Are Personal Loans Hard to Get in Singapore?

Of all the questions we get about personal loans in Singapore, the most popular one has to do with eligibility. Many people aren't aware of how easy the application process is.

In general, the criteria to get a loan is fairly easy to meet. A more stringent criteria applies to foreigners and it varies from bank to bank. Typically, a valid employment pass is also required.

Here’s a summary of what is typically required:

However, the higher your annual income, the more you qualify for lower interest rates. SingSaver has consolidated information from some of the available personal loans in the market to help you find a personal loan with the lowest interest rates for your needs.

Be sure to prepare the necessary documents for a smooth application process. These include:

• NRIC
• Income documents such as your payslip or income tax notice of assessment (NOA)

And that's it! With everything ready, you can get your loan as fast as an hour.

See also: Your Go-To Personal Loans Guide in Singapore

The longer the loan tenure, the greater the interest rate

Besides the representative rates, look at the fees and charges. Types of fees include processing fees, late fees, early repayment fees, and restructuring fees.

Loan calculators are handy tools that will help you figure out the monthly installments you need to pay.

Note that for some personal loans, you can only get the low interest rate if you have good credit profile. You can work on your credit profile by checking your credit rating. A copy of your credit report (what’s a credit report?) can be requested from Credit Bureau Singapore (a fee of S$6.42 applies).

While getting a personal loan might not seem as tough as it seems, you should always consider your financial situation wisely before taking out any debts. Do check out this personal loan checklist to help you decide whether you really need an additional loan on your shoulders.