123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

Bolstering Your Financial Fortress With Personal Loans In Singapore

By Expert Author: linda fernandes

There are situations when your salary does not encompass all your needs like school fees, electricity bills and family needs. Borrowing money from lending bodies becomes a feasible option in this case. You can attain Personal Loans In Singapore easily since there are numerous lending companies that provide loan packages with remarkable flexible rates of interest. However, there are also some companies, which are chiefly concerned with profit-maximization. You call them loan sharks.

The operational decree

To apply for a personal loan in Singapore, you need to be above 21 years of age with a steady job. You need to have a high credit score with a clean credit report. You can obtain a personal loan up to four times based on your monthly income. If you have a salary of $100, 000 or more, you can consult with a lender about obtaining a greater financial amount. The repayment schedule of this loan caters to a monthly basis. The lending body charges a late payment charge or penalty if you cannot repay the loan with the stipulated period. The volume of this fine varies from one bank to another.

The loan matrix

While applying for a personal loan, the lending concern expects you to pay some additional charges for insurance fees and processing costs. Most financial institutions offer an approval facility within the same day for a concerned loan application. This is the current norm. It is very important to note that the age of a loan applicant in this context may differ between 21 to 65 years of age. The maximum limit is 65 and the loan period ends here. You will find that virtually all banks adhere to a minimum requisite for personal loans. The Personal Loans In Singapore are generally given to both permanent residents and citizens of this country.

Guidelines for obtaining this loan

You will find that some banks do advance these loans to foreigners who have work permit. However, they integrate a high precedent for your minimum income. Personal Loans Singapore depends on the annual income of the borrower. If you earn more than $35, 000 annually, then you can obtain a loan up to 4 times your yearly income. However, if your salary is below $20, 000 a year, you can only obtain a loan up to an amount of $ 3, 000. This is the standard market narrative.

Important observations

If you are a foreigner or a native, you must ensure that your financial documentation is adequate and complete before the loan application takes place. You need to show your salary slips, the latest account standings, title and deeds. A loan that goes forth without collateral normally entails a higher interest rate. You need to make your selection prudently as far as the usage of collateral is concerned in acquiring a personal loan. You must go for a financial institution that constitutes flexible repayment precedents. This will allow you to adjust previous repayments. You can implement a Personal Loans Singapore calculator for exploring the best rates.

Now more information about Personal Loans In Singapore click here

Total Views: 61Word Count: 506See All articles From Author

Investing / Finance Articles

1. Imputing The Services Of Individual Taxpayer Identification Number To Build Tax Solutions
Author: Robin Joe

2. Why A 5 Year Fixed Deposit Is The Ideal Choice For You?
Author: Mayur Sheitty

3. How Can Existing Home Loan Owners Reduce Their Current Interest Rate?
Author: Mayur Sheitty

4. Loans For People With Bad Credit – Speedy And Flexible Way For Borrowing
Author: Stephen King

5. Expand Your Business With A Sme Loan
Author: Mayur Sheitty

6. Self Employed Home Loan: Here Is What You Need To Do
Author: Mayur Sheitty

7. Same Day Cash Loans Bad Credit –best Way For Making Swift Funds
Author: Stephen King

8. Assets Audits Of The Asquith Group Asia, Tokyo Japan
Author: Ava Kraegen

9. Facts About Fixed And Variable Home Loans
Author: Kimberly Ash

10. Relation Between Different Commodities And Commodities Based Stock
Author: Mahendra Rajput

11. Investment Procedure Of The Asquith Group Asia, Tokyo Japan
Author: Ava Kraegen

12. Best Interest Rates At Home And Mortgage Loans
Author: Shreekant Rao

13. The Home Loan Transfer - An Effective Way To Reduce The Interest Burden
Author: Arwind Sharma

14. Scope Of Forex Market In India
Author: sharetipsinfo.info

15. Benefits Of Money 2 India Service For Nris
Author: Neha Sharma


Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: