General

RHB personal loan Singapore

General

One of the renowned banks in Singapore, RHB has been serving clients for years and many of the banking customers prefer going to them for this purpose. In Singapore, it is not easy to obtain personal loan and on the favorable interest rates. The RHB has come up with the consumer friendly term’./]]]]]]]]]]]]]]]]]=s that has made borrowing possible.

The personal loan by RHB offers a number of loan options in this regard, such as small business loan, house loan, refurbishment loan, furniture loan, education loan, etc. the distinctive feature about having loan with RHB is that you get a 3.888% rate in the first three months and then the rate increases according to the regulations after that. It encourages you to pay off your debt as soon as possible.

Some of the type of personal loans that you can apply for, are:

Education loan

Nothing is possible in life without an education and that is possible when you have a degree from a good institution. The interest charged to the students is very nominal that it becomes easy for them to repay the amount. The repayment plans are also very friendly that enables you to pay either after completing your graduation or on a monthly basis by getting the installments. This allows you to make career choices more openly. The repayment duration could be as long as ten years.

Home loan

Having one’s own home in Singapore is so ideal and it is not impossible anymore too. With the RHB loan, things have become less complicated when you can apply for a loan amount and get it on the immediate basis. The home loan can be paid off as stretchy as 30 years or as quickly as within five years. Apart from that the loan is provided on two variable rate packages that is on a building under construction or on completing properties. The interest rates are decided as per loan is issued, after 3 months as the client will get a letter of offer. It is better if you keep all the documents in place so that the process could be initiated as soon as possible.

Home renovation loan

Buying your home is not the only dream that you have, there is a need of renovation as well. With the RHB renovation loan, you can get at least S$30,000. The loan can be repaid within 5 years with the different interest rates vary from $15,000 to $30,000 from the amount. The processing fees are one percent as per interest rate. The bank offers you an amount that is 6 times higher than your existing salary. The bank authorities also contact you if you fill in your details on the online form.

Conclusively, the loan can be gotten for any purpose while meeting all the requirements of the bank. The tip that all of the borrowers must follow is that try to meet your repayment schedule to avoid being in the bad debt category. When you make repayment on time, it makes it possible for you to reapply for the loan in the future.

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 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.

Credit 21 Pte. Ltd.

Credit 21 is a licensed money lender in Singapore and registered with the Ministry of the law. People prefer this bank because they keep their customer’s personal information at the highest level of confidentiality. Loans, Interest rates, and repayment plans are negotiable which truly meet your needs.

Credit 21 understands that time is money, they promise you to deliver it on time. Either you need it at large number to buy asset, afford medical expenses or a small number for home renovations, school fees, fast cash or foreigner loan. This bank is your go-to money lender in Singapore. They guarantee to make your loan application hassle-free process. So, just relax and enjoy their services that any customer can only dream about.

Available Loans:

At one point or another, we all need extra cash and we look for loans on short notice. But you can’t deny this fact that finding the right and legal money lender is not easy. At such times If you find someone who gives you the fast loan as you need it and at affordable interest rates and repayment plans. Credit 21 is like a blessing to you because it gives you all that you are looking for. Whatever you need get it quickly with Credit 21. It offers you a variety of loans.

Payday Loans: Unlike other loans, applying for a payday loan is very easy and fast. Credit 21 offers you the facility to apply online. Start your payday loan application from the comfort of your home.

Foreigner loans: Now foreigners can apply for “Foreigner loan” in their financial needs with all the benefits that they deserve. It involves a simple process that is not demanding and has no restrictions. Credit 21 gives financial freedom to foreigners to cover their expenses.

Wedding Loans: A wedding is the most important event in any person’s life. But having a perfect and grand wedding costs you much. We ensure to make your life-changing event luxurious. Get an affordable wedding loan to fund your big day through our easy application process.

Renovation Loans: After getting keys to your dream house, first you want to do is to renovate your home. It can include; change the flooring, repaint the house, and much more. Renovating a home is not cheap. Our home renovating loan helps you in building your ideal home.

Weight loss loan: Getting weight loss surgeries is one of the solutions to get rid of extra fat. But it needs huge funds. If you are lack of funds to have better weight loss surgery, don’t worry. We offer you wonderful weight loss loan packages at low-interest rates.

Domestic Helper Loans: You may be earning a handsome salary but there will a time comes when you are short of cash and need extra money in some emergencies. You may need money to send back to your hometown. Credit 21 understands your situation and offers you a flexible domestic helper loan package with a simple application process.

Among those loans, Credit 21 offers you many other loans i-e. business loans, plastic surgery loans, Grabtaxi driver loans, short term loans, luxury goods loans, dental loans, jewelry loans, and furniture loans, etc. There is no shame in getting loans. As they help us with our poor financial needs.

