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.
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.