Personal Loan for S Pass in Singapore
S pass allows the mid-level skilled foreigner to work in Singapore. They earn a fixed amount of salary at least 2,200 SGD, more experienced candidates can earn more. This S pass working visa specially designed for the skilled foreigner who seeks employment especially in engineering, electronics, oil, and chemical. Singaporean companies hire overseas technicians. This visa is valid for 2 years but it could be extended. S Pass workers can take their families along, it depends on their salaries.
S Pass Foreigner Personal Loan
As an S Pass foreigner worker has fewer salaries, they can face financial crises. Singapore offers S Pass personal loans. S Pass personal loan is like a personal cash loan that can fulfill your personal needs. The difference of applying for a personal loan between S pass foreigner and other foreigners lies in the qualifying criteria, which are as follows:
- Monthly salary should be at least 2,200 SGD.
- Age between 21 to 65
- Have a valid Singapore work S Pass Visa
- Payslips of last 3 months
- Any employment letter from your company
Benefits of Personal loan as S Pass foreigner
The process and interest rates depend on the lender and the loan type you choose. But as S Pass Foreigner getting personal loan benefits you. Submitting documents and providing legal proofs seems a hassle but once you cleared and succeeded to get the loan application approved. You can get a loan on very flexible terms, which are as follows:
Low-interest rate: Get interested rates from as low as 3.7%.
Loan up to 8x your monthly income: Maximum loan amount 8 times your monthly income can fulfill your biggest dream.
Fixed monthly repayment: Get convenient and flexible monthly repayments on your personal loan.
Redraw on your existing loan: you can redraw S$ 1,00 or more from your current loan for more financial flexibility.
Where can S Pass Foreigner get Personal Loan?
If you are in need of fast cash personal loan, it is advisable for you to get it from a reliable source. The best sources of getting S Pass foreigner personal loan in Singapore banks. But if you fail to qualify for a bank loan, don’t worry! you can go for legal institutions and licensed money lenders in Singapore.
Which Personal Loan is suitable for S Pass foreigners?
Personal loans are either secured or unsecured. You can pick one according to your needs. But as an S Pass foreigner if you need a small amount of money between $500 to $1,000 you are advised to pick up an unsecured personal loan, without collateral required.
Alternatives for Personal Loan for S Pass foreigners
As S Pass foreigner you move in Singapore with family and want to renovate your home but you are failed to qualify bank requirements. You don’t need to worry, there is an alternative loan to it. Expense, like renovating your home is eligible for special bank loans like renovation loans. You can apply for this loan; it seems less risky and has a lower interest rate than a personal loan.