Things to know before applying for a loan:

Before borrowing money ask yourself if you are ready to sign all terms or conditions. And you are able to repay (keep in mind your income and expenses). So, borrow only what you need.
Before applying for a loan, you should confirm whether the money lender is licensed or not. You can check the names of licensed moneylenders from the list given by the government. Being licensed doesn’t give them any right to use abusive language with you, ask for retaining your NRIC, and SingPass user ID or password. If you find them doing so you can report them to the registry of money lenders.

Eligibility Criteria:

In order to get loans, you must fulfill certain criteria.

For Singaporean:

The age should be above 21.
He/She should not be an un-discharged bankrupt.
Must have a valid proof of income.
Original IC.

For Foreigner:

The age should be above 21.
Billing proof.
Work permit.
He/She should not be an un-discharged bankrupt.

How much you can borrow:

Credit 21 offers you different kinds of loan packages. Pick one which suits you the most.

Borrow up to S$3,000 if your annual salary is less than S$ 20,000.
Up to 2X of your monthly salary, if your annual income is S$ 20,000 or more.
Up to 4X of your monthly salary, if your annual income is S# 30,000 or more.
Borrow any amount of money if your annual income is S$120,000.

Interest rates & Repayment Methods:

As Credit 21 is working under a government so maximum interest rate it can charge is 4% per month. Fees for late repayments will be S$60 for each month of late repayment. We offer you different kinds of repayment plans. Equal payments, Equal Instalments, and fixed Equal payments. The repayment amount affected by interest rates.

When you know the period of loan tenure and can afford a change in repayment amounts choose Equal repayments. When you can pay a huge amount of money at the beginning go for Equal installments. The repayment amount varies accordingly; a little increase in the interest rate causes an increment in repayment amount and a decrease in the interest rate causes a decrement in repayment amount. And when you know how much you are going to pay Fixed Equal Payment should be your choice. Increment in interest rate extends the tenure period and decrement in interest rate shortens the tenure period.

You can make repayments through Cheque, Cash, and transfer funds via online baking.

News Credit 21:

Singapore is one of the few countries who has the honor to adopt new technologies. Even when Samsung, Apple, and Google wanted to test the viability of their contactless cashless payment system they picked Singapore. And now Credit 21 provides you cashless payment services. Singapore can get you Samsung and Apple services in the Association of Southeastern Asian Nations (ASEAN). Samsung pay supports American Express, Mastercard and Visa while Apple pay supports American Express Cards.

Note: Apple Pay and Samsung Pay are now payment methods in Singapore, especially for like SingTel, Starhub, and M1 (Telecommunication Companies).

Customer reviews:

Credit 21 is Singaporeans #1 choice to get loans. Moreover, it is one of the oldest banks providing their services in Singapore but still has got 2.3/5 rating on the internet. People have their reasons. Come on let’s listen to them.

“Never will go again, the collector is so rude. You’ll regret visiting them.” ~Nicholas Kong

“They called at my given contact as a reference like boss or supervisor and tell them I borrowed money and don’t return yet. That was so embarrassing” ~ Dickson Deny

Reviews help you judging the bank’s repute. We’ve read bad reviews but still, someone should not trust on the basis of online reviews. There are many satisfied customers out there too. Many things depend on your analytics so, choose what is best for you.

Uses of Medical Loan In Singapore

Medical emergencies are unexpected, and at such times of need, not having the finances at hand can be troublesome. Medical loans in Singapore cover multiple types of loaner from people who need finances for emergencies to practitioners who want to purchase medical equipment. Medical loans are much like personnel loans. While most people have their medical finances cover by companies, however, that is not the case for everyone. In such cases, medical loan helps a lot in fulfilling medical expenses.

The medical loan falls in the category of personnel loan if they are used for emergencies. When medical loans are acquired for purchase of medical equipment, it falls in the type of an equipment loan or inventory loan. Such loans can be lifesavers in the time of need.

If you are thinking about applying for a medical loan in Singapore either for emergencies or as a practitioner, you are in the right place. In this article, we will cover the basic types of medical loan option available in the market along with competitive medical finances of different loans which include all the factors that you should consider before applying for the loan.

Personal loans for medical expenses:

A medical loan that is used for personal emergencies is called personnel loans. There are three types of personnel loans that are mostly used for medical expenses.

Unsecured Personal loan: Personal loans can be used for any purpose, including medical emergencies. All you need to be eligible for unsecured personnel loan is a sound income/salary. You can get 2-4 times your existing salary/income from lenders/banks through this personal loan. The interest rates for such types of loan in Singapore are 2-8% depending on the policies of the lenders/banks.
Short term loan: This is another type of personal loan that is used to bare medical expenses. The only downside to short term loans is the interest rates and fees which are comparatively higher to other loans.
Credit Card: Another financing option that you can consider in Singapore is a credit card. If you have a credit card or if you are eligible for one, then you can use this option to cover your medical expenses. This option is particularly helpful when you have no idea how much money you will need for your expenses. You can also take advantage of the interest-free period of credit card, make sure that your medical expenses are eligible for interest-free purchases and that you have the adequate means to pay back the credit you are using.

