A loan can come out as a life saviour if used correctly and returned within the stipulated time. It can help cover debt and pay important expenses at the right time. But, it is important to know about the process well and apply it to good places to reduce the number of risks. One must handle matters related to money with care.
Let’s talk about how one can get a loan in Singapore.
What is a loan, and when to apply for it?
A loan refers to a particular amount of money lent to a party in exchange for the same amount, with some interest. The interest rate can vary depending on the lender. Loans are taken from individuals and institutions such as banks.
People usually opt for a loan when they need a big sum of money and do not have that much in hand. An emergency medical situation, future investments, covering debt etc., compels people to opt for loans. It is always good to apply for a loan after analysing the current financial situation and estimating the future financial situation. An unpaid loan can cause a huge problem by increasing debt, which can cause the lender to take away the personal assets of the receiver. But, with some planning and proper guidance, one can easily get a loan and repay the amount within the given period.
How to apply for loans in Singapore?
The easiest way to apply loans in Singapore is by directly going to the institution and clarifying the required steps. Any individual needs to consider a lot of things before applying for a loan in Singapore:
- Look for the best places to apply for loans in Singapore.
- Try to match the requirements such as the minimum age limit, annual income etc.
- Then go to the place or take online consultation.
- Fix a good interest rate and the period after proper discussions.
- Submit the required documents and apply for the loan.
Before going to the lender and applying for a loan, one can always take advice from professionals in this field. This step will make the process easier by giving the applicant an idea of the process.
There are numerous places to which one can apply for a loan. The following are a few good ones:
· HSBC’s personal loan
This bank is a trustworthy place to get a loan. It offers some impressive interest rates, which can add to the receiver’s benefit, but the latter might have to wait for some time to get a big amount. It offers loans ranging from 1-7 years, and the annual income requirement is $30000 and above. Going for a loan from HSBC bank will be worth it.
· Standard Chartered CashOne
Standard Chartered CashOne is open to Singaporeans and foreigners. The annual income requirement is $60000 for outsiders and $20000 for Singaporeans and PRs. The biggest advantage of opting for Standard Chartered CashOne is that one can receive a loan within fifteen minutes. Not only is it fast but also offers some cheap interest rates.
· DBS/ POSB Personal Loan
This loan is only available to people who are the existing customers of DBS. Even this facility is open to Singaporeans, PRS and foreigners. The minimum annual income requirement for applying for this loan is $20000. It offers impressive interest rates, as low as 2.88%, and gives loans for 5 years. The low annual income requirement and interest rates make lending a loan available to people with low-income rates as well.
Best Personal Loan Interest Rates In Singapore
An interest rate must be fixed only after proper discussion as it adds to the burden. It is always good to consider different options before fixing one, as it is beneficial for the receiver to have a low-interest rate.
There are a lot of places in Singapore which offer excellent interest rates. Here are some of them:
- Standard Chartered CashOne Personal Loan – It offers an annual interest rate of 3.48%.
- Citi Quick Cash – Offers an interest rate of 3.45%.
- CIMB CashLite Personal Loan – The interest rate here can lower up to 3%.
- UOB Personal Loan – This place offers an impressive annual interest rate of 3.4 %.
The interest rates mentioned here can differ in different situations. Read more best personal loan interest rates in Singapore.
A loan is a help as well as a burden. One must repay it within the stipulated time; otherwise, it can lead to further problems. There are various factors which one has to keep in mind and check before applying for a loan. Hence it is important to consult and take guidance from experienced people or professionals for not to get into any issues. Singapore has some of the best places to opt for loans for insiders and outsiders. They offer not only low-interest rates but also good guidance. Opting for any of the options mentioned here will be worth it.