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1st Capital Pte. Ltd.

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  • All income-levels eligible for a personal loan
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What is a Personal Loan?

A personal loan is an amount of money loaned from a financial institution such as a bank, credit union or online lender. Repayment terms are normally in fixed monthly payments, or installments over two to five years. There are secured or unsecured personal loans. The difference is secured loans require collateral and unsecured loans do not require collaterals. Collaterals could be in the form of property, cars or cash.

Where to Get a Personal Loan in Singapore?

It's simple to get a personal loan in Singapore. Banks, credit unions or online lenders are places you can get them from. If you want to have a smooth loan application, it is recommended that you update yourself on the types of loans available and how loans work. These information can be easily found online. You may contact financial institutions for any questions you're not able to find online.

Which Bank is Best for Personal Loan?

Did you know that other financial institutions such as credit union and online lenders may offer you a personal loan that's more suited to your needs? As there are a variety of personal loans in Singapore, it can be confusing if you don't know how loans work.

Before you decide which loan is the best for you, do remember to take note of the interest rates, your personal needs and the requirements. We will share what you need to know about personal loans in this article to help you make a decision on which personal loan you should get.

How much Personal Loan can I Take?

You can qualify for a bank loan up to 4 times your monthly salary if your income is $20,000 or more a year. Should your income be $120,000 or more a year, you can qualify for a bank loan up to 10 times your monthly salary. Since the criteria and regulations for each bank and licensed lender, you should find out more about personal loans before making a decision.

How to Pay a Bank Personal Loan Online?

You will be provided with instructions by the financial institution you've borrowed from on how to make your repayment for your loan. You can normally pay with a bank transfer. But there may be other payment methods offered so be sure to find out from the financial institution you're borrowing from.

How much Personal Loan can I Get in Singapore?

You can qualify for a bank loan up to 4 times your monthly salary if your income is $20,000 or more a year. Should your income be $120,000 or more a year, you can qualify for a bank loan up to 10 times your monthly salary.

Since the criteria and regulations are different for each bank and licensed lender, you should find out more about personal loans before making a decision.

How to Apply for Personal Loan in a Bank?

You may do so online or in person at their office. Typically, the initial application is done online through the company's website. You will have to visit their office to submit all the paperwork needed for approval. For some large banks, they may even offer a loan over the phone. If you want a smoother application process, it would be good for you have the required documents ready in advance.

What Happens if Personal Loan is not Paid?

If you don't pay your loan, it will be considered a default on loan. Not paying you loan will result in you having to pay more than your original sum because of the penalty and interest rates involved. Your credit score will also be affected and it will not reflect well on you should you want get a loan in the future. So only get a loan if you're confident that you can make the repayment on time.

How to Get Best Personal Loan Rates?

There are many websites including financial institutions offering information about the types of loans available in Singapore. It would be good for you to be aware of all of the loans you can get before you pick one. On top of that, do take note that there are also other important factors such as selecting a loan that suits your personal needs and has terms you're comfortable with.

How does a Personal Loan Work?

A personal loan is an amount of money loaned from a financial institution such as a bank, credit union or online lender. Repayment terms are normally in fixed monthly payments, or installments over two to five years. There are secured or unsecured personal loans. The difference is secured loans require collateral and unsecured loans do not require collaterals. Collaterals could be in the form of property, cars or cash.

How to Get a Personal Loan in Singapore?

You can get a personal loan from banks, credit unions or online lenders by visiting their office or apply online. If you want to have a smooth loan application, it is recommended that you update yourself on the types of loans available and how loans work. These information can be easily found online. Feel free to contact financial institutions for any other questions.

Which Bank is the Easiest to Get Personal Loan?

All banks and licensed lenders offer several types of personal loans which you will need to know before selecting the best one for you. It isn't just about which is the easiest personal loan to get. Other important things to note are the interest rates offered, how it will help with your personal needs and which terms suits you the best.

How to Get a Personal Loan with Bad Credit?

It is a challenge to get a personal loan from a traditional big bank with a bad credit. But getting a personal loan with bad credit is not impossible. You may reach out to other options such as credit unions or licensed lenders.

The amount you can loan is dependent on two things - your credit score and if your loan is secured. A secured loan is backed with a collateral which includes property, car or cash. That means if you're unable to repay the loan on time, the financial institution will seize the collateral you've agreed to sacrificed.

How to Check Bank Personal Loan Status?

You may do so online for most banks. If you've loaned from a financial institution that doesn't provide an online platform for checking the status, then they will either email the confirmation to you or you may feel free to reach out to them through their contact number.

What do You Need to Apply for a Personal Loan?

You will need the following documents:

  • Proof Of Identity
    A Singapore citizen, Singapore permanent resident or Foreigner holding a Valid Pass (eg: Work Permit, S Pass, Employment Pass, Long Term Pass etc.) Minimum age requirement is 18 years old. Must not be an undischarged bankrupt, nor face any bankruptcy proceeding
  • Proof Of Income
    Must currently have a stable, permanent job. For self-employed professionals, kindly provide us with a documentation of your employment and a record of your business transactions
  • Proof Of Residential
    Must reside in Singapore and have document proof of being an owner or renting a property*

You may ignore if you are staying with parents, children, sibling or friends.

How to Apply for Bank Personal Loan?

You may do so online or in person at their office. Typically, the initial application is done online through the company's website. You will have to visit their office to submit all the paperwork needed for approval. For some large banks, they may even offer a loan over the phone. If you want a smoother application process, it would be good for you have the required documents ready in advance.

How Long will the Approval Take for Bank Personal Loan?

