How Personal Loans in Singapore resolve your financial problem?
They are the kind of loans which are used by people to fulfil their daily emergencies. They are basically a “small amount” loans. These kind loans come in small amount hence, are approved quite easily.
Singapore is one of the major centres of finance in the world. Personal Loans are quite famous out there because of the attractive and reasonable interest rates offered to the customers. They enjoy easy repayment amount to the lenders with affordable pay off.
Types of Personal Loans in Singapore
These loans are mainly given by the traditional financial institutions. They are traditional loan products. The borrower needs to repay the amount along with the interest in specified time duration as mentioned in the contract signed by them.
Loans against Credit Cards:
This is one of the easiest ways for the citizens there to avail loans. This kind of loan is provided by the credit card issuers with instant cash depending on the card’s credit. They can use up to 100 % of the credit available in their card where the money is directly transferred to the borrower’s account.
This kind of loan allows customers to withdraw more than available amount in their savings account. Mostly, OCBC banks and other top banks offer such loans in Singapore. These kinds of loans are repaid through EMIs (equated monthly instalments).
Personal Line of Credit:
Some banks in Singapore do not offer personal loans. The alternative is Personal line of Credit where the borrowers are allowed to access to their funds on monthly basis. For this, they make monthly payments for more fund access.
Which banks offer Personal Loans in Singapore?
Not all banks offer personal loans in Singapore. Some top banks which do are:
Who can apply and How?
You can certainly apply for personal loans if you are an adult, have good and steady income and a very good credit score. You can visit any of the nearest branches to apply for this loan or else you can also fill in the forms online in their specified websites.
How much amount you get on the loan?
This depends totally on the following factors:
Annual Income of the borrower
The amount that you expect to borrow from the bank depends mainly on how much you earn annually. This is to make certain that you can afford the loan pay off without any trouble later. The more you earn the higher amount you can get.
For sure, if you are a new customer who is taking loan for the first time, the bank has quite issues with that because they do not have any records of your finance.
If you have a poor credit score, you won’t be allowed to borrow a huge amount.
Loyalty to the bank
If you have taken loans earlier with a good credit score, your loyalty to the bank is valued and your application gets easily approved with as much amount as you want bounding some norms.
What else you desire to know about the personal loans in Singapore? We from “Night Sky Events” are always available to assist you. Any time you can contact us to know more about the loan offers.