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Table of Contents
- 1 What is a Personal Loan?
- 2 Where to Get a Personal Loan in Singapore?
- 3 Which Bank is Best for Personal Loan?
- 4 How much Personal Loan can I Take?
- 5 How to Pay a Bank Personal Loan Online?
- 6 How much Personal Loan can I Get in Singapore?
- 7 How to Apply for a Personal Loan in a Bank?
- 8 What Happens if a Personal Loan is not Paid?
- 9 How to Get Best Personal Loan Rates?
- 10 How does a Personal Loan Work?
- 11 How to Get Personal Loan in Singapore?
- 12 Which Bank is the Easiest to Get Personal Loan?
- 13 How to Get a Personal Loan with Bad Credit?
- 14 How to Check Bank Personal Loan Status?
- 15 What do You Need to Apply for a Personal Loan?
- 16 How to Apply for a Bank Personal Loan?
- 17 How Long will the Approval Take for Bank Personal Loan?
- 18 What is the Best Personal Loan Available?
- 19 Why Apply for a Personal Loan?
- 20 Who has the Best Personal Loan Interest Rates?
- 21 How much Personal Loan can I Afford?
- 22 How many Banks Provide Personal Loans?
- 23 How many Years of Personal Loan can I Get?
- 24 What is a Low Interest Personal Loan?
- 25 When to Apply for Personal Loan?
- 26 How Personal Loan is Calculated?
- 27 Personal Loan when Unemployed
- 28 How much Credit Score is Required for Personal Loan?
- 29 How to Calculate Personal Loan Interest Rate?
- 30 Why Personal Loan Gets Rejected
What is a Personal Loan?
A personal loan is a sum of money loaned from a financial institution typically from a bank, credit union or online lender. You can make repayment in fixed monthly payments, or installments over a span of two to five years. There are secured and unsecured loans. Most loand are unsecured where collaterals are not required. However, for secured loans, collaterals such as property, cars or cash are required should you be unable to return a loan on time.
Where to Get a Personal Loan in Singapore?
Financial institutions such as banks, credit unions or licensed lenders offer personal loans. You can get them at visiting their office or apply online. If you wish to get a loan approved smoothly, it would be useful to get yourself well-equipped with the kinds of loan you can get. Most information can be found online but should you have any inquiries, you can always contact a financial institution for assistance.
Which Bank is Best for Personal Loan?
As most banks offer personal loans with their own set of regulations and interest rates, you should understand how a loan would suit your needs first before getting one. Other important factors to consider would be the interest rates and the terms they are offering. We will be sharing more about personal loans in this article to help you in your decision to getting a personal loan.
How much Personal Loan can I Take?
For people with an income of $20,000 or more a year, you can qualify for a bank loan up to 4 times your monthly salary. For people with an income of $120,000 or more a year you can qualify for a bank loan up to 10 times your monthly salary.
This a rough estimation of how much loan you can get. For an accurate figure, you may contact the financial institution because the criteria for your credit score and outstanding debts are different for each of them.
How to Pay a Bank Personal Loan Online?
You will normally be provided with instructions by the financial institution to make payment for the personal loan. Bank transfers are quite common but there could be other payment options too. You may contact them directly for more information on payment terms.
How much Personal Loan can I Get in Singapore?
It depends on several factors including your salary, credit score and employment status. Here's a rough estimation you can get based on salary.
For people with an income of $20,000 or more a year, you can qualify for a bank loan up to 4 times your monthly salary. For people with an income of $120,000 or more a year you can qualify for a bank loan up to 10 times your monthly salary. For more details, kindly contact a financial institution.
How to Apply for a Personal Loan in a Bank?
Application for a personal loan can be done online or in person at a financial institution such as banks, credit unions or a licensed lender. Some banks may even offer a loan over the phone. But the paperwork has to be done at the office. To hasten the process, you may prep the required documents in advance.
What Happens if a Personal Loan is not Paid?
