singapore.
Benefit From a Personal Low Rate Loan from HSBC and Plug That Financial Gap.
If you’re searching for a loan with a term of one to seven years, the HSBC Personal Loan has the best annual interest rate starting at just 3.2 percent per year (EIR 6.0 percent per annum) for people earning more than S$30,000 per year. The HSBC Personal Lending Plan also has the longest loan term on the market, with payments stretched out over up to seven years. There is no processing cost for individuals who qualify for the processing fee waiver.
Loan amounts vary from S$1,000 to 95 percent (for HSBC Premier clients) or 90 percent of your current credit limit with HSBC Personal Line of Credit. Singaporeans and Permanent Residents are eligible to apply if they have a minimum yearly income of S$30,000. Foreigners resident in Singapore will only need to show a S$40,000 yearly income. Upon loan acceptance, customers may be eligible for a S$2,100 cashback on their loan amount.
Get a Fresh Start with a Standard Chartered CashOne Personal Loan!
The Standard Chartered CashOne Personal Loan is one of the better solutions on the market, with an interest rate of 3.48 percent per year (EIR from 6.95 percent per annum). This loan has no processing costs, however Standard Chartered levies an annual fee of S$199 for the first year. In the second year it is reduced to S$0 until the payment tenor expires. A great feature of this loan is you may now obtain quick loan approval and pay-out, no more waiting three to five working days to collect your money!
Singaporeans and PRs are eligible to apply if they have a minimum yearly income of S$20,000. Foreigners resident in Singapore must earn a minimum of S$60,000 per year. Standard Chartered through their partners are currently running a fantastic promotion. When you apply for a minimum loan of S$15,000, if you are one of the first two applicants each day up to 12 p.m. you could be rewarded with your first years interest paid, for a maximum of S$550. In addition, if you apply for a minimum loan of S$10,000 with a loan period of 3 to 5 years, you may get up to S$2,400 in cashback.
CIMB CashLite Personal Loan – Free Up Your Finances and Get Back on Track.
The CIMB CashLite personal loan has one of the lowest interest rates in Singapore, presently at 3.5 percent per year (EIR from 6.4 percent p.a.). To take advantage of this low rate, you must be a CIMB new customer client. In activating this offer, you will also be eligible for a CIMB Visa Signature credit card. Just enter the discount code CASHLITE in the online application form to apply.
If you are a current CIMB client, your interest rate will be 4.5 percent per year, still a low interest rate compared to other lenders. The EIR is from 8.21 percent per annum and with the CIMB CashLite personal loan, customers may borrow up to 90% of their credit card limit. Singaporeans and PRs are eligible to apply if they have a minimum yearly income of S$30,000.
Application Requirements for a Foreigner Loan
- The particular criteria may vary depending on whatever bank or credit firm you contact, but in general, you should do the following:
- You must have a valid Singapore Work Pass (PEP, E Pass, or S Pass)
- You must be at least 21 years old and be a full-time employee
- Have a residential tenancy agreement in place (proof of your residential address in Singapore, in the form of your tenancy agreement, PUB bills, phone bills, or other utility bills)
- Make a bank statement (reflecting account activities for the past six months)
- Have a letter of employment from your firm.
- Display pay stubs for the last three months.
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