Singapore is one of the world's top financial centers, and the island's banks offer a wide range of banking products, solutions and services, including personal loans. These loans are designed to help the Singaporean people meet their financial needs. The interest rates offered may be very attractive, and customers can also enjoy a flexible repayment period to repay the borrowed amount. Singapore's banks and financial institutions not only provide personal loans in Singapore. In fact, there are many licensed and unlicensed money lenders offering personal loans in the country.
Type of personal loan
Lion City has different types of personal loan products. They are as follows:
Term loan from
- These are traditional loan products that provide customers with the funds they need and ask them to repay the funds at the applicable interest within the timeframe specified in the contract they signed. They are mainly provided by banks and traditional financial institutions in the country.
2. Credit card loan from
- Many credit card issuers in Singapore provide instant cash to their customers based on the available credits on the card. The loan application is approved in a short period of time and the funds will be transferred directly to the applicable bank account. In most cases, customers can use 100% of their card's available credit line as a loan.
3. Personal credit limit from
- Some popular banks operating in the country, such as the Malayan Bank, do not provide personal loans, but provide personal credit lines so that people can get funds on a monthly basis. This is a revolving credit that requires customers to pay more for each month.
4. Overdraft protection from
- OCBC Bank and other top banks in Singapore provide overdraft facilities through their savings accounts, which allow them to withdraw more funds than their accounts. The additional funds drawn are considered loans and the customer is expected to pay through monthly installment payments [EMI].
Bank provides personal loans in Singapore
Some of the top banks offering personal loans in Singapore are as follows:
- OCBC Bank;
- UOB;
- DBS Bank;
- HSBC Singapore;
- ANZ Bank;
- Citibank, etc.
Application Procedures
If you are an adult with a stable income and a good credit score, you can contact any bank in the country and apply for a personal loan. You can visit any of their affiliates or contact their customer support team. Some of them will also provide you with the option to apply for a loan online on their website.
Loan amount
The amount provided will depend on your annual income, credit history and the overall situation as a borrower. If you have a high annual income and a lucrative credit score, you can expect to borrow a higher amount. Similarly, the interest rate offered to you will also depend on the above factors. If you are one of the bank's loyal customers, ie if you have chosen other products offered by the bank, you can get a better interest rate.
Orignal From: Introduction to Singapore Personal Loan
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