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%.