When you don't pay your personal loan on time or at all, you will be charged penalties and interest rates, causing you to pay more than you originally had to. Your credit score will be affected negatively which will be a great inconvenience to you in future loan applications. Only get a loan when you're very sure of returning the loan on time.
How to Get Best Personal Loan Rates?
Firstly, you'll need to make sure you know all the personal loans that are out there for you. Next, you need to consider how getting the loan will help ease your burden. There are some important things to consider like interest rates, duration time and the terms that they are offering. On top of that, if you want to be eligible for most loans, maintain a healthy credit score and make your payments on time.
How does a Personal Loan Work?
It is a sum of money borrowed when you want to make payment for something that is beyond your current means. Repayment for the loan is normally made over two to five years in fixed monthly payments, or installments. There are secured and unsecured loans. Most loans are unsecured where collaterals are not required. However, for secured loans, collaterals such as property, cars or cash are required should you be unable to return a loan on time.
How to Get Personal Loan in Singapore?
You can get them from most financial institutions through their website or at their office. If you are well-prepared about the types of loan available and have the required documents in advance, you will have an edge in getting a loan that suits you. If you have any questions about personal loans that you can't find online, you can always contact the financial institution for more information.
Which Bank is the Easiest to Get Personal Loan?
There isn't a specific bank that gives out their loans easily. However, if you have a good credit score, your chances of getting a personal loan is definitely higher than someone who has a poor credit score. Do find out more about what each financial institution has to offer to see which is most suitable for your personal needs.
How to Get a Personal Loan with Bad Credit?
It might not be the easiest but getting a personal loan with bad credit is possible. It might be harder to get approvals from banks so you can try alternatives like credit unions and licensed lenders with lower requirements.
The amount you can loan is dependent on your credit score and the type of loan you're getting. Secured loans are backed by collateral such as property, car or cash. Failure to pay the loan in time will cause your collateral to be seized.
How to Check Bank Personal Loan Status?
For bank personal loans status, you should be able to check them online. Financial institutions will either have an online platform where you can check your status or they will email you a confirmation. You may contact the financial institution directly for more information on this.
What do You Need to Apply for a Personal Loan?
You will need the following documents:
- Proof Of Identity
A Singapore citizen, Singapore permanent resident or Foreigner holding a Valid Pass (eg: Work Permit, S Pass, Employment Pass, Long Term Pass etc.) Minimum age requirement is 18 years old. Must not be an undischarged bankrupt, nor face any bankruptcy proceeding
- Proof Of Income
Must currently have a stable, permanent job. For self-employed professionals, kindly provide us with a documentation of your employment and a record of your business transactions
- Proof Of Residential
Must reside in Singapore and have document proof of being an owner or renting a property*
You may ignore if you are staying with parents, children, sibling or friends.
How to Apply for a Bank Personal Loan?
Applications can be done online or in person at financial institutions. The administrative work is usually done at the office so it would be good to prep all the document you need in advance for a smoother process.
How Long will the Approval Take for Bank Personal Loan?
From one minute to a month or more, the approval rate of your loan depends on the amount you're borrowing and your credit score. To have a faster approval process, maintaining a healthy credit score will be useful for you.
What is the Best Personal Loan Available?
Since there are a variety of personal loans available, the best personal loan for you would be something that suits your personal needs. Some of the factors you should consider are the interest rates, your current financial means, the duration of the loan and the payment terms. If you're still unsure which loan is best for you, you can always contact the financial institution for more details.
Why Apply for a Personal Loan?
Personal loans can be used for personal items that you can't afford with your current budget such as a dream vacation or a business. It can be quite handy however, it is important to consider how you will repay your loan over the years as well. Many people end up losing control of their financial management will caused them to have a poor credit score which can result in a lot of inconvenience.
Who has the Best Personal Loan Interest Rates?
While have good rates might seem the best on the surface, you should also take into consideration how the terms will suit your means and how the amount of loan can cater to your needs. Before you select one, it is advisable to research well on the types of loans available for you so that you know which is the most appropriate.
How much Personal Loan can I Afford?
