It is of utmost importance that you enjoy and experience all the events in your life. Lack of funds should not be a factor causing hindrance in your way of leading a perfect life in Singapore. Hence, it is advised that you use several financial products offered by different banks in Singapore and live a live that you always wanted to. Plan your future by analysing the various features and benefits of the financial products, namely, loan tenures, interest rates, settlement charges, etc.
Types of loans offered
- Personal Loan – A perfect wedding, a long awaited gadget, a dream vacation or a home renovation; personal loan from a bank will bring you one step closer!
- Home Loan – Plan your future and buy a house to provide your family with a better standard of living. With lucrative rates of interest and lower equated monthly instalments offered by the banks with their home loans, buying a house or an apartment is now a cakewalk.
- Car Loan – If you want your dream wheels parked in your garage, availing a car loan is the best option you have. The upfront money to buy the car is provided by the bank at low and attractive interest rates.
Source the Lowest Loan Interest Rates in Singapore!
Why pay more, when an equally competent, comprehensive and simple option is available? This axiom forms the crux of what we offer on BankBazaar.sg. Why subscribe to a loan product that charges a higher interest rate (whilst offering nothing unique, or special) when other, more pocket friendly options are available, just as easily. Most often, lack of options, stemming from lack of knowledge that such alternative options do exist, is marked as the basic reason why we overpay. Not anymore!!
BankBazaar.sg with its neat and interactive interface, allows you to compare between the various available loans in Singapore. From home loans, car loans, personal loans to renovation loans, find the best available options for each, and compare it against their nearest competitors. When you have all the Pros and Cons, you are ready to make an informed decision about a loan that suits you the best.
How to Find the Perfect Loan on BankBazaar.sg
Why search BankBazaar.sg? Three simple reasons- Simplicity, Speed and Variety. Expounding, the following steps explain the nitty-gritty of finding that perfect loan on BankBazaar.sg-
What are you looking for? Is it a Home loan, Car loan, Personal loan or Renovation loan?
On BankBazaar.sg homepage, on the navigational menu located at the top, select LOANS.
Next, choose the loan type that applies to you- Home, Car, Personal or Renovation loan.
Spread before you are popular loaning banks pertaining to your loan type. Also, can you see the interactive ‘Get Quote’ and ‘Explore’ buttons?
Clicking on either of these buttons presents you some simple questions that need to be completed to ascertain your particular requirement and eligibility.
In response to the information provided by you, the resultant page lists the various applicable loan options from the various banks and other financial institutions in Singapore. It’s time to choose!
Alternatively, choosing the bank directly from step 4 will allow you to properly check the features and benefits associated with this lender.
Compare the various loans options presented before you and select the one that best meets your specific requirements. The comprehensive information presented on this page will help you be 100% sure when taking this loan application forward. All the very best!
Simple? Actually, on BankBazaar.sg, the coming together of various factors help simplify the comparison of all the loan options available to you. And, in the bargain, save time, money and efforts, while assured of all the knowledge about the best loan options that specifically address your requirements and limitations.Resources Offered by BankBazaar.sg
News About Loans in Singapore
Credit cards and loans increase among Singaporeans
According to a study, the average debt of a Singaporean household is S$54,285 per capita. The majority of this debt includes home loans, which contains 74.8% of total debt. Motor loans include 31% of the debt.
The debt types that are rising the most include personal loans and credit cards. These high interest debts encompass 21% of the total household debt.
The total household debt of Singapore is rising at about 2.85% in 2016 as opposed to 2.4% in 2015. The findings of the research showed that this is slower than the growth rate of 9% that was seen in households from 2009 to 2014.
13th January 2017
Singapore GDP expected to dodge economy recession in fourth quarter!
Singapore’s economy has seen an exceptional improvement in the fourth quarter avoiding slipping into recession, but the uncertainty over global trade owing to the incoming Trum regime has clouded the outlook. The GDP(Gross Domestic Product) for the October-December quarter was expected to grow by 3.7% from the previous quarter on an annual basis. According to a survey conducted by the Central Bank, the economists predicted a growth of 1.5% for GDP 2017. The government’s prediction for full year growth for the year 2017 is 1.0-1.5% which puts the economy at its weakest performance since 2009, when the GDP stood at 0.6%.
09th January 2017
Banks focus on risk management and digital technology amidst market volatility
With the surprising events of last year, like Brexit, US President-Elect Donald Trump’s victory in the 2016 elections, and an upheaval on the global oil prices, the banks in Singapore are preparing for the market volatility of this year. In 2017, DBS Bank is focused on India and Indonesia for its long-term success. The bank is planning to expand its franchises in wealth management, foreign exchange, regional cash management, and the debt market. The OCBC Bank is focused on growing its business in the Pearl River Delta region, and concentrating on wealth management following the procurement of Barclays' Wealth and Investment Management business in both Singapore, and Hong Kong.
In addition to wealth management, the United Overseas Bank in alliance with OurCrowd and InnoVen Capital will provide funding to regional start-up businesses. The Standard Chartered Bank Singapore is well placed to provide support to its corporate clients for their international ventures. The bank also sees growth potential in wealth management, private banking, and retail banking sectors.
08th January 2017
Interest Rate Hikes Could Affect Oil and Gas Loans
With 3 expected increases in interest rates in the US this year, the banking sector in Singapore will be impacted. On the outside it appears that the banking sector could profit from these increases as banks and other financial institutions will be able to widen their net interest margins through better yielding loans. However, according to experts, it is the borrowers who will face the brunt of it when applying for oil and gas loans which will then affect the local banks.
Philips Securities dealing manager, Mr. Sky Kwah noted that the 3M SIBOR rate as of December 14, 2016 was 0.926% which increased by 5 basis points after the hike in the US rates. The 3M SIBOR in November, 2016 was 0.873%.
