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Lowest Interest Personal Loan in Singapore

Lowest Interest Personal Loan in Singapore

Lowest Interest Personal Loan in Singapore

When you need a personal loan, definitely you would get one with the lowest possible interest rate. We all need personal loans at some point but finding a lower interest rate can take forever, mostly it depends on lenders. So, we’ve done our research in Singapore on all personal loans offered by banks. Here is the detail of top banks who offered lower interest personal loan in Singapore, with their eligibility criteria, interest rate, and processing fees, etc.

HSBC Singapore

If you need to borrow a loan in a large amount but can’t afford big monthly repayment, HSBC Bank is for you. It offers the longest loan tenure. Further details are as follow:

Bank Loan Type HSBC Personal Loan
Eligibility Criteria Age: 21 to 65 years old (Singaporean/ foreigner)

Minimum Annual Income: S$30,000 (Singaporean) or S$42,000(foreigner/self-employed)

Employment Pass (with the validity of 1 year)

Interest Rate 4% p.a.  (if your annual income is $80,000 or above you can enjoy lower interest rate at 3.7% p.a)
Processing Fees $0
Maximum Loan Amount 4X your monthly salary (8X if your annual salary is S$120,000 or above
Monthly Installments S$617.22
Tenure 1-7 year

Standard Chartered Singapore

Apply for CashOne Personal Loan in Standard Chartered Singapore bank and get cash disbursed instantly to your designated bank account. It has the current lowest interest rate; further details are as follow:

Bank Loan Type CashOne Personal loan
Eligibility criteria Age: 21 to 65 years old (Singaporean/foreigner)

Minimum Annual Income: S$20,000 (Singaporean) or S$60,000 (foreigner)

Employment Pass (with the validity of 12 months)

Interest Rate 3.88% p.a. through money smart
Processing Fees S$199 (currently waived)
Maximum Loan Amount 4X your monthly salary
Monthly Installments S$620.22
Tenure 1-5 years

DBS Singapore – DBS Bank

DBS Personal loans are given either on your personal line of the card or your DBS credit card. But if you don’t have any of them still you can apply for the personal loan.

Bank Loan Type DBS Personal Loan
Eligibility Criteria Age: Singaporean or PR.21 to 65 years old

Minimum Annual income:  S$20,000

Interest Rate Starting from 3.88% p.a. depending on your risk profile
Processing Fees 1%
Maximum loan amount 4X your monthly salary /10x if your annual income is S$120,000 and above
Monthly installment S$619.07
Tenure 1-5 years

Citibank Singapore

Citibank personal loan is called Quick Cash. People who need money fast, Citibank promise to approve their application in 1 hour depending upon their eligibility. Further details are as follow:

Bank loan type Citibank Personal Loan (Quick Cash)
Eligibility criteria Age: Singaporean, PR or 21 to 65 years old

Minimum Annual income: S$30,000 (Singaporean, PR) or S$42,000 (foreigner)

Interest rate 4.55% p.a.
Processing fees $0
Maximum loan amount  4X your monthly income
Monthly installment S$622.06
Tenure 1-5 year

There are many other banks in Singapore which offers personal loans under flexible conditions and low-interest rate depending on your need. Like: CIMB CashLite it has no processing fees, the interest rate is 4.5% p.a. , and the monthly installment is S$315.UOB Personal Loan offers 4.99% p.a. interest rate, 1% processing fees, and monthly installment of S$319, and many other banks.

Personal loan for EP holders in Singapore

Personal loan for EP holders in Singapore

EP stands for “Employment Pass”. It is a visa scheme designed for foreign professionals with excellent skills who want to work and live in Singapore. Every kind of nationality can apply for this pass. Singaporean companies offer jobs and give them visas. EP holders earn at least S$36,00 per month if they are new graduates, experienced candidates are offered high salaries. EP holders can bring certain family members with them. When it comes to daily life financial problems Singapore seems to help their employees and offer them a variety of personal loans. Although foreigner loans in Singapore have strict requirements for foreigners. But until or unless you have valid work pass you are in luck.

EP holder Personal loan Application procedure

  • Fill your personal, financial, and employment details.
  • Select a suitable amount of loan and tenure you required.
  • Submit required documents to the bank’s representatives.
  • Receive the money in your bank account within 24 hours.

Let’s take a look at Singapore banks which introduced special personal loans for EP holders.

Overseas-Chinese- Banking Corporation (OCBC Bank)

OCBC Personal Loan has organized two kinds of personal loans for EP holders.

