Loan Types

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.

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.
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%.

Standard Chartered Singapore

Loan Types

Standard Chartered Bank in Singapore is a member of an international banking group which has more than 150 years of experience in some of the world’s most ever-changing markets. Their purpose is to drive commerce and prosperity through unique diversity and their values and heritage are expressed in their brand promise, Here for good. Standard Chartered has a history of 160 years where they opened their first bank in 1859 and in October 1999, they were among the first international banks to receive a Qualifying Full Bank (QFB) license.

In Singapore, they provide and support both individual and corporate needs to build wealth and drive commerce at every step of their journey. They can do this by providing a variety of financial services across personal, priority and private banking as well as their business, commercial and corporate banking. The bank has a network of 16 branches, 6 priority banking centers, and 29 ATMs.

Loan offered:

When you need cash for education, home improvements, or any personal use, Standard chartered provides you exciting loan packages. Standard Chartered offers loans at competitive interest rates and easy repayment methods which makes your experience hassle-free to live your dreams.

Standard Chartered offers two types of banking. Individual banking and banking for companies.

Individual Banking:

Standard Chartered has offered individual banking which allows customers to use local branches of larger commercial banks. This banking scheme allows customers to open savings and checking accounts, mortgages and personal loads also debit and credit cards and certificates of deposit.

Corporate Banking:

Corporate banking which is also known as business banking refers to the aspect of banking which deals with corporate customers. Standard Charted corporate banking allows businesses to grow and hire people by giving business loans which help in the expansion of the economy and the business itself.

Standard chartered Loan Services:

Personal Loan:

Personal loans are the most common types of loan that you can apply for, you apply for a specific loan amount from the bank to pay for the products, emergency or services you want. When your loan application is approved, you will get the exact amount that you applied for and then pay this amount back to the bank in regular monthly installments. Normally, Personal Loans have shorter repayment periods than other types of loans, ranging from 6 months to 10 years. They require low-income of RM $1,000, low-interest rate, no early settlement penalty, 48 hours approval and no hidden charges.

House Loan:

When you want to build your own house and need financial assistance you can apply for a home loan at Standard Chartered Bank which they have enhanced to offer a fixed monthly repayment with no processing fee for both completed and building under-construction properties. Standard Chartered also covers up to 75% of the financing you require to build your dreams home.

Debt Consolidation Loan:

Manage your finance with Debt Consolidation Plan with Standard Chartered Bank. The debt consolidation loan is a service that combines all loans into a single simple account. It benefits you many ways like you get longer tenure period, low-interest rate than usual, and low monthly repayment. You can choose your repayment plan from 3 years to 10 years. You can manage your repayment amount through online banking, cheque deposit, or cash deposit machine. You will get a credit limit of 1X your monthly income for the daily expense. There is a $199 joining fee.

Interest Rates and Repayment Methods:

Almost every bank has their interest rates and standard chartered helps to offer lowest and competitive interest rates. Mainly the interest rate depends on the loan amount and the tenure period. Standard Chartered bank working loan capitals have the longest financing period of up to 10 years. The interest rate starts at 4%-7.5%. The monthly repayment is not fixed it can vary and depends upon the loan amount. You can make repayment through the following methods.

Online Money Transfer: Online banking has made everyone’s life easy. You can now transfer money from another bank account to Standard Chartered account.
Cheque: Deposit cheque to any branch of Standard Chartered in Singapore.
Cash: You can easily deposit cash to ATMs at any Standard Chartered ATM in Singapore.

Eligibility Criteria:

Singapore Citizen or Permanent Resident.
Annual income: Minimum $30,000 to less than $120,000 per annum.
Age: 21 -65 years old.
Employment Pass holders must have their Cards and have a minimum of 1 year left on the card expiry.

Newsroom Standard Chartered:

Standard Chartered introduced Unlimited$aver that unlocks up to 5% cashback* on Unlimited Cashback Credit Card spend.

