Best Personal Loan Interest Rates 2017 - Singapore
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A personal loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing. There are more specialized loan products available if you need to finance your renovation or education.
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 can you borrow with a personal loan?
You can borrow anywhere from 2-6x your monthly income up to a cap of $200,000.
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 documents are needed to apply for a personal loan?
These are the documents you will need to submit:
- Photocopy of your NRIC (both sides)
- If you are a salaried employee, you’ll need your latest e-statement, or your CPF contribution history statement for the last 12 months, or your latest Income Tax Notice of Assessment
- If you are self employed, you’ll need your latest 2 years of Income Tax Notice of Assessment
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.
Category: Bank loan