  1. OCB personal cash loan: It considered to be a “true” personal loan; you can borrow up to 6X your monthly salary. But its interest rate is a little high.
  2. OCBC Cash-on-Installment: If you don’t need that much money go for OCBC Cash-on-instalment. This loan is drawn from your personal line of credit, it converts the basic credit limit into cash and has a low-interest rate.

Eligibility Criteria for EP holders is the same as any other PR or foreigner i-e age should be 21 or above, minimum annual salary should be S$45,000. If you qualify, you will get 4X of your monthly salary or 6X if your monthly salary is above S$120,000.

United Overseas Bank Limited

UOB offers personal loans to those EP holders who have UOB CashPlus or UOB credit card. But if you are new to UOB, you can apply for a personal loan and for a credit card at the same time. It is one of the few banks that approve EP holders in an hour if they qualify. Their key objective is customer’s satisfaction. They have thousands of EP holder customers.

Eligibility Criteria Foreigner / EP holders or PR. Age 21 or above. Minimum annual income S$30,000, the interest rate is 4.7% p.a., processing fees is 1%, you can get a maximum loan amount of your credit limit.

Bank of China Singapore

Singapore banks have designed new packages of personal loans for foreigners/ER holders. HSBC is renowned for its longest tenure, 7 years, but now its new rival is “Bank of China”. It has the lowest interest rate, longest tenure, flexible monthly repayment amount. BOC seems to be more lenient for ER holders who have relatively low annual income.

Eligibility Criteria: Foreigner / EP holder/ Singaporean, minimum monthly salary S$17,00 /$20,400 annual, interest rate 6.5% p.a., processing fees 3%.

 

Money Lenders in Singapore for foreigner

Money Lenders in Singapore for foreigner

Money Lenders in Singapore for foreigner

About 64% of the country population are foreigners and like everyone else in Singapore they can face financial emergencies and might not have savings for such rainy days. Don’t worry! Singapore provides you the best loan money lenders. So, after extensive research, we’ve come up with top Licensed Money Lenders in Singapore for foreigners. They are approved by the Ministry of Law. They are listed as follows (Be easy! sequence doesn’t base on any kind of ranking).

Katong Credit Pte. Ltd.

Katong Credit is a renowned moneylender company for foreigners in Singapore. Being a foreigner getting a loan from lenders with poor credit hours is not less than a nightmare. Either money lenders reject your applications or charge high-interest rates. Their terms and conditions for getting a loan are very simple and eligibility criteria are very easy. Their fast cash loan is designed to help you get quick cash. So, if you are a foreigner and facing financial crises, you are in luck as Katong Credit welcomes you. They offer very efficient and convenient loans for foreigners.

Credit 21 Pte. Ltd.

Credit 21 is one of the Trusted Legal Money Lender for foreigners in Singapore. They offer you the best personal loans. They’ve introduced different loan packages that must suit your needs.  Customer satisfaction is their top priority. To ensure their best customer services they have improved their process. If you are a foreigner and looking for a fast cash personal loan, Credit 21 money is your go-to lender. Their team of financial advisors has a solution for your all financial needs. They also have an online loan application portal, where customers can apply online and get feedback in 8 hours.

U Credit (Pte.) Ltd

U Credit offers you the most reasonable interest rates in Singapore. They are the most trusted money lenders for all kinds of loans in the country. If you are a foreigner in the country and find yourself struggling with cash flow issues. This is where U Credit foreigner loan comes into the picture. As a foreigner, you have the advantage to get a flexible loan to meet your financial needs. Whatever your emergency is you can access quick cash to sort out your problems.

1AP Capital Pte. Ltd.

1AP Capital is a highly professional licensed money lender company. It issues Personal loans, Renovation Packages, Business loans, and Education loans. 1AP Capital is the ultimate solution to all emergency cash situations. They believe in service excellence. Being a foreigner meeting all the financial needs could be tricky, flexible 1AP Capital foreigner loans can make your stay longer and easier. 1AP Capital has helped thousands of foreigners to access easy financing over the year.

Borrowing unlicensed money is illegal in Singapore. So, be very careful while getting loans. Above mentioned companies are Licensed, legal, and reputable Money Lenders in Singapore specially for foreigners. You can also go to other money lending institutes like Cash Express, FastMoneyLoans Singapore, SG Loan Singapore. They will provide you the best packages loan under low interest.