Standard Chartered Singapore has launched one of the most popular cashback cards in Singapore where clients can earn up to 5% cashback on their unlimited credit cards spends without any cashback cap and no minimum spending amount. This was done based on a study that people are more likely to deposit money into a savings account to enjoy higher cashback on their credit card spend.

Standard Chartered launches one-stop digital FX platform

Standard Chartered Banks has launched LiveFX which can be used from within the mobile app, a one-stop platform that will allow retail clients to make FX conversation in real-time, gain market insights and place limit orders anytime and anywhere at their preferred exchange rates.

Standard Chartered Bank to set up FX e-trading and pricing engine in Singapore

Standard chartered bank will launch this E-trading engine by the first quarter of 2020, offering the bank’s clients FX e-trading of 130 currencies and more than 5000 currency pairs in Spot, Forward, Swaps, Non-deliverable forwards and options, as well as commodities e-trading for both Precious and Base Metals.

Standard Chartered instant issuance of digital credit cards and disbursement of loans

Standard chartered bank has announced the roll-out of its instant digital credit card issuance and loan disbursement capability. The bank’s new and existing customers can look forward to a seamless and speedy credit card or personal loan application online and avail instant issuance of credit card or disbursement of loans.

Customers Reviews:

“Comfortable chairs to wait in and friendly service. Most impressive was the rack of reading glasses for those who need them.” ~Yanling Tng

“One of the best clients I have worked with. Great marketing team which is extremely data-driven!”. Aditya Maheshwari

“SCB this Branch weekly 7 Days open. It’s really helpful for Clients. Good Banking.” ~Allen Joseph Gomes

“It has the longest business hours, at least to what I know, of all banks in Singapore, and it seems that it is always very busy. Nevertheless, the staff there can provide timely and high-standard services while keeping a friendly attitude.” ~Ye Yuan

“Good location for banking needs in the middle of the shopping district in the basement of the popular shopping mall. Brightly lighted banking area with sufficient space within for a break when waiting or performing transaction.” ~Marcus Goh

Five Powerful Morning Habits to Help You Become More Successful

Success is not a destination rather it is a journey.

With that being said,

It is important to layout the truth here, that you don’t become successful overnight. It takes a lot of effort and sacrifice. You build the ladder to success, yourself. The key to success is developing certain habits that help you be more productive and result-oriented.

One of the most essential habits that is crucial for your success is your morning routine.

Powerful Morning Habits

We all can agree that morning is probably the most important part of the day. It dictates how the rest of your day goes.

In order to help you climb the ladder to success,

Here are the top vital morning habits that will help you perform at an optimal level.

1. Early to Bed, Early to Rise

A habit that all the successful entrepreneurs have in common, is that they wake up early, before everyone else.

Starting your day early can help you be more efficient as it will give you more time to focus on your goals.

Try to start your day at 4:00 am or 5:00 am by latest. This will give you an edge over others.

2. Daily Dose of Motivation

You can never be motivated enough. Your brain requires a constant reminder as to why you’re doing all that you’re doing in order to stay focused.

To keep yourself motivated, you need to dedicate an hour of your morning to inspirational anecdotes or quotes.

Listening to inspirational podcasts can make you emotionally invest in your daily objectives, that will, in turn, increase your productivity.

3. Incorporate Exercise

Exercising is crucial for your mental and physical health.

Including exercise in your morning habit, is an excellent way of getting your body ready to tackle the day. There are countless benefits of exercise for your brain. Also, the metabolism rate of your body is enhanced, as a result, you feel fresh throughout the day.

Blowing-off some steam in the morning will enlighten your mood as well.

4. Prioritize

To carry out the daily tasks effectively, you need to know how you will be spending your day.

Time can be your best friend or your worst enemy, depending upon how you utilize it.

Scheduling your day, jotting down everything that’s important and then prioritizing them according to their significance, can save you a lot of time.