Medical loans help to cover the expenses that are usually not covered by your insurance. It might happen when your copay is too large, or that particular type of procedure is not included in your insurance package. Some common procedures that are not included in the insurance packages are:

Hair transplant surgery
Reconstructive surgery
Weight loss surgery

These are only a few procedures; you can find many other procedures that fall in the same category.

How to compare competitive medical financing of different loans?

Once your mind is made up about applying for the loan, ensure that you choose the right lender/bank. There are many factors that you should have a look before applying for a medical/personal loan. Such as:

Application process: Look at the application process of each bank/lender. The application process can be quite hectic for some banks/lenders. Choose the one that has the shortest application process. It will save you both time and energy.
Credit score: Each lender/bank has different requirements or conditions before they release finances. Take into account the credit score requirements of different bank/lenders and choose the one that is most feasible for you.
Interest rates: Interest rates is the most important factor of them all. Interest rates are different for different lenders. Banks/lenders that have the most feasible condition for the loan tend to have the highest interest rate. Keep this in mind before you make your decision.
Loan terms and condition: The term and condition of each bank are different from the other. You should compare the terms and conditions of different banks/lenders before you make your decision. Never agree on loans with baseless terms.
Fees: Compare the fees that different money lenders/banks offer before you make your decision. Opt for the one that you think fits within your budget.

You should keep all these factors in mind before you go for a medical loan/personal loan from a bank/lender.

Personal loan Singapore bad credit

General

Having a bad credit history could be problematic when you are in need of some personal loan, especially in a country like Singapore. There are several situations that lead you without having any income or money for the hard times. However, there is some insurance that covers the cost, but even they are not enough sometimes and you need to have a personal loan.

For obtaining a personal loan, it is necessary that you have a good credit rating otherwise it becomes very difficult to obtain any loan. It may look challenging, but there are always options that you can discover, such as:

Reform the existing debt amount

Having a negative credit score means that you have some unresolved debt in hand that you need to repay. Prior to applying for any personal loan, it is advised that you get rid of the debt that you already have on your side. This is the only way through which you can progress towards a better credit score.

You can ask a few favors from your bank, like to decrease the interest rate so that you do not have to pay an extra amount of debt on your currently owed money. The other option is to speak to your bank if it can increase the payment period so that you could pay a possible amount every month. This way, you can pay at least some of the amount.

By reforming your debt structure, you can actually pay it pretty soon by not stopping the borrowed amount. Smaller amounts will keep your status active and your credit history will get improved and will help you in getting a loan in the future.

Request for the minor amount first

To have a neutral effect over your lender, it is advisable if you apply for the small amount of the personal loan first.

Earlier, we have talked about repaying the loan in small amounts and longer payment periods for improving the credit history. Applying for a reasonable amount at first will help you in coagulating that relationship with your bank. You need to ensure about making payments on time and not to miss any of them. This is an important step that will help you in maintaining your loan reputation. When you continue with this practice, the money lenders will have an idea to grant you with the bigger loan next time.

Personal loan from non-banking sector

Certainly, banks are strict with the bad credit history holders and maybe refuse you for the loan amount. The financial institutions like Singapura Finance also offer personal loans to the people. They have some distinctive rules and regulations like with their packages and risk factors, but you eventually get the loan. It does not mean that they do not care for your history; they just have another way to deal while granting loans to you.

Whoever you are taking a loan from, just make sure that everything is documented and you have approached the licensed company or bank in Singapore.

What’s the cheapest way to borrow money in Singapore?

General

Getting a loan in Singapore is not an easy task. The country holds some proper laws in place for the money borrowing with the annual fees, processing fees, and then interest rates. Whereas, there are ways through which you can get the loan on cheap terms that will help you in meeting your financial needs.

It is somehow fortunate for the residents or foreigners in Singapore that they can reach out to the reliable banks for getting these loans that offer lenient repay terms. Some of these are mentioned below:

Standard Chartered bank loan

They offer you loan maximum up to $250,000 and a minimum $1000 or up to four times higher than your salary. The smart way to avoid hefty interest rate is by applying via MoneySmart. With MoneySmart, you just have to pay a rate of 3.88 percent per annum. For the personal loan appliers, the processing fees are waived that is $199 usually. The good thing about Standard Chartered is that they get you to cash the very next day that none of the other competitors like HSBC or Citibank offers.

Citibank loan

You need to have a salary of $42,000 as a foreign worker or $30,000 as a Singaporean resident. They also propose you with the loan amount that is four times than your current annual salary. However, the interest rate is 4.55 percent annually. The loan is called Quick Cash by Citibank. The positive thing about Citibank is that you can get the loan approval within an hour and the amount is in your account the very next day. For the quick deposit of amount, you must be a Citibank account holder and if you do not have an account, then it will take approximately 5 working days.

