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
As oil sector suffers, banks in Singapore reduce loans
As a consequence of bad loans for a poor oil services sector, United Overseas Bank and Singapore's DBS Group are ready to register a very low quarterly profit. This will be these two banks’ lowest in the last two years.
Around 12 firms listed in Singapore in the sector of offshore services have planned to restructure their loans and bonds to remain in business. They have been affected drastically because of the historically low oil prices.
Last year, Swiber Holdings had decided to restructure owing to the same reason. This month, Ezra Holdings informed that they might take a write-down worth $170 million. Three major listed banks of Singapore have reported an increase in the third-quarter rates in respect to soured loans. Senior investment manager at Aberdeen Asset Management Asia, Christopher Wong, said that the authenticity of the management will be on test if they report that ample provisions have been given.
The low loan growth which has now fallen to single-digit compared to the double-digit figure two years back is hampering chances for the loan lenders. This has also resulted in weakening China's regional trade and the demand for offshore loans.
20th February 2017
OCBC's net profit decreases by 11%
Oversea-Chinese Banking Corporation Limited has witnessed a 11% decrease in profits in 2016 amounting to $3.4 billion from $3.9 billion. Last year's performance was better and it included a significant investment that was gained from Great Eastern Holdings.
OCBC has reportedly said that this decline is a result of a rise in lower trading, insurance income, and net allowances which affects the income growth. It also affects the contributions from Hong Kong and Indonesian banking partners.
The group's net interest fell by 3% in the year in question from last year's $5.05 billion. This was generally from a decrease in the average interest-earning assets. However, the net interest margin remained unchanged at 1.67%. The amount spent on operations last year was $3.7 billion. There is a rise of 3% in this regard when compared to the last year.
15th February 2017
Reforms to help companies to grow
Plenty of reforms are scheduled to be introduced to make it easy for the upcoming entrepreneurs and smaller firms to obtain finance.
Also, steps will be taken to encourage more and more innovations in various sections of the Singaporean markets. These steps will also ensure that the areas that are already strong continue their progress. For instance, Singapore’s foreign exchange center that is already playing a lead role in the world of finance.
These reforms have come in the wake of the suggestions made by the Committee on the Future Economy. These will be implemented to help the companies grow and touch new heights amidst international competition and technological advancements.
These reforms that were declared by the Monetary Authority of Singapore (MAS) have been structured to prepare the financial sector to play a strong role in the future and ensure potential growth. Ravi Menon, managing director of MAS, said that the most important motive behind these reforms is to make the best of innovations possible.
He added that even if they allow taking more and more risks, they will ensure that the firms do so without any compromise made of the security of financial institutions. He also guaranteed that there are significant advancements being made in the field of innovation also. This is being ensured by the coming together of MAS with a firm that deals with finance technology.
14th February 2017
Bank Lending Rate Increased by 1.1% in Singapore
In December 2016, the bank lending rate increased by 1.1% compared to November where the increase noted was only 0.4% as per the recent preliminary data from the MAS (Monetary Authority of Singapore). The rise in the rate has been due to stronger business lending.
Loans from the domestic banking unit which reflects mainly in the Singapore Dollar currency, although it captures all currency lending, went up in December. Loans from the domestic banking unit recorded for the month of November was S$611 billion. However, in December it rose to S$617 billion.
Business loans also saw a rise to 1.7% with S$367 billion for the month of December, as compared to a growth of 0.3% with S$250 billion in November.
01st February 2017
Singapore’s debt consolidation plan to see participation from 14 Financial Institutions
The Association of Banks in Singapore reported that 14 banks from the Island State have pledged to participate in the recently announced debt consolidation plan. The highly anticipated debt consolidation plan will enable eligible customers to consolidate their overall debt in the form of credit balances across banks/financial institutions with only a single financial institution, allowing them to manage and pay off debts in a more convenient and hassle-free manner. The debt that will be included in the consolidation plan will include personal loans, overdrafts, and credit card debt. Quite clearly, the plan has been structured to help consumers across market to pay off their debts in lesser time and reduce their debt burden starkly. Average debt levels are expected to fall from 18 times the average monthly income to 12 times the average monthly income over the next two years.
23rd January 2017
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