Before starting your day, make sure you’re organized to compete for the tasks in an orderly fashion.

5. Intake of Nutrients

Healthy breakfast is an essential part of your morning.

Intake of nutrients that are good for your brain, will help increase your cognitive performance. As a result, you will be able to function better and your mind will be full of energy.

Try to have breakfast that includes;

Omega-3
Vitamin K
Vitamin E
Iron

Morning habits play a vital role in setting the tone of your day. So, make sure you have the best morning habits to conquer your dreams.

Do Successful Entrepreneurs always take big risks?

Entrepreneurs are the persons who start their own small business. These are the people who’re capable of doing a successful business because of their sharp minds and intellectual talents. Basically, they start their business on a small basis and take high steps to change their lives.

Entrepreneurs take risky steps for the business anyhow these steps provide loss in the start but they’re very beneficial for the future.

Are you looking to start your own small business and feeling worried about the growth? Seriously speaking the risky steps are the crucial part of every business and without them, the business cannot go high.

Why successful entrepreneurs always take big risks?

The successful entrepreneurs always take the big steps to grow their small business to the high mountains. Let’s discuss the reasons behind them.

As you take more steps you become more aware of the business rules. You start feeling confident as you gain the knowledge of all the tools, procedures and the methods. This thing makes them fear free and they start learning more because of the new risks every time.
You set your daily goals and move from impossible to possible. The entrepreneurs divide their daily tasks and start making dollars on a daily basis. No doubt they have to face some loss mainly in the start but this loss is far better. The small loss can be compensated through daily profits.
The successful entrepreneurs take the regular risky steps which make them unstoppable towards the destination.
If you don’t take the risks and don’t keep the daily investments surely you’ll be able to gain much success. If you do a tiny investment surely you’ll gain a very small profit. If you spend much on the products, website designing, marketing, advertising surely you’ll get a large number of customers in a very short time. The money costing factors can put a lot of benefit for the profit of the future.
Learn about the business very carefully and do regular research for development. Do the best practices for the success of your business. Make the checklists and the handbooks for the ways to go to a higher level.
The regular risk takers become so confident about the flaws of the business. It makes them succeed in the future. These risks make them much aware of the ups and downs. In this way, they don’t take any harmful steps in the future.
More experiments make you learn fast and do proper planning. The risks boost communication skills and make new customers. New risks lead towards new improved services. New innovations move you towards new ideas and success.
As the market grows much fast and the new services always impress the customers. Taking new risks make you learn the new ways thus there’re higher chances of your business growth.
The risks save your business from the economic downturn. When you face competition you get awareness about the products and the prices in the market.

In the last, it has been clear that the risks give greater chances for the establishment of your business and you become confident in persuading the customers towards you.

U Credit (Pte) Ltd

U Credit (Pte) Ltd. It is a professional licensed money lending company that offers a variety of financial loans to suit customers’ requirements. It also provides legal financial loans to Singaporeans, Singapore PRs and foreigners holding valid employment pass in Singapore. Their top priority is to help customers manage financial emergencies in life.

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.

Available Loans:

Personal Loan: A personal loan is money borrowed from a moneylender that you pay back in fixed monthly payments or installments. Most personal loans are “unsecured” means you are not required to provide a collateral. U credit (Pte) Ltd offers personal loans with a tailored package you are guaranteed that all your financial needs will be met and yet it will be easy to repay the loan.

Vacation Loan: Vacation loans are like a personal loan but are tailored to be more affordable compared to credit cards and personal loans. With a U Credit vacation loan, you get to choose a flexible package that suits your expenses and financial situation.

Foreigner Loan: When you are in a foreign country getting a loan can be daunting and like any other citizen a foreigner can face a financial crisis at any time. U credit helps to take the burden off of your shoulder and help you out of your crisis. These loans are highly flexible and are tailored to meet your financial needs. You can get access to quick cash to sort the problem out.