It can range from one minute to a month and more. It depends on how much you want to loan and your credit score. Having a good credit score will allow you to have receive your personal loan quicker so be sure to pay your bills on time.

What is the Best Personal Loan Available?

As there are a variety of personal loans in Singapore offered by banks, credit unions and licensed lenders, it can be confusing if you don't know how loans work. Before you decide which loan is the best for you, do remember to take note of the interest rates, your personal needs and the requirements.

Why Apply for a Personal Loan?

Personal loans are used for several purposes which include funding your personal business or even going on a dream vacation. It can be really useful however, it should only be taken only when you are sure you can make the repayment on time. Not returning the loan on time can be detrimental to your credit score which will cause a lot of inconvenience to you in the future.

Who has the Best Personal Loan Interest Rates?

There are many websites including financial institutions offering information about the types of loans available in Singapore. It would be good for you to be aware of all of the loans you can get before you pick one. On top of that, do take note that there are also other important factors such as selecting a loan that suits your personal needs and has terms you're comfortable with.

How much Personal Loan can I Afford?

There are several online personal loan calculators available and you may check them out to see how much loan you can get and the estimated amount you have to pay. You should only take the loan when you're able to afford paying that amount every month.

How many Banks Provide Personal Loan?

Personal loans are commonly provided by most banks in Singapore. But are you aware that banks are not the only places that provide personal loans? Other financial institutions such as credit unions and licensed lenders offer personal loans that may have lower interest rates and terms that may be more suitable for your means. You might want to check them out before you make a decision on which personal loan to get.

How many Years of Personal Loan can I Get?

You can get a personal loan tenure from one to seven years. The loan tenure is dependent on what you will be using the loan for. Things you can use the loan for include travel holidays, renovation, medical, business, wedding and education.

What is a Low Interest Personal Loan?

It is a loan with low interest rates which could mean that there are less additional costs incurred. However, this is not entirely true because the financial institution that you're borrowing from could have a shorter repayment period. If you're unable to return within that time frame, you may end up incurring more penalties while hurting your credit score. Other important things you want to take note include the loan amount, the terms and how your needs are catered to.

When to Apply for Personal Loan?

If you have products you've been eyeing on but you can't afford at the moment, you could consider applying for a personal loan. To find the personal loan that you're most comfortable with, you may visit the financial institutions' websites to see which is most appropriate for you in terms of the interest rates, requirements and terms. Personal loans are available all year round.

How is Personal Loan Calculated?

Many financial institutions offer a personal loan calculator on their websites which you may use to calculate. It will give you the Effective Interest Rate (EIR) and the amount that is payable per month for a specified period.

These 3 things affect the amount payable a month - the loan amount, the interest rate that the bank charges for your personal loan and the duration of your personal loan. Should you want to adjust the monthly installment, you can do so by amending the the personal loan amount or the specified loan period. Only borrow when you can be a 100% confident that you can repay every month.

Personal Loan when Unemployed

Banks might be harder to loan from but you should definitely try to apply for one if you've found a personal loan that's suitable for you. To increase your chances of getting a personal loan with the bank, be sure to show that you have a healthy score credit and prove that you can repay the money on time.

You could also consider borrowing from other financial institutions such as a credit union or licensed lender. They may have lower requirements and you may have a higher chance of getting that personal loan.

How much Credit Score is Required for Personal Loan?

We use the Credit Bureau Singapore credit score in Singapore that ranges between 1000 to 2000. 1000 being the least likely you are to return the loan and 2000 being the most likely you are to return the loan. The score is affected by your payment history, the total amount of debt you currently owe and the number of credit lines you opened recently. Taking a new personal loan will decrease your credit score as it will increase your current debt and it is considered opening a new credit line.

Although the credit score is important, financial institutions also look at other components of your credit and payment history such as your annual salary, length of employment, bankruptcy/litigation information, number of credit facilities. It is best to make payments on time if you have plans on getting any types of loans in the future.

How to Calculate Personal Loan Interest Rate?

The Annual Flat Rate and the Effective Interest Rate (EIR) are interest rates involved in getting a personal loan. Here's the difference between the two interest rates. All financial institutions will charge you an Annual Flat Rate on the loan amount you are taking. The EIR includes costs like the processing fee so that you're completely aware of the amount you need to pay at the end of the day.

If you want to calculate the EIR, firstly think of the loan amount you need. Then find out how much you need to pay each month by dividing the total amount (principal) by the number of months you will be loaning for. Here's how to calculate the total interest you will paying: Principal x Flat Interest Rate x Loan Tenor (years).

To give you a better understanding on how the calculations work, here's an example for you. Let's say you need a loan of $4,000 over 2 years and the average interest rate in Singapore is 7%. The total amount of interest you need to pay at the end of 2 years is (7% x $4000 x 2) = $560. When you include the processing fee ($150) with the interest payment ($560), that is the total cost of carrying the loan.

Next, find out the EIR of your loan by dividing the total cost ($150 + $560 = $710) by your average principal ($2,000) and the duration of your loan (2 years). That will give you 17.75% which is about 2.5 more than the 7% annual flat rate.

Do take note that there are several online loan calculators for you to find out the total amount you need to pay for your loan. So don't worry if you are still unsure of how the calculation works.

Why Personal Loan Gets Rejected

There are a few reasons that your personal loan got rejected. The number one reason is bad credit history or lack of credit history information. Others could be your income is not of an amount that's high enough for the loan or you could have too many loans opened at the moment. Financial institutions only approve their loans if they can be somewhat confident that you will return the loan eventually.

If the criteria for banks are too high, you could try loaning from credit unions or licensed lenders as they may have less requirements for you. Please be mindful that you should only loan when you can make repayment on time if not your credit score will be affected negatively.

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