Personal loan for Malaysian working in Singapore

Personal Loan for Malaysia worker

You are working in a neighboring country like Singapore and you are short on cash and financial difficulties seem overwhelming, finding reliable access to fast cash is the best solution to ease all your concerns. The First best solution that will come into your mind would be getting a personal loan. But being a Malaysian can you apply for a “Personal Loan” in Singapore? The answer to that question is YES, and the good news is that it’s not as complicated as it seems.

Banks in Singapore provides best interest cost, fees, loans tenures, and promotions. The average effective interest cost of all personal loans in Singapore is about 13% to 15% but some banks charge lower interest rates, 5% to 7%, making them more affordable. As it allows you to make affordable monthly payments with as short of tenure as you can manage.

Now the question is which requirements need to be fulfilled for a Malaysian in order to get a personal loan.

  • Minimum monthly income of RM 3,000
  • Must be 21 years old or above
  • A copy of passport, visa or work permit
  • Bank account statement for the last six months
  • Three months salary slip

You will have to full out an application form among the necessary documents mentioned above and then wait for the application to be processed.

Your application will be approved in 48 hours. You can get the least interest cost i-e 5%, depending on which bank you are applying, and get loan tenure up to 7 years. For best services, we prefer HSBC Personal Loan, HL Bank Singapore, and CIMB Bank Singapore.

You see it’s not difficult for Malaysians to apply for Personal Loan in Singapore. Besides these, here’s what you need to know before applying.

Does the type of company you are work at the effect you obtaining personal Loans?

If you are working in a multinational company (MNC) then the chance of getting your loan approved by the bank will definitely be higher than if you work for a foreign company that the bank has never heard of. Banks tend to trust employees of a reputable company more as they believe it indicates that you are a skilled employee and that there is less chance for you to lose your job.

What should be your minimum income to apply for Personal Loan?

Being a Malaysian, you should be earning at least an equivalent of RM $300 per month before you think about applying for a personal loan.

How much Loan amount will you be granted by the bank?

As for the personal loan, the amount depends on your monthly income. Suppose, if you earn RM 3,000 per month then you can borrow up to 6 times their monthly salary.

Conclusion

So just because you are Malaysian, it doesn’t mean that you can’t take a loan in Singapore. We hope that we have managed to answer your questions pretty well and you find this article wiser to plan for your loan.

Foreigner Loan in Singapore

Foreigner loan in Singapore

Qualifying for a loan as a foreigner is no walk in the park. You have to fill out multiple forms and give your lenders all sorts of the document to prove your residence, income, and employment. Borrowing money from any lender in the past was impossible for foreigners. However, recent changes to the law have made it possible for foreigners living in Singapore to access lines of credit from Singapore lenders.

General Requirements

If your lender offers loans to foreigners, you typically need to have:

  • A Foreign Identification Number
  • An eligible visa
  • Age 21 or older
  • Minimum RM S$3,000 per month
  • Employment pass

4 type of loans to be considered as a foreigner

Living in a foreign country can be challenging. But don’t let financial problems make your experience unbearable. Singapore lenders have provided you with an easy and flexible solution. As a foreigner, you can apply for four main types of loans.

Type

Description

Maximum amount

Unsecured Personal Loan An unsecured personal loan isn’t backed by any collateral and can be used for almost any purpose. And while your interest rate will likely be fixed over the life of your loan, you may have to pay a higher interest rate than with a secured personal loan. Up to

S$100,000

Secured Personal Loan A secured personal loan requires you to provide an asset as a guarantee- like your car or home. It protects the lender by allowing it to repossess and sell your asset to recoup its losses if you default on the loan. Up to

S$100,000

Payday Loan With repayment terms of two or four weeks, payday loans are typically for smaller sums of money. Up to

S$5,000

Installment Loan With a set number of payments over schedule periods of time, installment loans can last for a few months or more. Up to

S$1,000

 

Student loans for foreigners

Whether it’s NUS, NTU or SMU, the opportunity to study in Singapore can open many doors. But if you can’t afford the cost of attending a university in Singapore, an international student loan may be able to help.

How do loans for foreigner’s work?

For lawful permanent and non-permanent residents, applying for a loan is the same process as for citizens. There are no higher costs or fees, through interest rates may vary. However, the process depends on the lender and type of loan you choose.

Are there restrictions for foreigners?

As a foreigner, you might run into the following roadblocks:

  • If you don’t have a consistent credit history, you may be required to apply with a guarantor.
  • If you’re a foreigner who will be in Singapore for a limited time, approval for a loan may be hard.
  • If you’re not earning a comparatively high income, you may not be able to meet most lender’s eligibility requirements.

Bottom line

Getting a loan as a foreigner involves a lot of paperwork and time. But when you are in need of money, no matter what it’s for, there are options out there for you.

