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.

Privilege Banking

What is Privilege Banking?

Privilege Banking simply put, is offering you banking services with a dash of personalized extra benefit preferential treatment. Which means, you get more than a non-privileged patron, in terms of attention, turnaround times for tasks, interest rates, discounts and exclusive offers?

This not just enhances your banking experience but also gives you a level of service that is a bit more evolved and in line with your financial position.

What are the typical benefits of Privilege Banking?

Almost all Privilege Banking options include preferential treatment through dedicated service areas, and dedicated staff to cater to your needs. With a dedicated service area, you reduce your wait time and reduce your turn around times. As a patron you even have 24/7 support for your queries.

As a privileged customer with a need for customized advice pertaining to your finances, many services include special advisory services for your investment and financial planning.

A slew of banks in Singapore today, offer Privilege Baking for their special patrons and almost all of them include in their offerings, dedicated attention and special advisory services. What differentiates them from the others is what they offer, over and above this basic common feature.

Some may offer preferential exchange rates, while some others may offer a concierge service to attend to just about any requirement. Market insights, updates and critical information that can positively impact your finances can also be offered as a part of your Privileged status.

The icing on the cake however is the lifestyle benefits that come as a part of Privilege Banking. Since most privileged patrons look for a more exclusive experience, banks vie with one another to offer the best deals in terms of dining, luxury resorts, exotic locations and health treatment.

Banks offer their patrons privileged access to ‘entry by invite only’ kind of lifestyle events that add an extra little bit to the banking relationship itself. So make the most of it, the next time you take a vacation.

How to go for Privilege Banking?

If you’ve had a relationship with a bank for a reasonable period of time, and if your banking needs have grown with the growth in your income, you might as well ask your bank to offer you the Privilege Banking service option( if your bank has not already approached you for it). Go ahead, walk into a branch and discover the next tier of banking with Privilege banking, because you deserve it.

 

 

 

Balance Transfer

Balance Transfer – Explained

A credit card balance transfer is the transfer of the balance (the money owed) in a credit card account to an account held at another credit card company. A balance transfer occurs when a credit card customer transfers the outstanding debt from one credit card to a new credit card. This is logically done from a credit card with a higher APR rate of interest to a credit card with a lower rate of interest. When doing the balance transfer, a customer is frequently looking to save money by paying less interest or to extend the repayment period of the outstanding balance. In this manner, he stretches his time and lessens interest.

This process of balance transfer is aggressively promotes by approximately all credit card issuers as a means to lure new customers. Such an understanding is delightful to the consumer because the new bank or credit card issuer will offer perks such as a low interest or interest-free period, loyalty points or some such other device or a combination of incentives. It is also alluring to the credit card company which uses this process to gain that new customer, and of course unfavorable to the prior credit card company.

An order of payments for every credit card specifies which balance(s) will be paid first. In nearly all cases payments apply to lowest-rate balances first – highest-rate last. Any balance under a teaser rate or fixed rate will be paid off sooner than any purchases or cash advances. By avoiding making purchases or taking cash advances altogether, the borrower can make sure they maintain the full benefits of the original balance transfer.

The process is extremely fast and can be concluded within a matter of hours in some cases. Automated services exist to help facilitate such balance transfers. Other similar services do exist, but they may not be free to use.

For folks who have a balance on their credit card, there are few deals more tantalizing than 0% interest on balance transfers. Why? Because for a period of time, typically six to 12 months, the credit card company is lending you its money for free. That can mean big savings on interest charges for those with revolving balances.

Tips to make effective use of Personal Banking

If the theory behind getting rich bit by bit could be summed up in two words, they would be these: save money. And what better way is there to save money than to put it in a bank account? When used prudently, bank accounts can help your money grow. On the flip side, when used unwisely, they can deplete your finances. Here are some tips for putting your money to work by putting it in the bank.

Choose an Ideal Savings Account

We can use banks to keep our money safe and secure. The idle money you put into a savings account will earn interest. How much interest? The average is between 2% and 4% annually, with compounded interest.

Don’t Let Checking Account Fees Eat Your Money

It’s discouraging to put your hard-earned money into an account, only to watch it dwindle because of ATM fees, debit fees, monthly use fees and other nickel-and-dime charges. Some banks charge you money in a sneeze. And then there are those that offer free checking, free ATM and debit card use, and no monthly payments. Check out several banks before you set up a checking account.

Also, ask about overdraft protection. Some banks offer it for free. If you ever write a check or make a debit when your account has insufficient funds, the bank will cover the transaction so that you don’t wind up owing bounced check fees to assorted vendors. But take note that you will still be responsible for the bank’s overdraft coverage fees, which can cost as much as $35 per transaction! Keep careful track of your purchases to avoid throwing your money away on these fees.

Certificates of Deposit & Money Market Accounts

Depending on your goals, a savings account might not be your best option. For example, if you want a low-risk investment that returns a good amount of interest, check out Certificated of Deposit (CDs). The only drawback is that you have to commit your money for a designated length of time – typically three months to five years. The longer you leave your money in a CD, the better off you’ll be when it’s time to cash out. CDs are FDIC insured up to values of $100,000.

If you’d rather have swift admittance to your money, mull over a money market checking account. These accounts return a higher rate of interest than regular savings accounts. Some banks require a minimum deposit to open money market accounts, and there are typically limits on the amount of withdrawals you can make each month. Banks are a sheltered spot to keep your money, and they tender services that help you make the most of your money. Go online to compare bank rates and find the best savings account for you.

Tips for safe online banking

In today’s zippy times, online banking is more popular than ever. Read the article below to discern how to protect yourself from fraud.

Security is the most essential thing when effecting financial transactions online. With hackers all around, we should be awfully vigilant with our personal and financial information. On the other hand, most online banking services are justifiable services that can save you time and money. Mull over the subsequent tips to safeguard your information while benefiting from the immense advantages online financing has to offer.

Even though statistics show that online banking fraud has fallen by over 32% over the last year, online banking users still need to be on their guard.

Criminal gangs are all the time formulating new-fangled ways to get their hands on your money and you can help restrict the tide by adhering to a few easy to follow steps.

10 Tips to protect yourself from online banking fraud

  • Regularly log in and check your statement, looking for unusual transactions.  Immediately report unfamiliar items to your bank
  • Never respond to emails or phone calls that purport to be from your bank and ask for your security information
  • Never leave your computer unattended when logged in, and always log out properly when you’ve finished your banking session
  • Avoid public computers for online banking
  • Make sure your wi-fi network is secure, to prevent unauthorised users accessing it
  • Don’t open emails from unknown sources as they may contain a virus
  • Install the latest anti-virus and anti-spyware software, use an effective firewall, and keep them all up to date.
  • Keep your operating system up to date.  You can do this by setting your computer to receive and install updates automatically via the internet
  • Keep your web browser up to date.
  • Don’t write your passwords down in full or share them with anyone

How safe is your bank?

Most banks worldwide this year uncovered widely varying levels of online security. Almost all banks have certified anti-virus software with good login security and logout performance and an overall score of 69%.

What must you do if you fall a victim of  online banking fraud?

Contact your bank as soon as you spot any suspicious transactions on your account.