Mr. Kwah added that though this increase could improve the share price performance and yield higher earnings, it will also pressurize the cash-tight oil and gas companies and increase the default risk. Overall, the Singapore economy has not been doing great and 2017 will continue being a challenge for banks.
04th January 2017
Uncertainty in Interest Rates Leads to Banks Taking off Some Home Loans off the Shelf
Due to the uncertainty regarding the interest rate hikes, certain fixed rate home loans have been taken off the shelf by banks. The reason for this has been noted as banks not wanting their margins squeezed by cheap fixed rate loan packages.
According to Ms. Grace Chong who is a co-founder of GET.com, banks that have removed some of their fixed rate packages include Bank of China, DBS and Maybank. Vinod Nair, a chief executive of Moneysmart.sg noted that one of the fixed rate offers on loans by UOB had the last submission date of January 1, 2017. He further added that such withdrawals are not unheard of in relation to market forces.
Due to the foreseeable changes in interest rates by the United States Federal Reserve this year, the rise in interest rates in Singapore are proving to be a concern. The low interest rates offered by banks due to stringent competition in the market may see some changes going forward.
04th January 2017
Budget 2017 to be released on February 20
Finance Minister Heng Swee Keat will be presenting Budget statement of 2017 in Parliament on February 20.
Anybody can watch the Budget presentation live on television as well as on the Budget website of Singapore’s Ministry of Finance. One can also listen to on the radio.
There will be a pre-Budget question-and-answer session on January 4th, on the government portal Reach’s Facebook page. The session will have Member of Parliament (Holland-Bukit Timah GRC) Liang Eng Hwa, who leads the Government Parliamentary Committee (GPC) for Finance and Trade and Industry, and Ms. Foo Mee Har, a member of the GPC. Everybody can participate in this session which will be held from 8 pm to 9 pm.
Reach will also have a final pre-Budget listening session to get opinions from the public on January 8, from 7.30 am to 11.30 am, at Hougang Hawker Centre on Hougang Avenue 8.
The public can also use the official government websites to give their views until January 13.
03rd January 2017
Tata Steel avails a loan of USD 1.5 billion in Singapore
Tata Steel is one of the largest steel making companies across the globe. It has made an announcement in Singapore stating the fact that they will avail a loan of USD 1.5 billion for restructuring the debt of the company.
The subsidiary of Tata Steel based in Singapore, T S Global Holdings signed the agreements for the loan facility. The proceeds of this particular loan will be utilised to repay all the existing loan facilities.
The Group Executive Director of the Finance and Corporate department of Tata Steel, Koushik Chatterjee, said that this particular loan facility will bring in an immense amount of flexibility in the terms and conditions. Thus, the company will be able to save more along with increasing the tenure. In turn, the company will be able to enjoy a better financial stability.
Tata Steel Global Holdings has signed loan agreements that comprises of a five year tenure on a loan of USD 750 million and six year tenure on a loan amount of USD 750 million. Different banks have been contracted for the entire loan facility that includes ICICI Bank, HDFC Bank, Standard Chartered Bank and Axis Bank.
02nd December 2015
Improvement in Loan Growth
Loan growth in Singapore has increased by 1.5 percent compared to last month, which means that banks in the Island nation are looking forward to good results.
According to OCBC analysts this growth is slow compared to last month due to the deceleration of some loans such as business loans, which slowed down to 0.2 percent from +1.1 percent year over year. Consumer loans have also slowed down slightly according to OCBC.
The average loan growth is 1.9 percent for 2015’s initial either months.
12th October 2015
New Money lending Rules Kick in From October 1 in Singapore
Starting 1 October, 2015 new rules for money lending have been implemented in Singapore and these rules will provide more protection to the borrowers against exorbitant fees and interest rates that are usually charged by some borrowers. These rules apply to all the licensed moneylenders in the island as announced by the Ministry of Law of Singapore.
These new rules bring in the following caps:
•The initial administration or processing fee cannot be more than 10 percent of the loan amount.
•The interest rate charged on the borrowed amount cannot be more than 4 percent per month.
•The interest rate charged for late payments cannot be more than 4 percent per month.
•The fee for late payments cannot be more than SGD 60 per month.
•The total cost of borrowing money cannot exceed 100 percent of the borrowed amount i.e. loan amount.
All the licensed lenders in the Lion City will need to abide by these new rules for lending. These rules are aimed at providing the borrowers with more security and making sure that cost of borrowing money is not illogically high. These rules will also protect the credit history of the borrowers in Singapore and will make sure that they will not have a lot of difficulty in accessing more credit in the future.
30th September 2015
The Strong Position of Singapore Banks Will Help Them To Absorb Increasing Risks: S&P
Standard & Poor's (S&P) analysts believe that the 3 local banks in Singapore, OCBC Bank, DBS Bank and UOB, have a high capitalization which will help them in absorbing any risks that might arise from the souring from loans. All of these banks have been rated AA by Standard & Poor's, a rating which is not given to most other banks in the Asia-Pacific region. According to Ivan Tan, an analyst with S&P, the capitalisation of these three banks is relatively high and their capital ratios for Tier 1 average 12 – 13%, which is way higher than regulatory minimum of 8%.
S&P has recently released a report which states that in the next 12 – 18 months, there is a possibility that the asset quality of ASEAN banks will weaken. However, these banks will be able to cope with this slowdown in asset quality as they have performed remarkably well in the last few years. The ASEAN banks are supported strongly by their governments and they will also receive recurring profits which will help them in the long run. The same is true for the banks in Singapore as they are also supported by the government. Besides, a rise in interest rates can increase the earnings of the banks as the EMIs for the customers will increase.
11th August 2015