Is Getting a Personal Loan is a bad Idea in Singapore?

Personal loan Idea

Personal Loan can be a viable option in a variety of circumstances. First, let define a personal loan. Some loans are earmarked for a specific purchase. You buy a home with a mortgage loan; you purchase a car with an auto loan and you pay for college with a student loan.

But a personal loan can be used for just about anything. You can do what you want to do with it.

Getting a Personal Loan is not a bad idea at all! The main advantages of getting a personal loan include the following.

  •       Relatively fast
  •       No restriction on how you can spend money
  •       Don’t require any collateral

So, if you don’t have any assets like a home, or shares or gold to offer as security, and are in need of money urgently, this is perhaps the most convenient option. No doubt personal loans are very successful you can take it out for almost anything.  But its good practice to review your situation before entering into a financial agreement.

So, take a moment to read through the following checklist and ensure your personal loan makes sense and you really need it.

1) Do you have a real reason to get a personal loan?

Getting a small personal loan should never be thought of as a trivial or minor undertaking. While you can secure a loan for almost anything, it’s important to remember that the consequences for defaulting could be dire and life-changing.

2)What should you get a loan for?

When it comes to small personal loans, there is a range of sensible reasons why people choose to take them out. Using a loan to consolidate your credit card into one monthly payment is an attractive idea if taken out at the right time. This is because the interest rate you might get on your small personal loan could be far lower than your credit cards.

3) What shouldn’t you get a loan for?

Getting a personal loan in some cases, in others, you simply shouldn’t. Paying off a student loan is one of those cases where you shouldn’t. A student loan will normally come with a tax advantage and it’s possible that the government could offer a loan forgiveness program in the future. If you switched to a personal loan, then you aren’t eligible for either of these things.

4)Are you overlooking any important factors?

Getting a personal loan should never be a case of walking into your bank and signing on the dotted line. You’ve got to shop around and find yourself the best terms out there from the most reputable lender available. When taking out a loan, never accept anything other than a fixed interest rate loan as variable rate loans can turn out to be an expensive risk to take.

It’s vital that you examine your reasons for wanting a personal loan and work out if it’s really necessary. If you are certain about those reasons then you are good to go with a personal loan.

 

Best Personal Loan and how it Works?

Personal Loan

What is a Personal Loan?

A Personal Loan is a type of loan that is issued by banks and financial institutions including private lenders in Singapore. It is the perfect solution when you are in need of extra funds to finance personal expenses like your home renovation, holidays, education cost, business, medical bills, or anything else. Personal Loans gives you the financial flexibility to use the funds as per your convenience and needs.

How Does Personal Loan Work?

Personal Loan works in the same way any other bank loan works. You apply for a specific loan amount from the bank to pay for things you want or need. If your loan application is approved, you will receive the lump sum amount that you applied for and then pay the bank back in regular monthly bank installments. The monthly repayment amount includes the principal amount plus fees and interest. Personal Loans typically have shorter repayment periods than other types of loans, ranging from 6 months to 10 years.

Does Personal Loan require collateral?

As its name suggests, personal loans are unsecured loans. This means that you don’t need to offer any collateral or assets. Bank will simply review your financial backgrounds, such as your minimum salary and credit score and give you a loan.

Types of Personal Loans that can be the best choice for you

They are personal loans, they come in handy when you need quick cash in emergency situations. They require low-income of RM $1,000, low-interest rate, no early settlement penalty, 48 hours approval and no hidden charges.

Keep these fast approval loans in mind!

  • Debt Consolidation Loans

It’s a type of loan that you take to consolidate or combine more than one existing loans under your name.

  • Fast Approval Loans

These loans can be distributed to your bank account in as fast as 24 hours or up to 2-3 working days. Suitable if you are in urgent need of financing and cash, or need to pay for an emergency.

  • Business Loans

For first-time business owners or starting up a franchise, getting a personal loan can help you secure the seed money to start up your business ventures.

  • Housing Loans

You can use it finance the down payment on your home or even finance all the fringe costs that come buying a home including stamping duties, processing fees, property tax, maintenance fees and to repay the monthly installments on your mortgage.

  • Car Loans

You can use this to put money down for down payments, to service your vehicle, and any related vehicle expense you have. Perfect for your next car or motorcycle.

  • Wedding Loans

A personal loan for your wedding day expenses, which would ideally cover all associated costs such as decoration, venues, food catering and more!

  • Home Renovation Loans

It is a loan to help cover your home renovations or maintenance expenses. It allows you to fund your home renovation projects to turn your house into your dream home.

