There are world’s best banks offering the best products in Singapore today. If you haven’t already been cold called (or followed up on from somewhere), and are in need of a loan, just check out their online promotions and apply for loan online. No bank today can afford to not open the online channel, so for most products one can simply approach a bank online and look up their personal loan products.
What are the Minimum and Maximum Loan Amounts?
As a rule, all loans are based on your earnings and income. There are no minimum and maximum fixed amounts. Some banks allow you to enter amounts even as low as $100, for which they display, tenure, interest rate and our monthly payment on their loan calculator system. How much you earn, how much you can pay back after taking into account your other liabilities, and your tenure is what will decide if a certain amount is within your limit or not. Do check with a bank against your income.
What are the Loan Tenure Options?
Loan tenures range from a 12 months (outside the banking sector, shorter terms for personal loans are also available but they do not come within the ambit of established lending) to 60 months averaging for personal loans. Home loans are typically of longer tenures.
How much Time will it take for my Loan to be Approved?
You can get yourself an in principle approval within a day. That is the fastest. Citibank claims a 1 hour approval time for its personal loans and it may be an exception or a promotion. Do look around, loan approval times are not as bad as we think, especially for personal loans. If your paperwork is in place, your income is sufficient to cover the EMIs and your credit history is good, you should be able to avail these quick loan approval products.
How do I Repay the Loan?
Upon approval, the funds will be deposited within the next few working days into your account. From them on you EMI’s will start to go out on the fixed date that cannot be changed. You can continue to repay your loan via your EMIs or go in for a pre closure. In case of a before tenure repayment, you might have to pay a certain pre closure fee and that differs from bank to bank. A certain percentage of the outstanding amount will be charged when you go in for such pre payments. Then there are those that also make part payment that are more than their EMIs. Three of four big part payments get down the remainder amount.