Personal loan for the people drawing less income

Most of the Singapore banks target mainly on the well paid employees for a personalloan, while the people drawing less income are often desperate. Many traditional micro financing institutions may cover low income sector of people, yet with a higher rate of interest. However, some banks in Singapore like Citibank offer instant personal loans for the people with low income because the emergency expenses like medical bills, weddings, repairs, renovation, etc., happen even to them.

Apart from the low income generators, the small businessmen experience unpredictable payments from clients. Although the income is certain, the time or the amount may be unknown. Similarly, perhaps the bonus amount is unknown for the employees and under such indecisive situations, the Singaporeans can benefit from the Citibank Singapore Ready Credit Scheme. The new Citibank customers can take advantage of 4.83% per annum interest rate for the loan for 3 years.

Singaporeans with the annual income as low as S$30,000 (S$42,000 for expatriates) can avail instant loan from the Citibank Singapore Ready Credit Scheme. Further, 4 times the monthly income can be availed as the credit line. Besides offering an instant loan approval within one hour of time, the interest rate is nominal and it decreases as the tenure increases.

Around the world, 1% cash discount can be availed on the retail purchases by using the Citibank Ready Credit Card. Moreover, online fund transfer and balance transfer (at a nominal interest rate) facilities are also allowed.


Low Interest Personal Loan Singapore

Several Singaporeans believe that the personal loan with low interest rate as the most convenient and risk free way to raise money during emergency. You can easily take control of your monetary condition with the low interest personal loans Singapore.

Cash advance – personal loan Singapore

Along with low interest rates, many banks offer the flexibility of cash advance, which attracts more and more people to apply for personal loans.

Legal personal loan Singapore

In Singapore, the market of personal loan is very competitive, offering a wide array of options for the consumers to choose from. You will come across a good many money lenders in Singapore with exciting offers for their personal loan. However, it is ideal and safe to apply loans in legal institutions like Citibank, which offers immediate cash advance within an hour’s time, at as low as 4.83% interest rate per annum (EIR 9% per annum) for 36 months tenure, as a welcome offer.

5 Common Reasons Why Singaporeans Take Personal Loans

The Singaporeans take up the unsecured personal loan to meet their short-term financial needs. To name a few, the hospital bills, holiday expenses, PUB bills, education fees and car repairs are the common reasons.

When is Personal Loan the Best Option?

People who do not have any collateral security to apply for a loan consider personal loan as their best option because it is an unsecured loan, where income proof (for both salaried and self-employed) is the key factor that decides the approval of the loan.


Refinancing a Housing Loan or mortgage refinancing refers to switching your existing home loan to a different bank or through any financial institution. With smartly planned, it provides you with a number of benefits and let’s explore these in a little more detail:

Securing a Lower Interest Rate on your Loan

One of the best reasons to refinance is to lower the interest rate on your existing loan. Reducing your interest rate not only helps to save money, but it increases the rate at which you build equity in your home, and also reduces the size of your monthly payments.

Extending/Shortening the Loan’s Term

Refinancing helps you to alter your loan period, depending upon your needs. If you have any monthly cash flow issues, you can refinance and extend your loan period; this allows you to make lesser monthly installments.

You can also use refinancing to shorten your loan period. If your financial situation is better and you can make greater payments, then in such instances you can think about refinancing especially if your existing home loan package does not have flexible prepayment options.

Comparison between Adjustable-Rate and Fixed-Rate Mortgages

When shopping for a mortgage, one of the first decisions most borrowers will face is whether to take out a fixed or floating rate loan.

Adjustable-Rate Mortgage

An ARM interest rate may rise or fall after the fixed period based on the market or index rates. It usually offers lower interest rates than fixed-rate mortgages, periodic adjustments often result in the increased rates higher than the available fixed-rate mortgage.

Fixed-Rate Mortgage

As the name suggests, a fixed rate loan has its interest rate fixed. Typically, fixed rate has interest rates that are higher than a floating rate loan. When the fixed-rate period ends, the monthly payment adjusts based on the type of loan you have.

Cashing Out

This is possible when the market value of your property increases significantly. Refinancing enables you to cash out the added value of your property; you can use this cash for your personal requirements. But remember, cashing out is like taking an additional “top-up” loan amount; which enables you to repay the entire amount including the “top-up”.

Consolidating Home Loans

If you have a couple of loans running simultaneously then you will obviously face logistics issues like – keeping track of different loans, different payment dates, ensuring your bank account is adequately funded on loan deduction dates, etc. In such cases, you could use a refinancing plan to consolidate all your mortgage loans into one convenient loan package. Many homeowners refinance in order to consolidate their debt. Replacing a higher interest debt with a low-interest mortgage is a good idea.

How to Earn More Rewards Points with Credit Cards

Rewards credit cards offer you reward points on your credit card spends. You can then redeem these reward points against a range of gifts, products and benefits offered by your credit card issuing bank.

Rewards credit cards – how do they reward you?

Depending upon the card-issuing bank you can redeem your reward points for free movie tickets, gift certificates, air miles, cash rebates, store purchases, paying your annual fees etc.

For instance, when you earn rewards points with your Citi Rewards Card, you can redeem your rewards points for a variety of gifts. This includes:

  • Vouchers from their Online Catalogue
  • Transferring them to your preferred Airlines’ Frequent Flyer or Hotel Membership Programs
  • Offset purchases or redeem for vouchers instantly at 500+ instant reward outlets
  • SMS Citibank to convert rewards points into cash rebates on your credit card statement.

Click here to view the Citibank Latest Rewards Offer & Deals.

Rewards credit cards – tips on making the most of them

  •  Go for a rewards credit card that syncs best with your spends. If, for example, you go in for the DBS Black Visa Card, you get 3X DBS Points (or 6 miles for every $5 spend) for all local Visa payWave purchases and 1X DBS Points for all purchases. However, if you are looking for a rewards credit card that rewards you for your utility payments, you may be better served by the OCBC Plus! Visa Credit Card that lets you earn up to 2% LinkPoints rewards on EZ-Reload, telecom bills and utilities.
  •  Pay with your rewards credit card – This might seem like a no-brainier but you will be surprised at how many miss it! If you wish to accumulate rewards points on your credit card, you must pay for your purchases, online or offline, with your credit card.
  •  Pay attention to promotions – Promotions can help you earn a deal more reward points than at other times. The Citi Rewards Card has a promotion running from 04th March to 30th April 2016; you get 20X rewards when you charge your purchases at Qoo10 to your Citi Rewards Card.
  •  Don’t neglect affiliate promotions – Affiliates are the global payment processing networks with which your card is associated. They could be Visa, MasterCard or American Express. Affiliates also tie up with service providers to come up with great promotions for cardholders like you.

For example, you can get $1 off minimum spend of $7 with Visa payWave at Toast Box. This offer is valid from 01st April 2016 to 30th April 2016. If you are a MasterCard holder, you can get a 10% admin fee waiver when you with your MasterCard via MasterPass on the Comfort Delgro Taxi Booking App.