Citibank has stern regulations about late payments that are if you have not paid by 2 months, your loan will be halted and you will still have to pay the remaining loan amount as a penalty. The processing fee is nil for the Quick Cash customers.

HSBC loan

The HSBC personal loan is a kind of economical solution for all those who are in need of some big amount, but early repayment is stopping them to chase their desires. HSBC brings you the repayment period of up to seven years that is enough to pay bit by bit. The interest rates are 3.7 percent that is the most favorable as compared to the other banks in the industry. They actually have two interest rates that are 4 percent for those who have a salary amount of $80,000 annually. If you choose to pay early before 7 years, then the interest rate drops down to 3.7%. This bank also does not charge any processing fee, but the late payment has to be paid about $75 if you are unable to repay the monthly installment.

UOB loan

Before applying for the personal loan at UOB, it is advised to get the account or credit card as they pay via their credit card. While applying for the loan, you can get a credit card at the same time. They charge a bit higher interest rate that is 4.99% and your borrowing amount is dependent on your credit limit. If you are earning $30,000 per year, then applying for finance is not an issue here. They get you a quick loan approval while the submission timings are from 7 in the morning till 8 pm in the evening.

In Singapore, what action a debt collector can take and how to deal with them?

General

Singaporeans feelings about debt collectors can sum up in the classic images of a pig’s head or O$P$ splattered in red on corridor walls. But in reality, of the debt collectors’ actions can still come close on harassment. So, if you are having difficulty in paying your bills, then you might receive the unwanted attention from a debt collector.

What do debt collectors do?

Banks can lose a large amount of money each to clients who don’t make the repayments. For them, it is necessary to invest in a means of clawing back the money that clients owed to them. Mostly, this task is given to a debt collection agency. These agencies work for the company and chase the debtor to retrieve the money from them. For example, if a person doesn’t pay their credit card bills, the bank will hire a debt collector to bring the money back.

How far can debt collectors do?

It is considered as illegal for debt collection agencies to run around sticking pigs’ heads on client’s doors. But these things don’t bother most of the debt collector as the use many other scary tactics e.g., hanging up banners telling the world that you owe money or banging your doors and windows.

There is an industry Code of Ethics set up by the Credit Collection Association of Singapore, which settles the dispute between the collection agencies and debtors. But the Credit Collection Association of Singapore lacks the power to enforce the code.

Illegal for debt collectors

Bad news for debtors is that there no law controlling or supervising these debt collection agencies. That means they can do anything like a regular entity. Still, it is necessary to know about the actions of the debt collector to make sure he/she doesn’t do anything that is against the law or illegal. Here are a few examples of actions that could get a debt collector in trouble with the law.

Harassment

By using any mean of abusive, insulting, or threating words that make you feel harassed. The wrong behavior, rude or insulting communication can constitute to harassment. If they manage to cause actual violence or their actions evoke you to believe that the unlawful violence will be used against you by them, then call the police.

Unlawful assembly

If the mob of angry men sends by the debt collection agency, then there is an excellent reason to call the cops for illegal assembly. Any gathering of five to six people can be considered as offender if you show that they intend to commit something offensive or to put you under the threat of physical harm. At Funan, a group of seven debt collection agency employees was arrested for unlawful gathering at a food court stall in 2015.

Damaging or taking possession of debtors’ belongings

Many debt collectors might try to scare you that they will seize your TV or will tow your car away if you are not willing to pay back the money, but all these are just talking. In reality, they need a writeup from the court in order to seize your belongings.

Violence and Intimidation

It is illegal and against the law to use abusive, threatening, or insulting words or behavior with the objective to cause you to believe that they can use any physical violence against you or can provoke you. Shouting vulgarities or banging on doors can be standard practices used by debt collectors. Call the police if you feel threatened.

Vandalism

There is no mystery that what happened to Sticker Lady and Michael Fay. In case the debt collector sticks any poster, banner or advertisement on your property, spray paint on the property, damage or destroy your belongings, then they can be charged for the act of vandalism.

How to deal with debt collectors?

Here is the bad news for you, you can’t hide anywhere but all you can do is run. For a short time, you might be able to dodge the debt collectors, but as soon as your debt is getting out of control, you will find your property, your car and other belonging starting to seized and sold for the debt recovery.

Try to face the debt collector and don’t get feared by him/her. If they try to cross their limits or don’t anything against the law, then call the police for your safety. Remember that they often have the ability to act as a mediator between your creditors and you.

Instead of running away, try to find a solution or bargain with the debt collector that how you can repay the money. You might be able to get the help to lower the interest rate or to negotiate an installment plan.

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