What do I need to bring to apply for the loan?
1. Identity Card
2. Proof of Residence (Recent Bill or Letter addressed to you.)
3. Remember your Singpass Password
4. Proof of Employment
(a) For Salaried Employed: Recent 3 months Payslip
(b) For Self-Employed: Notice of Assessment for the past 2 years
What are personal loan tenures like?
The tenures for personal loans can range from 1 to 7 years. The longer your tenure the lower your monthly payments but the more interest you incur.
Are there additional bank fees with personal loans?
Some banks charge a fixed processing fee and other banks charge up to 3% of the approved loan amount.
What is the lowest personal loan interest rate?
Banks revise their personal loan rates from time to time. Personal Loan rates usually range from 6%-10% per annum. Check MoneySmart.sg for the latest personal loan interest rates across all banks offering personal loans.
Do you qualify for a personal loan?
Here are some qualifying criteria you must fulfill:
- Singaporean/PR or foreigners may apply for a personal loan
- Age between 21-65
- Singaporean/PR must be earning at least $20,000 per annum and foreigners must be earning at least $40,000 per annum.
How much am I eligible to apply for?
For secured loans, you can obtain a loan of any amount. For unsecured loans, you can obtain:
- Up to $3,000, if your annual income is less than $20,000;
- Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;
- Up to 6 months’ income, if your annual income is $30,000 or more but less than $120,000; and
- Any amount, if your annual income is $120,000 or more.