• Personal Loan BYTES FROM OUR KITCHEN

    Low Income Personal Loans in Singapore

    Are you interested in taking a personal loan here in Singapore? Do you earn a relatively low income? If you are wondering whether you will get a good personal loan with your income, you need not worry. Many banks in Singapore offer excellent personal loans with a low minimum income requirement.

    When do you apply for a personal loan?

    A personal loan is taken to meet any financial need. You can apply for it to fund your higher education, your wedding expenses, your medical expenses, your vacation, or any kind of expenses. When you apply for a personal loan, you do not have to worry about mentioning your reason to your loan provider. You will not be required to give any collateral to obtain a personal loan as it is an unsecured loan.

    Let us take a look at some of the ways a personal loan will help you:

    • For clearing the dues of other debts: Do you have outstanding dues from other loans such as home loans or line of credit? You can take a personal loan to clear these dues and then be in peace.
    • To get money for emergency medical treatment: You can use a personal loan to finance your medical emergency treatments. If you have not taken medical insurance, you can use this personal loan to fund your treatments. It will also be helpful when your medical insurance is quite low for all your hospitalisation charges.
    • For funding your college fees: Want to join your dream college but worried about how you will pay the fees? If your college has not collaborated with any bank for education loans, you can take a personal loan and pursue your career happily. Banks usually offer education loans only for a few colleges.
    • To organise your or your family member’s wedding: Is your little brother going to get married in a few months? You need not fret about how you will organise his wedding. You can take a personal loan and then meet all the wedding expenses without any tension.
    • For clearing your credit card debts: Debts from a credit card constitute a separate category of debts. You can end this tension by taking a personal loan. A personal loan is offered at a relatively lower interest rate when compared to a credit card’s interest rate. You can apply for a personal loan and pay off your credit cards step by step.

    Points to be considered while applying for a personal loan

    You can focus on these points when you are taking a personal loan:

    • Analyse why you are taking a loan: You need not specify your reason to your bank. However, we advise you to be clear about why you are applying for this loan. If you are interested in earning very high returns, a personal loan may not be a very good idea. It will help you a lot when you are in need of instant funds for emergency requirements.
    • Type of interest rate: You will have to find out about the characteristics of your loan’s interest rate. Loan interest rates can be fixed or variable. If you go for a fixed interest rate, you will have to pay at the same rate for your full loan tenure. A loan with a variable interest rate will change according to fluctuations in the market.
    • Assess your credit score: If your credit score is high, you do not have to worry about your low income. When your credit score is good, your loan will get approved quite quickly.
    • Enquire about your late payment fees, processing fees, and all other fees: When you take a personal loan, you may have to pay certain fees mandatorily. You will have to pay a processing fee when you take a personal loan. This fee will be determined by your loan amount and loan tenure. When you fail to meet your due date for making repayment, you will be charged a late payment fee. Make sure you find out about all these fees so that you are not shocked later.

    List of low income personal loans in Singapore

    Let us now take a look at some of the personal loans that are good for individuals earning low income:

    Standard Chartered CashOne Personal Loan

    These are the features and benefits of this loan:

    • When you apply for this loan, you will get the money on the next day itself.
    • The interest rates for this loan start from 6.88%.
    • The minimum income requirement is S$20,000 for Singapore citizens and permanent residents.
    • When your annual income is S$30,000 and higher, you will receive up to 4 times your monthly salary. You will also get an annual fee waiver for 5 years on your Standard Chartered Platinum credit card.
    • If your annual income ranges from S$20,000 to S$30,000, you will get a loan of up to 2 times your monthly salary.

    DBS Personal Loan

    These are the features and benefits of this loan:

    • The interest rate for this loan starts from 5.88% p.a.
    • The minimum income requirement is S$20,000.
    • When you earn S$120,000 annually, you will receive funds of up to 4 times your monthly income.

    Citi Personal Loan on Ready Credit

    These are the features and benefits of this loan:

    • The nominal interest rate for this loan starts from 4.94% for new Citi Ready Credit holders.
    • You will get this loan in just one hour.
    • This product has a welcome offer where you will have to pay your loan only at an interest rate of 4.55% p.a. for 3 years.
    • The minimum income requirement is S$30,000 for Singaporean citizens.

    HSBC Personal Loan

    These are the features and benefits of this loan:

    • The flat interest rate for this product starts from 3.8%.
    • The minimum income requirement for this product is S$30,000.
    • If you earn a minimum of S$30,000 annually, you will be able to obtain 8 times your monthly income.

    ANZ MoneyLine

    These are the features and benefits of this loan:

    • The interest rate for this loan starts from 6.6% p.a.
    • The minimum income requirement to apply for this loan is S$30,000.
    • When you apply for this loan online, you will receive cashback of up to S$1,388 when your loan is approved.

    These are some of the personal loans that have a low minimum income requirement. If you show that you are salaried with a good credit score, your loan will get approved quickly. You will also have to show relevant documents such as latest payslips as proof of income. If you meet the basic eligibility criteria, your application will get sanctioned.

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