Fast Cash Loan: If you are struggling with your day to day finances and need quick access to cash to sort out an emergency then you can consider a fast cash loan from U Credit. These loans are suited for short term expenses and are a quick way out to take care of your financial emergency.

Business Loan: Singapore has a large number of small business enterprises. There are many people who have made their dreams into reality and created successful businesses in the country. If you are an entrepreneur in Singapore U Credit is here to help you achieve your dream and make it a reality by providing you with a business loan to help you start-up and get your business up and running.

Things to know before applying for a loan:

If you find yourself in need of financial assistance you can apply for a loan at U Credit (Pte) Ltd. There are a number of types of loans depending on your situation. While most borrowers may only focus on the cost of a loan there are a number of other equally important factors to consider before taking a loan. Here is a loss of a few of these.

Before going to a moneylender, consider other alternatives, like some financial assistance schemes offered by government agencies.
You are legally obligated to fulfill any loan contract you enter into with a licensed money lender.
Think about whether you’ll be able to abide by the terms and conditions in the contract. Consider your financial obligations and your source of income. Only borrow what you need and are able to pay.
The law requires moneylenders to explain the terms and conditions of a loan to you in simple words and provide you with a copy of the contract. Make sure that you completely understand the terms and condition of the contract with respect to repayment schedule the interest rate charged and fees applicable.
You should consider all alternatives for the most favorable terms and not rush into a loan until you are satisfied with the terms and conditions.

Eligibility Criteria:

You need to fulfill the following requirements in order to loan from U Credit.

Age between 21 to 65
Permanent residence.
Annual income between S$ 30,000 to S$ 120,000.
Proof of residence
Good credit score
A copy of passport, visa or work permit

How much you can borrow:

U Credit offers multiple kinds of loan packages. You can select the one which suits you the most.

A person can borrow up to S$3,000 if his annual salary is less than S$ 20,000.
A person can borrow up to 2X of his monthly salary if his annual income is S$ 20,000 or more.
A person can borrow up to 4X of his monthly salary if his annual income is S# 30,000 or more.
A person can borrow any amount of money if his annual income is S$120,000.

Interest rates & Repayment Methods:

The interest rate is a key factor that you should consider while getting a loan. The maximum interest rate moneylenders can charge is 4% per month. If a borrower fails to repay the loan on time, the maximum rate of interest a moneylender can charge is 4% per month for each month the loan is repaid late.

You can make repayments through Cheque, Cash, and transfer funds via online baking. There are different methods of repayment. Equal repayments: This is a good way to repay your loan throughout the tenure period repayment amount remains the same. Choose Equal installments when you are willing to pay a large amount of money as installments at the beginning of the tenure period. You pay an equal amount of money in the entire tenure period in the Fixed Equal Payment method.

Newsroom U Credit:

U Credit’s newsroom is full of new and unique loan packages. Let’s take a quick look at 2019 latest loan packages.

Wedding Loan: Marriage and wedding are probably one of the most important decisions and events in a person’s life. Most couples dream of having the perfect wedding where the brides wear beautiful wedding gowns and the groom puts on suits that make them look more handsome than ever. Weddings are an event full of happiness and joy where friends and families shower the couple with blessings.

However, the wedding cost is not low in Singapore may it be a traditional Malay wedding, Indian wedding or a western wedding the entire event can cost up to thousands of dollars. U Credit (Pte) Ltd. Has a simple solution to this problem, should one require financial help wedding loans are a good source of support.

Short Term loan: Short term loans are for people who need fast cash for multiple urgent reasons. These are unsecured loans and a person has to qualify for them. Financial emergencies come up from time to time and we help by giving you cash on the spot, provided that you meet our requirements. We ask for particular documents that you would have to submit along with your application.

Address: 1 North Bridge Rd, #01-35, Singapore 179094
Hours:
Open ⋅ Closes 7:30PM
Phone: +65 6777 8080

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.

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4 type of loans to be considered as a foreigner

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Student loans for foreigners

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