Personal Loans in Singapore

personal loan
Personal Loan in Singapore

Personal loans in Singapore can be obtained from three distinct quarters: banks, financial institutions and licensed money lenders. Although the fundamental idea of offering loans remains the same across sectors in Singapore, each loan providing entity will be different in its own way. Not all banks, financial institutions and money lenders offer personal loans in Singapore, so it’s important to arrive at a match between your loan requirements and the loan offering entity. Never be tempted to obtain a loan from anyone who is not licensed to offer a loan.

Let’s look at a few pointers that one needs to consider

  • Pick up a loan amount that you are able to pay, easily and consistently
  • A low rate of interest need not always mean a good deal. There can be default fees, other hidden penalties and the rate of
    increase in your interest if you happen to default matters
  • Decide if you want a fixed flat interest rate or a reducing interest
  • Find out if there is an early closure fee

These key pointers apart, as a rule try to borrow from banks as much as you can, because established banks usually have their regulated norms and come under scrutiny constantly. They cannot afford to be arbitrary in their interests and policies. Money lending institutions however need not be that careful.

Need Personal LoanLuckily in Singapore, it is easier to obtain a personal loan than any other loan and there are a whole lot of loan providers. Skyline credit, Credit assist and JR Star credit are some of the known names in the licensed money lending segment in Singapore, while HSBC, ANZ Singapore, and Citibank are a some of the well known banks that offer personal loans.

Citibank Personal loans have installment choices up to 60 month tenure, an option private moneylenders might not have. Bank’s Loan interest rates too, like Citibank’s, usually reflect the averages prevailing in the market and cannot be arbitrary, while a private lender can set their own norms.

Even though in Singapore the business of lending is strictly regulated, it is always best to go with established names and not fall for the famous “ unbelievably less interest rate”. Some banks also call you and speak to you in detail if you fill up relevant information online, and personally I think its the right way to go about it, by having a detailed chat before taking a decision.

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Author: Nicole Judy

Nicole Judy is a Wealth Specialist with one of Singapore's largest specialist financial planning organization also play as a Financial Adviser. As a financial planner, Nicole Judy currently provide professional portfolio advisory to corporations and individuals in the following specialties: Asset Protection and Insurance; Savings and Investments; as well as Legacy Planning, Wills and Trusts. He also specializes in unlocking investible cash from client's current assets and pride himself in providing a way for client to purchase assets with zero cash outlay and zero interests to service. In addition, Nicole Judy seeks to continuously upgrade himself by putting himself through challenges as well as learning from people from all walks of life. Specialties: Multi-currency Wealth Management Retirement Planning & Pension Transfers University Fee Planning Legacy Planning, Trusts & Wills Corporate Solutions CPF investments Life insurance, medical cover and health insurance Business succession planning Professional and Personal Development of People, Leadership and Talent Management, Team-Building with Team Ability Tools Unique Learning Process and Programs that Impact on Performance and Profits of Companies with Measurable Results Also, a Talent Scout and Talent Manager for Infopreneurs - Entrepreneurs who have a deep expertise in knowledge and share them via seminars and workshops.

3 thoughts on “Personal Loans in Singapore”

  1. Hi, nice and informative information. I am searching the for such a great article that can provide the all the information on personal loan in Singapore. A Personal Loan is very useful in financial crises.

  2. Hello,i my name is Mrs Helen i live in USA i applied for a loan of 100000Usd some weeks ago from a scam pretend to be a loan lender,they rip me off the sum of 2000Usd and they ran away from me and i was totally confuse in life luckily a good friend of my from Texas Mrs Lucy Parker testify how she was rescued from a God sent loan lender who rescue her and gave her the loan amount of 20000Usd so she gave the email (robertwillfunding@hotmail.com ) i also contact him he did a nice thing for me and my family and loaned me the loan amount of 20000Usd he is real and God will bless him so good should contact him on robertwillfunding@hotmail.com

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