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Eligibility And Requirements For A Personal Loan In Singapore

By Author: Maggie Zhang
Total Articles: 6

If you find yourself in a tight spot and you need a loan as soon as you can, how would you know if you are eligible for a personal loan? If you are, what are the basic requirements that you need to submit? Would it be so much hassle to produce all the documents? How much would the interest rates be? These are just come questions which come to mind when you are thinking about getting a loan but have no idea how to go about processing the loan itself. Believe it or not, there are some financial institutions, either banks or licensed money lenders who can approve your loan in less than an hour. Let us check your eligibility and requirements. There are some basic eligibility and requirements for you to get a personal loan in Singapore.

Eligibility for a Personal Loan - Eligibility may vary from one financial institution to another.

Age Requirement. You must be at least 21 years old and not older than 65 years old.

Annual Income. You must have an annual income of at least S$30,000 for salaried Singaporeans or permanent residents; And S$40,000 annual income for self employed Singaporeans/PR; for foreigners, you should have a valid employment pass of at least 1 year and an annual income of $40,000. This is the average income requirement for bank loans. Licensed money lenders tend to be more lenient with the eligibility of the lenders. You can be eligible for a personal loan with an annual gross income of S$20,000 instead of S$30,000.

Financial institutions who give personal loans are usually banks and licensed money lenders. Application can be done online, through sending an SMS using your phone or by dropping by their personally in their offices. Approvals are not a problem for permanent residents, Singaporeans and even foreigners.

Requirements for a Personal Loan - Basic requirements may vary from one financial institution to another.

For Singaporean Citizen/Permanent Resident. There are only two basic requirements that financial institutions require: NRIC and Income documents. Income documents can be the latest 12 month’s CPF contribution history statement, latest computerized pay slip, or the latest Income Tax Notice of Assessment.

For Foreigners. There are three basic requirements: valid passport, employment pass which should be valid for at least 6 months upon submission, and income documents.

Approval for loan can be as fast as one hour and loan release can be the day after completion of documents.

Get fast personal loan approval in Singapore from Quick Credit Pte Ltd.

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