To find out how much personal loan you can afford, you may check out online for personal loan calculators where they will give you the amount you can loan and an estimated amount you will need to return. After calculating the amount for monthly installments and you are confident in repaying, then you may go ahead and apply online or do so at the office.
How many Banks Provide Personal Loans?
It is typical for most banks in Singapore to offer personal loans. However, credit unions and licensed lenders and available for personal loans too. You may check them out to see if they suit your mean better.
How many Years of Personal Loan can I Get?
Ranging from one to seven years, that's how long a personal loan tenure can be in Singapore. It also depends on the product you're loaning for which could be travel holidays, renovation, medical, business, wedding and education.
What is a Low Interest Personal Loan?
It means that the interest rate the financial institutions are charging you on top of the loan you are borrowing is low. But it is also important to consider the duration of the loan and the repayment terms as you could end up not paying on time and incur penalties and higher interest rates.
When to Apply for Personal Loan?
Do you have items that are a little more than you can afford right now? Maybe it could be school fees or for a business? That's when a personal loan comes in handy. There are several kinds of personal loans available offered by financial instituitions all year round so be sure to do your homework and find out which is the best loan for you.
How Personal Loan is Calculated?
You can calculate it with an online personal loan calculator available on many websites. The two things you need to pay close attention to are Effective Interest Rate (EIR) and the amount that is payable per month for a specified period.
Do take note that the amount payable per month is dependent on the loan amount, the interest rate that the bank charges for your personal loan and the duration of your personal loan. If you want to change the monthly installment amount, you may either change the amount you want to loan or the specified loan period.
Personal Loan when Unemployed
If you're unemployed, it might be more challenging to get a loan from a bank. But you can always try if you have proof of having a good credit score.
Another option is to borrow from a credit union or licensed lender because they may have lower requirements. Only borrow when necessary and when you are 100% sure you can pay on time as not paying on time can result you in severe consequences.
How much Credit Score is Required for Personal Loan?
For the Credit Bureau Singapore credit score, it ranges in between 1000 to 2000 with 1000 being the least likely you are to repay the loan and 2000 being the most likely you are to repay the loan.
Your score consists of your payment history, the total amount of debt you currently owe and the number of credit lines you opened recently. Getting a personal loan would mean that you have more outstanding debt now and you have a new credit line which may cause your score to decrease.
It would be good to consider these factors too - your annual salary, length of employment, bankruptcy/litigation information, number of credit facilities. And try to maintain a healthy credit score if you want to get your personal loan approved faster.
How to Calculate Personal Loan Interest Rate?
You need to be aware of the Annual Flat Rate and the Effective Interest Rate (EIR). The Annual Flat Rate is the the flat interest rate offered by the financial institution based on your credit profile. The EIR included other fees like the processing fee so that you're able to see the total amount you are required to pay.
To find out EIR, first, you need to divide the total loan amount (principal) by the number of months you will be loaning for. The total interest you have to pay can be calculated with this: Principal x Flat Interest Rate x Loan Tenor.
For example, you want to take a loan of $6,000 over 4 years. The average interest rate in Singapore is 7%. So the total interest you will have to pay is $1,050 because 7% x $6,000 x 4 years = $1,680. If you add 3% processing fee ($150) to the interest payment ($1,680), that will be the total cost of carrying the loan. To get the estimate effective interest rate of your loan, divide the total cost ($150 + $1,680 = $1,830) by your average principal ($3,000) and the duration of the loan (4 years). It's about 15.25% in this example which is about 2.2 times higher than the 7% annual flat rate.
Still confusing for you? You can test out all the online personal loan calculators or just give the financial institution a ring and they will assist you.
Why Personal Loan Gets Rejected
It is often due to these reasons - bad credit history or not having enough information about your credit history, don't have a high enough salary or having too many loans open at once. The financial institution needs to be confident that you can return the loan on time before they provide you with the loan.
Getting rejected by a bank mean that's other banks would most likely reject you too. Alternatively, you can check out other financial institutions such as credit unions or licensed lenders where they may be less stringent. But only take a loan when you're sure you can return it on time if not getting a poor credit score will affect you very negatively.