If you’re in Singapore and looking for personal loans, we can help you with all the details and quick capital too.

Things to know about Cash Advance in Singapore

cash advance

Cash Advance is the process of obtaining cash by using a credit card. It seems simple but it has its own terms and conditions that you need to follow strictly. However, cash advance in Singapore is available on easy terms and you might not have to worry about the hassles and pain of the process. Here, we will explain to you how it works and everything that you need to know about the Cash advance.

The first thing that you should know about it is that this is an option that opted by the people when they have tried every other method of loan.

What do you need to know about Cash Advance in Singapore?

Remember that this is essential for you to know about the terms and conditions before you go for this option. It usually comes with high-interest rates and more high fees. So, if you are fully aware of your financing situation so you won’t end up in loss.

How Cash Advance Works in Singapore?

Cash by ATM:

You can take cash by using an ATM, a suitability check or with a bank cashier. You will require a PIN to take cash from an ATM. In case you don’t have a PIN set for your account, contact customer service and ask them to set your card PIN. Once you get that, the process of acquiring cash is the same as the debit cars. There are some major companies in Singapore with some best offers for Cash Advance. So, you can always short-list some of the best and contact the company as soon as possible.

Cash though Convenience Check:

Often credit card corporations refer convenience checks with special proposals to their customers. Convenience checks can be used as ordinary bank checks.

Things you should be careful before taking a Cash Advance

We know that there are still many questions popping up in your mind – but keep reading and you will get some amazing piece of information to stay in the right direction.

When you make a minimum sum using your credit card, the funds are applied to your acquisitions. This happens since most credit card issuers direct minimum payments toward items accruing lesser interests. You can’t mark items while paying your payments. You can’t appeal for capitals to pay off your cash advances before your consumptions.

This is some of the information that you should know before taking a Cash advance. However, it is not entirely possible to get terms and conditions from every credit card company in Singapore. There are some with simple and flexible terms but you should take this risk only after being sure of it.

There are some other types of loan that can help you with your business or any other needs. Use this option only in emergencies when you can’t avail any other option to fulfill your financial need. Even when you are sure, just be sure of the policies of the company too.

Top 3 Business Strategies for Online Entrepreneurs

Business Strategies for Online Entrepreneurs

Who is an online entrepreneur?

To begin with this topic you should have a clear picture of online entrepreneurs. Online or internet entrepreneurs are those owners or risk-takers who use the internet platform to cater to its customers. That is, its value proposition focuses on the web and web designing strategies to produce, market, distribute and promote its goods and/or services.

There are numerous strategies you can undertake to make sure your web-based business reaches success. However, these are the three main tactics you should prioritize in order to be the successful entrepreneur you dream of becoming.

SEO-Search Engine Optimization

SEO today holds significant importance in generating traffic towards your website. What it does is basically makes your website available on google search or any other search engine so people searching for product or services related to your business get access to your website. Or in simpler terms, it affects the online visibility of your web page or website. Hence helping you lure potential customers towards you. It generates quality and quantity traffic to your website example, through organic search results who use keywords that match your website content. It is, therefore, imperative that the content you put up is designed in a meticulous manner that it helps your target audience to easily reach you.
Since online entrepreneurs rely heavily on the internet and its various platform, your website and the content it holds plays a crucial role in the success of your business.

Social media marketing

Perhaps one of the greatest tool you can use in promoting your business and its offerings in social media. From mainstream social media platforms like Facebook to advertisement placements on Youtube channels, one can avail in reaching target markets-national or international with low costs and greater response. You must first answer your basic marketing questions like, who is your target market, and what are you offering to them?
 The benefits of social media are that it helps you create a brand image or identity, can aid in research prior to launch, engaging with potential and/or actual customers, and reaching a much wider audience.

Email Marketing

Sounds old school doesn’t it? Yet statistics show email marketing strategies give the highest Return On Investment ROI to marketing managers about 4 times greater than other strategies. So to establish a successful startup one must:

  • Create a catchy subject line which compels viewers to read your proposal
  • Avoid the use of technical terminology and jargons-in essence, the language you use should be user-friendly
  • Sell your offerings-what are the benefits of your offering and why should people buy it
  • Try avoiding the spam folder
  • And lastly, make your email mobile-friendly

All of these strategies won’t work if you’re lacking dedication, passion, and commitment, the foremost requisites of any successful entrepreneur. Give time and attention to your online business as much as one does to any business in general and watch your hard work bloom into success and profits.

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